Premier League club Everton have announced a £89.1million loss for the 2022/23 season in their latest financial report released on Sunday.
This figure marks a significant increase from the previous season’s £44.7million deficit. Everton attribute the surge in losses to the indefinite suspension of sponsorship deals with key commercial partners.
The financial accounts, unveiled during the high-profile Premier League match between Manchester City and Arsenal, underscore Everton’s challenges amid heavy investment in their new stadium project.
The club’s financial affairs face scrutiny, with Everton awaiting a verdict before April 8 on a second charge of breaching the Premier League’s profitability and sustainability rules.
If found guilty, this could potentially result in additional points deductions, supplementing the six points already lost due to breaches in the 2021/22 season.
According to Premier League regulations, clubs can incur a maximum loss of £105 million over a three-season period or £35 million per campaign before facing sanctions.
Currently, in 16th position in the Premier League table, the Toffees face the threat of relegation, sitting just three points above the relegation zone with nine games remaining. Majority shareholder Farhad Moshiri, who has come under criticism, expressed confidence earlier in the week that the club’s prolonged takeover by 777 Partners will soon be finalised.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
