Everton facing 'even bigger financial headache' after £120.9m losses reported

Everton will suffer an ‘even bigger financial headache’ if the Toffees are condemned to relegation to the Championship, according to journalist Pete O’Rourke.

The Toffees head into tonight’s crunch clash with Burnley sitting two places above their hosts and just three points clear of the Premier League’s drop zone.

According to The Athletic, Everton reported a record turnover of £193.1million for the financial year ending 2021, but that was not enough to offset big-money outgoings and prevent a heavy loss of £120.9million.

The report suggests the Toffees’ total wage to turnover ratio increased from 89 per cent in 2019/20 to 95 per cent for last year.

Everton reacted to the situation by claiming the figures had been ‘artificially inflated’ due to the impact of the coronavirus pandemic, but the wage to turnover ratio far exceeds UEFA’s benchmark of 70 per cent.

It comes after billionaire Alisher Usmanov, who has commercial ties to Everton, had his assets frozen by the European Union after it announced further sanctions in response to Russia’s invasion of Ukraine.

The Mail on Sunday have claimed the sanctioning of oligarch Usmanov has left Everton with a black hole of up to £300million in their playing budget.

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O’Rourke believes Everton are destined to be plunged into even further financial turmoil if they fail to maintain their top flight status.

The journalist feels dropping into the Championship will give owner Farhad Moshiri bigger problems than he is already facing.

O’Rourke told GIVEMESPORT: “If they were to suffer relegation, that’s going to be an even bigger headache, financially, as well.”

Everton head to Burnley having suffered a 2-1