Liverpool have announced a pre-tax loss of £19.8m in their latest annual accounts, despite reporting record revenues of £301.8m.
In the accounts to the year ending May 31, 2016, the Reds enjoyed an increase in revenues of almost £4m due to greater matchday and media revenue.
In the previous year, Liverpool reported a profit of £60m, primarily due to the £75m sale of Luis Suarez to Barcelona.
The loss for 2016 came after Brendan Rodgers was given compensation in the wake of his dismissal in October 2015, followed by the costs of appointing Jurgen Klopp and his backroom staff.
The club also brought in 12 players during the period including Christian Benteke for £32m and Roberto Firmino for £29m.
Chief operating officer Andy Hughes said: "The figures reflect continued investment in the club, both in terms of the squad, in bringing Jurgen into the club and also the impact of the new Main Stand development.
"That has obviously had a big impact on the operation of Anfield and the costs around a matchday but clearly you can see there has been continued investment from the owners, which is a continuation of a long trend.
"Since FSG acquired the club we have seen revenue growth in every single year. It's now a record of £301m for LFC so we're very pleased that that trend has continued through what has been a very difficult year with the new Main Stand built."
Under FSG's ownership the club's debt has fallen from £237m to £40m over the last six years.
