Malay Mail - Everton report losses worth £121m in latest accounts

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Everton report losses worth £121m in latest accounts

Link [2022-03-30 01:34:31]

Everton's Demarai Gray celebrates scoring their second goal against Arsenal with teammates at Goodison Park, Liverpool December 6, 2021. — Reuters pic

LONDON, March 30 — Premier League club Everton said the effects of the Covid-19 pandemic were the main reason for losses of £120.9 million (RM667 million) for the year ending in June 2021 after releasing their latest consolidated accounts on Tuesday.

Everton’s most recent figures showed a third straight year of losses in excess of £100 million, following losses of £111 million and £139.9 million in the previous two seasons.

Their total loss over the last three seasons amounts to nearly £372 million, with the club attributing at least £170 million of that to the impact of the Covid-19 pandemic.

According to Premier League rules, a club is in breach of profit and sustainability rules if their adjusted loss over a three-year period exceeds £105 million.

“(Everton) has also been working formally with the Premier League regarding its ongoing compliance with Profitability & Sustainability regulations,” Everton said in a statement.

“The club has experienced a unique set of financial circumstances in recent years, including committing significant amounts of expenditure to a complex new stadium project and dealing with the continuing and widespread impact of the Covid-19 pandemic.”

With only three Premier League games and one League Cup game in the period having any fans present at Goodison Park, matchday revenue was down to £200,000, the club said.

However, the club reported a record turnover of £193.1 million, thanks to the support of Farhad Moshiri, who increased his stake in the club to 94.1 per cent after a £100-million capital injection in January.

Moshiri invested a further £97 million after the end of the financial year.

Everton are 17th in the Premier League standings with 25 points from 27 games. They will return to action at West Ham United on April 3 after the international break. — Reuters