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Thursday 2 February 2023 Dublin: 8°C
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# Toffees
Everton announce record losses of almost €152million in ‘very challenging year’
Everton revealed the cost of Covid-19 amounted to an unforeseen loss of €73.4m.

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.

everton-v-leeds-united-premier-league-goodison-park 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.

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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.”

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