Everton insist the club “remain in a secure financial position” and will avoid any punishment from the Premier League over Financial Fair Play regulations despite posting losses of £120.9million for the 2020-1 season and facing a further £20million hit due to lost sponsorship deals with sanctioned Russian oligarch Alisher Usmanov.
The sizeable losses are the fourth consecutive accounts that show losses of more than £100million, although the club have attributed £103million of the 2020-1 figure to the impact of Covid on the club – which they estimate will cost the club between £170million and £220million.
The figures put into stark context how important it is that the club stay in the Premier League as they look to rebuild on and off the pitch following the pandemic and a series of wrong calls that have left them fighting relegation.
i understands that a comprehensive review of club operations is “ongoing” but there is optimism that the club’s commercial department can plug the £20million sponsorship gap left after cancelling deals with Usmanov’s companies USM, Megafon and Yota.
More on Everton FC
i can also reveal that the club are now in talks with alternative partners to replace the £30million naming rights deal agreed with USM after accepting that the Russian’s company cannot be associated with the club.
The Toffees insist the Bramley Docks stadium remains well on track and further positive developments are due to be revealed on that front in the coming days.
Everton said in a statement: “The club can report a record turnover of £193.1m and remains in a secure financial position thanks to the continued unwavering support and commitment of Farhad Moshiri, the majority shareholder, and cost control measures continuously adopted by the club.”
The full scale of Everton’s reliance on chairman Moshiri is laid bare in the accounts, with the Iranian businessman injecting £100million into the club to cover transfers and the costs of a move to a new stadium at Bramley Docks in 2024-5. He has put another £97million into the club since the end of the last financial year – funds which will go towards stadium development and team building.
Moshiri remains an enigmatic figure, preferring to watch the team on television rather in person and making rare statements. But his financial commitment cannot be doubted, with Everton’s outlay on players and contracts reflected by a wage bill that is now a sizeable £182million. He has had little to show for that in terms of results, with the team facing a crucial week in their battle for survival.
More from Football
The 10 players who will definitely go to World Cup for England and 45 with work to do29 March, 2022
Marc Overmars' rapid return to football is a slap in the face to victims of sexual harassment29 March, 2022
Why an appeal over a £50 fine proves English football needs an independent regulator29 March, 2022The club have also acknowledged that they are working with the Premier League to ensure they stick to sustainability rules after recent speculation they could incur points penalties.
Although the combined losses of £372million over three years exceed the Premier League’s limit of £105million, the impact of Covid and spending on infrastructure, the Academy and the women’s team push the figure under the limit.
Sources told i an independent auditor had verified the figure Everton had attributed to Covid and that the Premier League are “comfortable” that the accounts don’t breach sustainability rules – which could have landed the club with points deductions and fines.
A statement said: “The Club has also been working formally with the Premier League regarding its ongoing compliance with Profitability & Sustainability regulations.”
from Football | News and analysis from the Premier League and beyond | iNews https://ift.tt/ZbksSRf
Post a Comment