The Liverpool Football Club lost almost 100 million dollars in 2012-13, but believes it is heading in the correct commercial direction.
Last season, debts at the English Premier League club decreased by 29% to 90 million dollars as revenue increased by 9% to 412 million dollars.
A cash injection of 94 million dollars by Liverpool FC owner Fenway Sports Group allowed the club to repay a stadium loan.
The Reds, currently second in the table behind Chelsea, hope to be playing in the Uefa Champions League next season.
They have not taken part in Europe's premier club competition since 2009-10, but qualification would bring lucrative revenues.
With 10 league games to play, Liverpool are in with a chance of winning their first English championship since 1990.