Liverpool Promise Summer Spending After Record £39 Million Profit

Liverpool will invest in the squad during the summer transfer window after posting a £39 million profit for the year spanning up to 31 May 2017, a record under the ownership of the Fenway Sports Group.

As reported by David Maddock of the Mirror, the club released the figures on Thursday, and COO Andy Hughes promised the improved finances will result in more spending in the transfer market:

''With the full support of this ownership group, we have significantly improved the club’s financial position over the past seven years, and these results further demonstrate our solid financial progress—despite the ever-rising costs in football.

''What is important is the underlying trend that has continued with the aim of strengthening our financial position with profits being reinvested back into the club and players, allowing this long-term stability to become a reality.

[…] ''Performance on the pitch and the reinvestment in our squad is always a priority, and following the club’s record signing last month, we will look to invest again in the summer.

''Progress on and off the pitch is critical to the growth of this football club—we all want success, and everything we’re doing is geared toward fulfilling our football ambitions.''

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Per the report, the profit is a result of an increase in TV money, courtesy of the Premier League's 2016 television deal, as well as more commercial revenue.

Last year, the club posted a loss of £21 million, and the turnaround is remarkable considering the Reds' spending up to May 2017. Liverpool bought players like Sadio Mane and Georginio Wijnaldum among others for a total net fee of £91 million.

Fans will be happy to hear the profits will result in more signings after the past January transfer window left many scratching their heads. The Reds parted with star midfielder Philippe Coutinho, who left for Barcelona for a club-record fee of £146 million, per Sky Sports' James Dale.

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The club didn't invest the cash in a replacement―the top January signing was Virgil van Dijk, a defender. While the patient approach was a cautious move, it also left many wondering where the club's ambitions lie.

There's little doubt the decision has paid off so far―the Reds have barely skipped a beat without Coutinho, with just two losses so far in 2018 across all competitions. The attack has been as good as ever, led by Mohamed Salah and Roberto Firmino.

The focus will likely be on addressing depth in the summer, and Liverpool could also break the bank for a new goalkeeper―unless Loris Karius continues the solid form he's shown of late.