The club's latest accounts, which were released by Companies House yesterday, revealed that Liverpool paid £36.5 million in interest on their debts in the financial year ending July 31, 2008.
Even more alarming is a statement by KPMG, the auditor, that warned of a "material uncertainty which may cast significant doubt upon the group's ability to continue as a going concern".
The grim notice comes as Tom Hicks and George Gillett Jr, the club's owners, continue to look for outside investment and, in the more immediate term, to renegotiate their existing £350 million loan.
The Americans have until July 24 to refinance their credit deals with Royal Bank of Scotland (RBS) and Wachovia and are hopeful of securing at least another six-month extension, which would give them breathing space.
There is an acceptance within Anfield that the club are not generating enough money to cover the interest payments of Kop Football (Holdings) Ltd, the club's holding company.
Despite the announcement of a record turnover of £159.1 million and a pre-tax profit of £30.2 million, the club's net debt — not including that of the holding company — almost doubled from £43.9 million to £86 million. Kop Football (Holdings) Ltd made a pre-tax loss of £42.6 million, with its net debt rising to £299.5 million.
Despite being unable to compete with Manchester City in the race to sign Gareth Barry from Aston Villa this week, Rafael Benítez, the Liverpool manager, has been assured that the owners will provide funds for him to spend in the transfer market this summer.
However, Hicks and Gillett are under growing pressure to sell the club, having failed to raise the finance to build a new stadium, which is vital to their plan for long-term growth.
In the accounts submitted for Kop Football (Holdings) Ltd, KPMG writes: "The current economic conditions have had a significant impact upon world credit markets and, accordingly, raising finance in this environment is challenging.
"Whilst the directors believe the going concern basis is appropriate, the fact that facilities are not currently in place to fund all projected cash requirements over the next 12 months indicates the existence of a material uncertainty, which may cast significant doubt upon the group's ability to continue as a going concern, and it may therefore be unable to realise assets and discharge liabilities in the ordinary course of business.
"Nevertheless, after making full inquiries and considering the uncertainties described above, the directors have a reasonable expectation that the group will secure adequate resources to enable the group to continue in operational existence for the foreseeable future."
One senior Liverpool figure expressed disappointment at KPMG's message, calling it "unduly alarmist", while another said that it was a standard statement in situations where a company is in the process of negotiating a refinancing package.
He added that, while Kop, the investment vehicle, may face uncertainty, the club are afforded some protection by the banks.
In the Kop Football (Holdings) Ltd accounts, Hicks and Gillett emphasise that securing financing for the development of a new stadium is central to their strategy for future growth.
Pre-construction work on the new site at Stanley Park was halted indefinitely last September, with the owners citing the unfavourable conditions in the global financial market.
In the accounts, however, they say that opening is "delayed until 2012" and that a revised planning application, with a view to raising the capacity from 60,000 to 73,000, will be submitted imminently.
Hicks, who is bullish about the club's future and his prospects of remaining at the helm, is unconcerned by the figures in the accounts.
He remains highly optimistic that a refinancing deal will be agreed in the coming weeks and that outside investment will be secured after that.
However, the search for financial backing began almost as soon as they bought the club in February 2007 and, more than two years on, the new stadium remains a pipe dream.