Liverpool fans were warned Friday that they should be "very worried" after auditors wanted that the club's parent company is in danger of being forced out of business by unsustainable debt.

The Reds' American owners, Tom Hicks and George Gillett, face a July 24 deadline to refinance 350 million pounds of debt which they have been servicing at punitive rates of interest, according to company accounts published this week.

The accounts revealed that the club's parent company, Kop Football (holdings) Ltd., made losses of 42.6 million pounds in the year to July 2008, largely due to 36.5 million of interest payments on the debt incurred by Hicks and Gillett to fund their February 2007 acquisition of the club.

In a note attached to the financial report, accountants KPMG warned that there was no guarantee that the creditor banks, RBS and Wachovia, would agree to renew their financing.

It said: "The group has credit facilities amounting to 350 million pounds which expire on 24 July 2009. The directors have initiated negotiations to secure tin- replace-