Liverpool made a pre-tax loss of £9m in 2022-23 when their wage bill increased to £373m and turnover remained static at £594m, the club’s latest accounts reveal.

Media revenue and match-day revenue fell in a season where Jürgen Klopp’s team made early exits from the Champions League, FA Cup and Carabao Cup. Liverpool’s turnover and finances remained stable, however, thanks to commercial revenue rising to a record £272m. A £25m increase on 2021-22’s figures means commercial revenue is the biggest revenue source of Liverpool’s three main income streams.

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Liverpool’s wage bill accounts for almost 63% of turnover and continues an upward trend that has seen staff costs rise by 79% from £208m to £373m since 2018. Media revenue fell by £19m to £242m and match-day revenue decreased by £7m to £80m as a disappointing season resulted in fewer TV appearances and fewer games at Anfield compared with the quadruple-chasing campaign of 2021-22.

Commercial growth was achieved through a lucrative pre-season tour of Thailand and Singapore, partnership deals, record retail figures with seven club stores opening across Asia, and 350,000 downloads of a new LFC store app. The club has signed blue-chip sponsorship deals with Peloton, UPS and Google Pixel since the 2022-23 reporting period.

The latest accounts cover the financial year when Liverpool signed Darwin Núñez and Cody Gakpo, sold Sadio Mané, Divock Origi, Neco Williams and Takumi Minamino, and renewed 21 player contracts, including the biggest deal in the club’s history for Mohamed Salah.

Liverpool’s managing director, Andy Hughes, said: “Operating this great club in a financially sustainable manner and in accordance with football’s governing principles has been our priority since FSG acquired LFC in 2010. Despite the significant growing costs of football, the success of our commercial operations demonstrates the strength of our underlying financial position so we can continue to operate sustainably while competing at the highest levels of football. Having the ability to grow our controllable income streams is a crucial part of our long-term plans which enables us to continue reinvesting both on and off the pitch to support both our men’s and women’s teams ambitions.”

Liverpool’s bank debt rose by £49m to £123m due to the construction of the new Anfield Road stand. The £80m redevelopment will increase Anfield’s capacity to just over 61,000.