Peter Moore explains LFC’s ‘massive downturn in revenue’ will cause struggle
Liverpool announced that they have reversed the decision to use the UK Government’s coronavirus job retention scheme, in a letter by club CEO Peter Moore. It’s obviously good news that the club will not be taking taxpayers’ money, as it goes against the civic values instilled at its core, but there was a detail in […]
The post Peter Moore explains LFC’s ‘massive downturn in revenue’ will cause struggle appeared first on The Empire of The Kop.
Liverpool announced that they have reversed the decision to use the UK Government’s coronavirus job retention scheme, in a letter by club CEO Peter Moore.
It’s obviously good news that the club will not be taking taxpayers’ money, as it goes against the civic values instilled at its core, but there was a detail in the letter than hasn’t been talked about much.
Toward the end of the 600-word statement, Moore explains that Liverpool will struggle to perform as they have done before in a ‘massive downturn of revenue’.
Not to excuse the club for their first actions by any means, but it shows that even those at the very top of the football pyramid aren’t impervious to the pandemic.
Have a read of an excerpt from the statement below (here it is in full):
But in the spirit of transparency we must also be clear, despite the fact we were in a healthy position prior to this crisis, our revenues have been shut off yet our outgoings remain. And like almost every sector of society, there is great uncertainty and concern over our present and future.
Like any responsible employer concerned for its workers in the current situation, the club continues to prepare for a range of different scenarios, around when football can return to operating as it did before the pandemic. These scenarios range from best case to worst and everything in between.
It is an unavoidable truth that several of these scenarios involve a massive downturn in revenue, with correspondingly unprecedented operating losses. Having these vital financial resources so profoundly impacted would obviously negatively affect our ability to operate as we previously have.
We are engaged in the process of exploring all avenues within our scope to limit the inevitable damage. We thank the many amazing people in our club, at all levels, who are committed to helping us do just that, despite the complexity and unpredictability in the world and our industry.
The fact Liverpool will struggle financially is the new harsh reality we live in, and we still aren’t where the club will pull money from the pay its staff, but we’re sure it’ll be fine in the long run.
You have to feel for clubs further down the football ladder – if the Reds are going to flounder somewhat, you’d have to expect others to be in serious danger.
The post Peter Moore explains LFC’s ‘massive downturn in revenue’ will cause struggle appeared first on The Empire of The Kop.