Cash flow analysis: Liverpool creating foundation of a sustainable business

Prior to Liverpool's most successful season in more than a decade, the club splashed out with a record spend on player additions.

Player acquisitions were responsible for driving up non-cash expenses, as player amortisations increased from £77 million in 2018 to £111.8 million in 2019.

However, the club managed to avoid capital injections during the year, proving the foundation of a sustainable business model had been laid, on and off the pitch.