Liverpool have said that Jürgen Klopp will be given substantial funds to overhaul his squad this summer after the club’s latest accounts underlined the financial recovery under Fenway Sports Group.

The Anfield club have announced that revenue for the year ending 31 May 2015 increased 16.5% to a record £297.9m. This comprised media revenue increasing by 21.5% to £122.6m, mainly due to Champions League football and reaching two domestic cup semi-finals in 2014-15, commercial revenue rising 12% to £116.3m and match-day revenue increasing by 15.9% to £59m.

Profit before tax was £60m compared with £900,000 in 2013-14 but that figure was largely based on the sale of Luis Suárez to Barcelona in the summer of 2014 and has been reinvested in players such as Dejan Lovren, Adam Lallana, Emre Can, Lazar Markovic and Mario Balotelli. Notably, the accounts reveal Liverpool’s owners, FSG, converted £69m of historic inter-company debt into equity and invested £49m in the initial redevelopment of the Main Stand at Anfield.

The club’s net external debt stands at £47m compared to £237m when FSG acquired the club from Tom Hicks and George Gillett via the high court in 2010.

Ian Ayre, Liverpool’s chief executive, described the accounts as “a good set of numbers”. He said the financial growth, before a season that will bring record domestic broadcasting revenue and an increased capacity at Anfield, will support Klopp as he plans major improvements in the playing staff this summer.

Facebook Twitter Pinterest Mario Balotelli, bought by Brendan Rodgers after the sale of Luis Suárez, is likely to be sold. Photograph: Javier Garcia/BPI/Rex

Bayern Munich’s Mario Götze, the Udinese midfielder Piotr Zielinski and Leicester City’s young left-back Ben Chilwell are all targets for a manager who has already recruited Schalke’s central defender Joël Matip and Red Star Belgrade’s playmaker Marko Grujic for next season. Klopp’s budget could be increased if he can offload Christian Benteke and Mario Balotelli, while Joe Allen and the out-of-contract Kolo Touré, José Enrique and João Teixeira could all exit.

“There has never been a situation where we haven’t backed the manager and there will be no difference with Jürgen as we move forward towards the summer,” said Ayre. “Those discussions will go on and we will do what we need to do on his guidance and contribution. Everyone can expect what they have always seen to date with the club which is to give the manager the support he needs.

“We are very fortunate in that everything we generate goes back into the team and you cannot spend any more than you generate and then some. We have seen in these results the owners have injected further cash into the business for our stadium and written off some money. The support is there as it has always been.”

Liverpool’s wage bill rose by £23m to £166m, the fifth highest in the Premier League and 55% of turnover. The £60m Suárez-fuelled profit, Ayre explained, went straight back into the transfer plans of the then manager, Brendan Rodgers, and not any other area of the business.

He added: “We aim to generate profits in this football club and, under these owners, to completely reinvest. Of course every time you make more profit you are going to invest more back. That was evident in these results as we made £60m and the money all went back into the squad last summer.

“There is no extraction of any of that profit in any form. The owners said in their note to fans about ticketing that that has been their process throughout. All they have done is put money in and not taken a penny out. That continues.

Facebook Twitter Pinterest Christian Benteke could follow Balotelli out the door. Photograph: Matthew Ashton - AMA/Getty Images

“The results show a massive growth in our retail infrastructure, with 180 new franchise or concession retail businesses around the world. When I joined in 2007 we had two shops in Liverpool. To say we are closer to 200 around the world shows the size of the business growing and that is so important to the long-term stability.”

The conversion into equity of £69m in debt, some inherited from the Hicks and Gillett era, raised a suggestion that FSG is clearing Liverpool’s books in order to sell. Ayre replied: “100% not. This is just cleaning up our balance sheet and supporting the club. Rather than someone pointing at a potential sale, they should be pointing to another level of commitment. The owners have been unwavering in their commitment. You only need to drive past Anfield and see the size of their commitment. It [the new Main Stand] is growing every day.”

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Liverpool’s chief executive added: “They have invested continually, supported each manager and more recently invested a lot of money into the new stand to improve the stadium and bring that up to grade. I don’t see that changing. The recent issue on ticketing, while no one would have wished for it, is another example of being a special club with a special family.

“We might fall out sometimes and we might disagree but if you were at Wembley on Sunday everyone was together. The owners were there, the fans, the manager, the team; everybody is back getting on with it and moving forward. They were big enough to make the point we got something wrong and that is it. Their commitment is unwavering.”