Everton “remain in a safe financial position” thanks to the owner Farhad Moshiri despite the fact that he lost more than 110 million pounds for the third consecutive season.
The Premier League club, which is just three points above the relegation zone, recorded losses of 120.9 million pounds for the 2020-21 season.
However, 3 103 million of this amount is attributed to the impact of Covid-19.
This comes after previous losses of £ 111.8m and £ 139.8m for the previous two seasons.
That’s a combined loss of 2 372m in three years, but the club says the losses from Covid-19 over the last two years amount to 170 170m, including last season when the games were held behind closed doors.
The Premier League’s profitability and viability rules mean that clubs are only allowed combined losses of 105 105 million over three seasons.
But clubs are allowed to adjust the figures to take into account the last two seasons affected by Covid, which means that their actual losses are around εκατο 170 million.
This does not include spending on Everton’s new Bramley-Moore Dock Stadium, academy and women’s team, as well as community projects, which deduct the total cost and, according to Everton, bring the club below 105 105 million .
The club also said it was “formally cooperating with the Premier League on its continued compliance with profitability and sustainability regulations”.
Everton also benefited from cash contributions from the majority shareholder Mosiri in a period of additional uncertainty.
Last season’s accounts show a 100 100m injection from the Iranian businessman, who has raised more than 500 500m from the club since he first bought the club’s shares in 2016. An additional εκατο 97m has since followed, with this push to increase the club’s share to 94.1%.
In addition to the threat of demotion, Everton has suspended sponsorship deals with Russian companies USM, Megafon and Yota, which are owned or partly owned by billionaire Alisher Usmanov, who is a close business partner with Moshiri.
The suspension came after sanctions were imposed on Usmanov, with the loss of sponsorships costing around -10 5-10 million a year. USM had also paid εκατο 30 million for a selection of exclusive naming rights in the new 52,000-seat stadium, which is set to open in the 2024-25 season and is likely to cost over 500 500 million.
Last season, the salary of the now retired Colombian winger James Rodriguez, who was earning more than .000 200,000 a week, increased from 5 165 million £ in 2019-20 to 2 182 million £.
He also included coach Carlo Ancelotti, who left for Real Madrid last summer before being replaced by Rafael Benitez.
Despite these financial worries and recent losses, Everton said they had a record turnover of 19 193.1 million last season and “remain in a secure financial position thanks to Farhad Moshiri’s continued unwavering support and commitment and cost-control measures.” constantly by the club “. .
They added that the club had “experienced a unique set of financial conditions in recent years”, including “committing significant sums of money to a complex new stadium project” and dealing with the effects of Covid-19, “all while in the early stages of an investment cycle thanks to its support [Moshiri]”.
The club hopes that moving to a new stadium, which could come in the middle of the season, will increase the game’s revenue and commercial revenue to a level where it will be less dependent on cash contributions from the majority shareholder.
