Liverpool Football Club's debts have almost doubled to £86m according to its latest financial results, despite returning to profit following losses the previous year, reports the Daily Post. The club's annual accounts will reveal a pre-tax profit of £10.2m for the year to July 31, 2008, an improvement on the previous year's loss of £21.7m.

However, the accounts will also show that net debt soared from £44m to £86m during the same period, despite an increase in revenue across the board.

Turnover increased from £133.9m in the previous year to £159.1m mainly as a result of the lucrative TV deal which the Premier League secured with Sky and the BBC.

The club's net spending on players went up from £22m to £28m due to the recruitment of Javier Mascherano, Diego Cavalieri, Andrea Dossena, David Ngog and Robbie Keane.