Liverpool Football Club on Thursday announced annual financial accounts for the season in which the club won its sixth European Cup and invested a club record £223 million on players.

Liverpool FC is owned by Fenway Sports Group (FSG), which also owns Major League Baseball’s Boston Red Sox.

For the year to May 31, 2019, Liverpool FC turnover increased by £78 million to £533 million.

Media revenue increased by £41 million to £261 million, commercial revenue rose £34 million to £188 million, and match revenue increased by £3.5 million to £84 million.

“The increase in turnover is a result of a new UEFA Champions League broadcasting deal which commenced in this period, a second-placed finish in the Premier League and higher partnership and merchandising value,” said the club.

Profit before tax for the period was reported at £42 million.

Liverpool Football Club chief operating officer Andy Hughes said: “This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure.

“Being able to reinvest over £220m on players during this financial period is a result of a successful business strategy, particularly the significant uplift in commercial revenues.

“The cost of football, however, does continue to rise in transfers and associated fees but what’s critical for us is the consistency of our financial position, enabling us to live within our means and continue to run a sustainable football club.”