Liverpool Football Club made a record-breaking pre-tax profit of £42 million in the year ending May 2019, as revealed in the club's latest accounts.

The success of Jurgen Klopp's team on the pitch has helped boost the club's coffers despite the fact that they spent a club-record £223 million on transfers in that period.

Alisson Becker, Naby Keita, Fabinho and Xherdan Shaqiri all signed for the Merseysiders, with Danny Ward, Danny Ings, Ragnar Klavan, Dominic Solanke and Lazar Markovic leaving the club.

The first-team squad was further reinforced with 11 players renewing their contracts, including club captain Jordan Henderson, Roberto Firmino, Mohamed Salah, Sadio Mane, Andy Robertson and Trent Alexander-Arnold.

There was an increase in revenue streams across the board during the season in which Klopp led the club to Champions League success and runners-up spot in the Premier League.

Turnover increased during the period to £533m (£78m increase), with media revenue increasing by £41m to £261m, commercial revenue rose to £188m (£34m increase), and match revenue was up by £3.5m to £84m.

The club highlights the new UEFA Champions League broadcasting deal which began in the same period, a second-place finish in the Premier League and higher partnership and merchandising value as the main reasons for the increases.

Andy Hughes, LFC’s chief operating officer, spoke to the official club website after the financial results were announced.

"This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure," said Hughes.

"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."

With the Reds on the verge of winning their first league title since 1990, investments in the club's infrastructure continue.

The Anfield stadium capacity will increase by 7,000 following the latest redevelopment which will be finished in time for the 2022/23 season while there was £50 million spent on the club's new training complex in Kirkby which opens in July.

“What we’re seeing is sustained growth across all areas of the club, which is aligned to the recent performance on the pitch," added Hughes.

"Since this reporting period we have continued to reinvest in the club’s infrastructure and we look forward to the opening of our new training base at Kirkby ahead of the new season, which will provide first-class facilities for our players and staff.

“We have also just completed a second-phase consultation on a proposed expansion of the Anfield Road stand which could see an increase in the stadium’s capacity, giving even more supporters the opportunity to see the team.

"There is more work to do and, importantly, we will continue our dialogue with all key stakeholders, including local residents, businesses and community groups.

“These financial results and this sustained period of solid growth is testament to our ownership, Fenway Sport Group, who continue to support the club’s ambitions and continue to reinvest revenues both in strengthening the playing squad and the club’s infrastructure to build for the future."