Everton report losses of £89.1MILLION for 2022-23 – almost double the deficit for the previous year – as the Toffees risk another D-Day with the Premier League having already been docked six points for breaching financial rules
Everton are at risk of another D-Day with the Premier League after the club’s accounts for 2022-23 showed a huge loss of £89.1million on Sunday evening, almost double the deficit of the previous year.
It takes the Toffees’ total losses over the last three seasons to a staggering £255m, with the club already docked six points this term – originally 10 but reduced on appeal – for breaching financial rules, with a strong possibility of further sanctions for a second charge.
The hearing for that second charge amid an alleged breach of profit and sustainability rules (PSR) was heard last week and a verdict is expected in the next week. Sean Dyche’s side are winless in 12 Premier League games and just three points clear of the relegation zone.
And Everton have now conceded there is a ‘material uncertainty that may cast significant doubt about the (club’s) ability to continue as a going concern’, with this latest annual loss nearly twice the £44.7m deficit of the previous year.
The latest figures somewhat devalue the club’s arguments that finances were following a long-term positive trend, which was advanced in the first PSR hearing. And it now leaves Everton in a position where they could be forced to sell at least one key player this summer.
Everton have reported losses of over £89million – almost double the deficit of the previous year
The club’s total debt now stands at £330.6m though that does not include care packages offered by prospective owners 777 Partners
Revenue has fallen to £172m and sponsorship money nearly halved, with total player costs standing at around £124 to every £100 spent. There are mitigating factors, most notably the suspension of sponsorship deals with Russian firms.
That saw Everton voluntarily cut ties with Russian oligarch Alisher Usmanov, whose firm was set for naming rights on the new dockside stadium at Bramley Moore Dock. The costs of building that stadium, set to open for the start of the 2025-26 season, heavily influenced the losses.
But the numbers make for grim reading, with the club’s total debt now standing at £330.6m, though that does not include financial care packages offered by prospective owners 777 Partners. That takeover is still yet to be approved by the Premier League.
