EVERTON HAVE ANNOUNCED record losses of just over €150 million after the implications of the coronavirus pandemic significantly impacted revenues.

The club’s deficit after tax was €152.61m, considerably worse than a year ago when they posted a then-record loss of €121.98m, albeit over a 13-month accounting period.

Everton said the cost of Covid-19 amounted to an unforeseen loss of €73.4m.

To help offset the losses majority shareholder Farhad Moshiri pumped in €54.54m of his own cash during the last financial year up to June 2020 and has already put in a further €54.54m for the current period.

PA Empty stands at Goodison Park have contributed to Everton's deficit in 2020. PA

That took his investment in the club since assuming control in February 2016 to €436.28m, with plans for a further €109m to be injected.

As a result the club have taken steps to create and propose a new share issue to Moshiri’s Blue Heaven Holdings Limited up to a value of €272.65m, with the conversion of previous shareholder loans into equity equating to £€163.59m of that total.

That would potentially take his share in the club from 77.2 per cent to 93.3 per cent.

Everton chief executive Denise Barrett-Baxendale said: “Clearly this has been a very challenging year, not least from a financial perspective with the impact of Covid-19 having a profound, wide-reaching and material impact on our figures.

“Prior to the pandemic, we were forecasting record revenues in excess of €218m. Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic.”