Everton report losses worth £121 million in latest accounts

Premier League club Everton said the effects of the COVID-19 pandemic were the main reason for losses of £120.9 million (US$158.05 million) for the year ending in June 2021 after releasing their latest consolidated accounts on Tuesday.

Everton's most recent figures showed a third straight year of losses in excess of £100 million (US$130.84 million), following losses of £111 million (US$145.23 million) and £139.9 million (US$183.05 million) in the previous two seasons.

Their total loss over the last three seasons amounts to nearly £372 million (US$486.72 million), with the club attributing at least £170 million (US$222.43 million) of that to the impact of the COVID-19 pandemic.

According to Premier League rules, a club is in breach of profit and sustainability rules if their adjusted loss over a three-year period exceeds £105 million (US$137.38 million).

"(Everton) has also been working formally with the Premier League regarding its ongoing compliance with Profitability & Sustainability regulations," Everton said in a statement.

"The club has experienced a unique set of financial circumstances in recent years, including committing significant amounts of expenditure to a complex new stadium project and dealing with the continuing and widespread impact of the COVID-19 pandemic."

With only three Premier League games and one League Cup game in the period having any fans present at Goodison Park, matchday revenue was down to £200,000 (US$261,680.00), the club said.

However, the club reported a record turnover of £193.1 million (US$252.65 million), thanks to the support of Farhad Moshiri, who increased his stake in the club to 94.1 per cent after a £100-million capital injection in January.

Moshiri invested a further £97 million