April 22, 2024

Everton financial crisis deepens as losses double from previous year

Everton’s finances were under the microscope again on Easter Sunday as they revealed a loss for the 2022-23 season which almost doubled from the previous year.

The accounts, which were released during the high-profile Premier League clash between Manchester City and Arsenal, showed the club lost £89.1 million, which shot up from £44.7 million from 2021-22.

The club have cited the indefinite suspension in sponsorship deals with key commercial partners as mitigation for the increased loss.

The release of the accounts, which also show heavy investment in the club’s new stadium, does not make pretty reading at a time when their finances are under scrutiny.

Everton are due to find out before April 8 the verdict of a second charge of breaching the Premier League’s profitability and sustainability rules, with a further points deduction a possibility in addition to the six they have already lost for breaches related to the 2021-22 season.

Everton are currently 16th in the Premier League table on 25 points, three above the relegation zone.

Under-fire majority shareholder Farhad Moshiri said earlier this week that he remains confident the protracted takeover of the club by 777 Partners will be completed soon.

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