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Liverpool chairman Martin Broughton insists key players Fernando Torres, seen here in April 2010, and Steven Gerrard will not be sold to help solve the club's financial problems.

Accounts released on Friday show the club made an operating loss before tax of 16 million pounds (23 million dollars) in the year ending July 31, 2009.

That plunged Liverpool's finances further into the red with the debt rising from 299.8 million pounds (443 million dollars) to 351.4 million pounds (520 million dollars), while interest payments on loans increased by 3.6 million pounds (5.3 million dollars) to 40.1 million pounds (59.3 million dollars).

It is a worrying state of affairs for Liverpool fans but Broughton, appointed to find a buyer to replace current co-owners Tom Hicks and George Gillett, is adamant that Gerrard and Torres will not be sold to raise funds.

"There is absolutely no reason to sell either Torres or Gerrard," Broughton said. "I don't want to sell either of them. (Coach) Rafa Benitez does not want to sell either of them, the club is not looking to sell them. We don't need to do it to pay off any debt.

"Torres is one of the great players and every club would love to have him. We have got him and there is no intention of selling him."

Broughton held his first long-awaited meeting with Benitez on Thursday, during which the pair discussed the current situation regarding the search for new owners and also plans for rebuilding the squad.

There are further get-togethers scheduled but Benitez, who has been linked with a move to Juventus, is unlikely to be handed substantial funds to improve the squad as Liverpool have missed out on a lucrative place in the Champions League.

"We have met, it was a frank exchange of views, constructive and very helpful," Broughton added.

"The squad does need strengthening and that is an on-going process which will not be stopped by the sale.

"We have sat down with Rafa to determine what is the strength of it (the squad), what it needs, who are the right players and who needs to be sold.

"What I have asked from Rafa is what any football club board ask at the end of the season.

"It is for an appraisal of each of the players, where the weak links are, which players he would prefer to sell if he had the opportunity, which positions he needs to fill, who are his prime candidates and what would be his priorities."