Liverpool debt rises to $130M as team struggles

LIVERPOOL, England (AP) -Liverpool's debt rose by a third to more than $130 million after spending on players who have failed to re-establish the club as a power in England or Europe.

Liverpool is seventh in the Premier League and no closer to returning to the lucrative Champions League it last played in during the 2009-10 season.

Accounts released Monday showed that Liverpool's debt rose to 87.2 million pounds (about $131 million) between Aug. 1, 2011 and May 31, 2012.

Liverpool managing director Ian Ayre says "net debt comes largely as a result of our activity around player trading.''

Liverpool reported a loss of 40.5 million pounds (about $61 million) in the accounts covering a 10-month period, in line with the losses in the previous full financial year.