Everton have announced flat revenue, significant reduction in net debt but losses of £111.8m for an extended financial year ending June 2019 at this evening's AGM.
The club's annual report shows turnover of £187.7m, very slightly down from the previous year thanks to merit payments of £24.9m and total broadcast income of £132.7m, with total commercial and sponsorship income rising 40.6% to £29.1m.
In addition, Everton's debt fell from £65.7m last year to just £9.2m but outgoings on player trading and wages, plus off-field investments in Goodison Park, Finch Farm and the Royal Liver Building meant that the club registered record losses for the 13-month period after interest and taxation.
That takes the club's losses over three years to around £94m, still under the £105m threshold mandated by Uefa's Financial Fair Play regulations.
Meanwhile, Commercial Director, Sasha Ryzantsev, said that Everton's owner, Farhad Moshiri, has increased his personal investment in the club to £350m.
A statement from CEO Denise Barrett-Baxendale said: “The set of accounts released today reflect our ambition and position as a Club in the early stages of an investment programme. We have been aware of and planned for the impact the investment would have on our short-term profitability and this is part of a long-term sustainable business plan that demonstrates our commitment to operating in a financially sustainable manner.
“Thanks to the support of our majority shareholder, Mr Moshiri, we have been able to invest significantly in our first-team squad.
“Looking forward, investment in a world-class new stadium at Bramley-Moore Dock offers us all an insight into the future of our Club and underlines our ambition to take the Club forward.”
The club's Annual General Meeting of Shareholders took place at the Liverpool Philharmonic Hall and it began with a challenge by Professor Tom Cannon to the re-appointment to the Board of Director of Football Marcel Brands. The Dutchman was duly-re-elected after a vote.
It was also announced that USM Holdings, the company part-owned by Moshiri, and his long-time business associate, Alisher Usmanov, have paid £30m for the option for the naming rights to the proposed new stadium at Bramley-Moore Dock.
Moshiri himself was absent from the AGM due to talks with a potentially significant financial backer of the stadium project.
Reader Comments (47)
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1 Posted 14/01/2020 at 19:25:03
2 Posted 14/01/2020 at 19:26:55
3 Posted 14/01/2020 at 19:33:49
4 Posted 14/01/2020 at 19:35:51
5 Posted 14/01/2020 at 19:36:37
That investment is looking a bit duious with Siggy worth less than half what we paid and Gomes and Gbamin could be finished at this level.
However the 30m from Usmanov will keep us in the FFP regulations and enable more "investment".
Lets hope its better done this time.
6 Posted 14/01/2020 at 19:42:31
Our net spend has not been enormous and weve cut the wage bill surely?
7 Posted 14/01/2020 at 19:45:45
8 Posted 14/01/2020 at 19:48:47
9 Posted 14/01/2020 at 19:53:04
10 Posted 14/01/2020 at 20:44:02
11 Posted 14/01/2020 at 20:50:25
12 Posted 14/01/2020 at 20:56:10
13 Posted 14/01/2020 at 21:34:45
14 Posted 14/01/2020 at 21:43:40
Not the all-in, total price USM will have to stump up.
15 Posted 14/01/2020 at 21:53:43
16 Posted 14/01/2020 at 22:03:54
In football terms, these days, this is nothing to fret about. We may have a clueless owner when it comes to appointing managers, but hes a number cruncher so Ill give him the benefit of the doubt.
Now jump into your time machine and travel back to 2007:
In banking terms, these days, this is nothing to fret about. We may have a clueless CEO when it comes to [insert financial product], but hes a number cruncher so Ill give him the benefit of the doubt.
Let's hope my cynicism is silly and ill-founded.
17 Posted 14/01/2020 at 22:21:00
Aleast Paul the Esk will be able to factor in the Moshiri paying of debt and Usnanovs input into the Stadium. Normally Paul the Esk is blind sided, by such information not being available.
No chance of them answering Paul the Esks questions, that we would all like answers too.
It's increasing looking that the larger Story that those astute enough , have put forward, that what we are looking at is a Major Development investment and policy of increasing Evertons asset value, is correct.
The money being pumped in is staggering , with a Board composed of four, with some Directors of questionable ability.
The statement that 'Thanks to the support of are majority shareholder, Moshiri, we have been able to invest in our first team squad' beggars belief as far as accountability and performance is concerned.
Fans concerns are of secondary importances.
18 Posted 15/01/2020 at 00:16:11
However that is based on the assumption that planning is straightforward and does not encounter some difficult "rednose" officials.
19 Posted 15/01/2020 at 00:57:52
Owners have deep pockets but our wage bill being 85% of revenue is scary. That's got to be one of the highest percentages in the league. That's simply not sustainable. Either we need to trim it down asap or start getting into Europe and finishing higher up the league.
We have so many players on massive contracts who don't even play for us costing us tens of millions a year. Only time will improve things but I wonder if we've got the capacity to sign players on high wages in the short term.
Don't think Moshris going to see most of his £450m again anytime soon.
20 Posted 15/01/2020 at 01:47:59
21 Posted 15/01/2020 at 03:55:58
22 Posted 15/01/2020 at 04:54:30
He has been a critic of the club since Kenwright took over but does seem to harbour some bitterness about the way the club is run.
23 Posted 15/01/2020 at 04:54:53
24 Posted 15/01/2020 at 08:32:36
25 Posted 15/01/2020 at 09:54:56
26 Posted 15/01/2020 at 10:00:35
Getting players out on loan helps but only a little as often the loanee club still pays a large chunk of the wages. Well still be paying some of Tosuns wages no doubt. Hopefully he bags a few for palace so we can sell him.
Given the size of the current wage bill Im not sure how Ancelloti will be able to sign quality players In the near term (wholl no doubt demand £100k+ /week wages), maybe in the summer when a few more are gone but will be difficult in this window. I can see the club maybe loaning in a player or two but telling Ancelloti hes got to use what he currently has and wait till the summer for new players. Hes also not been able to see Gomez or Gbamin so both will be like ‘new signings for him.
27 Posted 15/01/2020 at 10:16:58
You weren't the one cringing. You should have seen DB-B's face when she was again referred to (at least 2 or 3 times) as Little Miss Dynamite.
Heightism, sexism and patronisism all in three words!
28 Posted 15/01/2020 at 10:46:34
29 Posted 15/01/2020 at 10:54:16
Only one (cringing)
30 Posted 15/01/2020 at 11:45:02
Incoming players will eat up some of that, of course. As long as they are contributing, they're worth it. We're getting just above nothing from the above paycheck-eaters. For me, only Walcott contributes at all, and he's simply not that good a footballer.
An indicator of how poorly we've been run since Moyes left:
Roberto - Besic, Tarashaj
Koeman - Schneiderlin, Bolasie, Sandro
Allardyce - Walcott
31 Posted 15/01/2020 at 14:04:37
32 Posted 15/01/2020 at 17:16:57
33 Posted 15/01/2020 at 18:56:14
With the exhorbitant costs over the last few seasons, does the whole scouting setup not need revisiting? Surely there has got to be a review of the whole scouting network and structure.
34 Posted 15/01/2020 at 21:07:28
Can anyone tell me if this expression still has currency on Merseyside?
35 Posted 15/01/2020 at 21:10:21
36 Posted 15/01/2020 at 21:14:25
37 Posted 15/01/2020 at 21:18:10
As a run of the mill Evertonian who are these two knowledgable guys affiliated to? Everton Staff, ToffeeWeb, News media or some other organization. I need to know so when I give non-ToffeeWebbers information about Everton they don't give the usual cynical response such as, "Who on earth told you that?" HELP!
38 Posted 15/01/2020 at 21:29:58
39 Posted 16/01/2020 at 06:26:26
40 Posted 16/01/2020 at 13:52:55
41 Posted 16/01/2020 at 16:53:15
42 Posted 16/01/2020 at 16:55:49
43 Posted 16/01/2020 at 17:13:01
44 Posted 16/01/2020 at 19:33:35
45 Posted 16/01/2020 at 19:56:14
46 Posted 16/01/2020 at 20:04:10
47 Posted 16/01/2020 at 20:07:46
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