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The club published its accounts for 2023/24 on Friday.

The accounts covering the club’s financial year up to the end of May 2024 showed that the club posted £614m in revenue - a club record - but the impact of a season without Champions League football and increasing costs saw the Reds lose £57m the period.

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But financial accounts are a snapshot in time and don't accurately reflect the current health of a club's balance sheet and for Liverpool the state of play at present means that the accounts published in 12 months time for the 2024/25 financial year, which ends on May 31 for the club, will look markedly different.

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Liverpool face Paris Saint-Germain in the Champions League round of 16 on March 5.

The game will be broadcast live on TNT Sports 1, which costs £30.99 on a rolling monthly basis via Discovery+ Premium and also includes the Europa League and Conference League.

Qualification for the Champions League at the end of last season ensured that the drop-off in income due to the last campaign's spell in the Europa League won't be seen with the impact of that, aside from the prize money for qualification and wins along the way, being a drop of £38m in broadcasting revenue, down 16 per cent from £242m to £204m.

There is a fair reason to believe that Liverpool will break the £700m mark for revenue by the time the 2025 financial year comes to an end, with the return to Champions League football coming at a time when it has never been more valuable to clubs due to the change in format and increased number of games.

That, allied with an increase in commercial revenue and matchday income, not to mention the addition of other revenue streams such as the three sell-out summer shows by Taylor Swift last year that will fall into the 2024/25 accounts, means that income will have risen sharply year-on-year.

Prior to the clash with Paris Saint-Germain on Wednesday evening, Liverpool have, according to estimates presented by football finance expert Swiss Ramble, made just over £84m from the Champions League up to the end of the league phase.

That is already a sum around £60m more than what was achieved last year from the run to the Europa League quarter-finals.

The importance of Champions League football cannot be overstated, but domestic success also yields greater financial benefits through the central funds that are distributed to clubs based upon success.

Should they win the Premier League this season, with the odds very much in their favour, then they would claim a sum of around £5m more than last season's third place finish delivered.

With winning the Premier League also comes greater commercial leverage and commercial deals can often have clauses inserted that would see additional sums paid to the club upon winning major silverware such as a league title or Champions League crown.

There is also the benefit of aiding the brand growth internationally.

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However, winning a Premier League or Champions League title will be expensive for Fenway Sports Group and likely see a spike in wages that could take the club over the £400m mark as bonuses would need to be paid, and they do not come cheap.