Everton Football Club registered a £120.9m loss in 2021, meaning it’s almost £400m down over the last four years.
The beleaguered Merseyside club attributed its loss to the pandemic as it published annual accounts this week, against the backdrop of severed sponsorship with a sanctioned Russian oligarch.
It said there were £170m losses despite a turnover of more than £190m, with a net debt of almost £60m
During 2020/21, the stadium was unable to host supporters during lockdowns, with gate receipts making up just £0.2m of its income, as the club said the loss was down to Covid.
There has been losses of almost £400m in the last four years, which has been caused in part by turbulence with the ownership.
The club used to be sponsored by USM and MegaFon, owned by now sanctioned oligarch Alisher Usmanov. Ties were recently suspended due to Russia’s war against Ukraine.
The club has had cash injections from billionaire owner Farhad Moshiri of almost £200m in the last two years – which has stabilised its finances – but it has been weighed down by a bid for a new stadium and investment in its struggling squad.
Everton announced in the annual report it had a turnover of £193.1m, in part “thanks to the continued unwavering support and commitment” of the owner, who now has 94.7 per cent.
It also sought to allay fears about soaring debt, saying it meets the Premier League’s “profit and sustainability regulations”.
“The club maintain they remain compliant with the rules. Moshiri’s injection of capital has eased fears on that front, despite the rules dictating losses of no more than £105m can be recorded over three years.”
It said rules offer “leeway for Covid-related losses” and infrastructure work, including citing sums put aside for a new stadium project.”