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Blues record more losses

By Blue Blog :  24/11/2007 :  Comments (2) :

For the second year running Keith Wyness has overseen a drop in turnover at Everton Football Club, as the club freefalls from part of the 20 richest clubs in the world to a position which sees turnover down almost £10m in 48 months.

Wyness insists this is due to poor performance on the pitch as the Blues finished 11th in the Premier League for the period covered by this year's financial reports.

He conveniently forgets the borrowing taken on as the Blues headed for the big Sky payout in comfort.

Wyness also claims the purchase of Andrew Johnson and Joleon Lescott affect this, although quite how spending money will bring overall turnover down is a mystery.

The final nail in the coffin of Wyness' career must surely be the operating loss of £500,000 from a £3.5m operating profit last year. This being despite having very little actual operating costs outside of his own office and that of the communications team, with almost every other loss-incurring activity outsourced.

Wyness has taken the club further into debt too, with total borrowing up to almost £70m. Quite how the man can justify his £420,000 salary when the club is making a loss and the turnover is spiralling is beyond reasonable comprehension. The man lies to the fans (see his disastrous comments on Kirkby for that!) and has increased deby while reducing turnover.

He then blames this on player purchase. The very same man who insisted less than 2 years ago that he didn't want Everton "to do a Leeds."

Reader Comments

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Griffin Silver
1   Posted 26/11/2007 at 09:36:54

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I’m a big fan of this site but sometimes you guys are far too negative. You’ve misinterpreted much of the article (although I can see why, it wasn’t very clear). Wyness’ reference to Lescott and AJ was regarding the move from +3.5m + to -0.5m operating balance ... not the overall turnover of the club.

Outsourcing a lot of the merchandising and catering WOULD reduce the overall turnover of the club.... instead of having loads of people on the books and associated operating expenses, you just have the bottom line. For example, you don’t have 1.2m income and 1mil expense for catering, you just have the fee the catering company pay EFC (eg. 0.2m). So the overall turnover is reduced from last year, but hopefully the profit is not (for this point). Ditto for merchandising.

I agree that Wyness’ salary is huge ... but when you compare his value to EFC compared to say... Andy VD Meyde who is costing the club 3 times as much, the criticism hardly seems fair.

I’m not 100% sure, but wouldn’t the last 2 years annual reports include 10m instalments for one Wayne Rooney? Or was the final payment made the year before last? I don’t know for sure.

Regardless, I would guess that the 4m drop represents roughly the difference in prize money from finishing 4th & 11th. So apart from that, things are relatively unchanged - so why such pessimism?
Karl Masters
2   Posted 27/11/2007 at 19:14:25

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Why such pessimism?

Because we are being dragged to Kirkby and into even deeper debt by an unprincipled, bungling liar. Strong words, but that is how many, many Evertononians feel about this Emperor’s New Clothes scenario.

If they are lucky, Moyesie will save the day by producing a Team that sweeps all before it. There’s a chance that will happen, but an even bigger one that KW will disappear once the Kirkby move happens, leaving us high and dry. Any further proof that you cannot trust him was provided in full by last week’s desperate 75,000 seat claim.

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