Parry got a £4m pay-off!

[Maldini]

LIVERPOOL FC dipped further into the red last year as their interest payments rose from £36.5m to £40.1m – as it emerged ex chief executive Rick Parry received a severance deal of more than £4m.

 

The annual financial results for Kop Football (Holdings) Limited were published today and revealed that the club made £4.33m in termination payments to “the former chief executive... and coaching staff following a restructure of the Academy”.

 

It is understood to be one of the biggest pay-offs ever to a sports administrator, dwarfing the £1.2m Liverpool born Brian Barwick received when he left the Football Association in 2008 and Keith Edelman’s £1.5m pay-off from Arsenal in the same year.

 

Parry, who became Liverpool’s chief executive in July 1998, announced he was quitting Liverpool in February 2009 after enduring difficulties in his relationships with both Rafa Benitez and co-owner Tom Hicks.

 

Liverpool made a pre-tax loss of £54.9m in the year to July 31, 2009, up £14m from 2008, a significant chunk of that figure being the crippling interest payments.

 

Turnover increased over the 12 months by more than £20m to £184.8m, a total largely attributed to increases in television revenue.

 

Meanwhile, operating profit – nothing to do with player sales, tax and interest – has increased by 10 per cent to £27.4m.

 

The information is a season old and does not include any of the figures from the record-breaking sponsorship deal that was struck with Standard Chartered.

 

One significant revelation, however, is the fact the club’s commercial and administrative team increased by nearly half to 275 full-time employees.

 

Commercial revenues, which include merchandise and sponsorship, grew by £13.5m to £67.7m. Included in this is a trebling in overseas revenues and highlights the work of Commercial Director Ian Ayre, who was made a director of the club last December.

 

As last year, The auditors – KPMG – have said that Kop Football (Holdings “is dependent upon short term facility extensions.

 

“These conditions indicate the existence of a material uncertainty which may cast significant doubt on the group’s and parent company’s ability to continue as a going concern.”

 

This once again highlights the need for significant investment or a full sale that would see Hicks and George Gillett finally leave Anfield.

 

 

[Nerik]

Where is this from?

[Maldini]

The Echo, sorry, should have linked

 

http://www.liverpoolecho.co.uk/liverpool-fc/liverpool-fc-news/2010/05/07/revealed-liverpool-fc-ex-chief-executive-rick-parry-s-4m-pay-off-100252-26397621/

Edited May 7, 2010 by Maldini

[aka Dus]

Where is this from?

 

Carralegend linked to it in the Echo in the takeover thread.

[Falconhoof]

Moores and Parry came out of all this very well indeed. Hicks and Gillet will eventually see a substantial profit. Broughton and Purslow will be on a huge wedge.

 

milking the club dry. c**** all of them.

[Nerik]

£4.1m. Parry should have stayed as back up striker.

[Maldini]

Effectively we sold Arbeloa and Leto to pay off Parry

[Gunga Din]

Effectively we sold Arbeloa and Leto to pay off Parry

 

 

or the seasopn ticket money of 6500 fans went straight into his pocket

[Sion]

He's obviously not as stupid as some on here like to think.

[billybunter]

Well it's comforting to know that the rich are getting richer. As long as it's just the players and fans who lose out, why give a s***.

[Gomez]

He's obviously not as stupid as some on here like to think.

 

Wonder if that included hush money. He's been suspiciously quiet on speaking out against G&H considering what went on.

[Boca]

Wonder if that included hush money. He's been suspiciously quiet on speaking out against G&H considering what went on.

 

 

I would say it's guaranteed that he had to sign a confidentiality agreement with a pay off like that.

[Maldini]

£22.3m (!!!!) spent on planning, design and enabling of the stadium in 08/09 alone!

[Flight]

£22.3m (!!!!) spent on planning, design and enabling of the stadium in 08/09 alone!

 

 

Massive amounts of that will have ended up back with the old gits via backhanders and what is effectively laundering.

[Leo No.8]

Incredible - the one brilliant deal he managed to pull off!

 

Wonder what he did with the money. Probably commissioned Gucci to make him a new pair of floppy shoes, paid top whack for a specially designed fax machine which recognises and instantly releases errant ties, and significantly expanded his chain of Klown Kolleges.

[Maldini]

he bought a f*ckload of fabergé ties.

[Falconhoof]

£22.3m (!!!!) spent on planning, design and enabling of the stadium in 08/09 alone!

 

there aren't sufficient words to describe the robbery thats gone on. I was always suspicious of the connection between Hicks and the Texas headquartered Architects HKS. Somewhere there'll be a money trail between Hicks and HKS.

[aka Dus]

£22.3m (!!!!) spent on planning, design and enabling of the stadium in 08/09 alone!

 

Sickening.

[drdooom]

They're gonna build that sucker.

 

Ian Ayre might be all right to keep around though, or have I missed something about him?

Edited May 7, 2010 by drdooom

[aka Dus]

So at 40.1 million interest payments, the club is paying almost 110,000 pounds per day.

[Stevie H]

football is like f***ing banking. be sh*t at your job but receive gigantic remuneration. still it'll all be better under a conservative government.

[CarraLegend]

We're absolutely desperate for someone proper to come in. These two will take us down and down and down and further down.

[Swipe]

£4m for being mostly s***.

 

Nice work if you can get it.

[Red Kent]

Said all along that Parry would look after himself yet some refused to believe it. He f***ed up Rafa over so many transfers and negociations it was untrue. Owen Emile Barry Keane (twice) Arshavin and the there was the Gerrard fiasco in 2005 and 06 and who knows what others. We like to call him a clown but he is far from it. He is a cold calculating t*** who does not care about anyone but himself.

[MFletcher]

Our losses are absolutely terrifying.

 

Doomsday scenario brewing.