Everton’s fight for Premier League survival extends beyond the pitch, as the club’s recently released financial accounts paint a picture of troubling financial mismanagement.
The accounts, covering the 2022/23 season, reveal a staggering £89.1 million loss – nearly double the deficit of the previous year.
This latest financial woe is under intense scrutiny by an independent commission tasked with investigating a potential second breach of Profit and Sustainability Rules (PSR).
Everton already received a six-point deduction earlier this season for a similar offence and are in the spotlight again, having been hit with a second charge in January.
Everton’s latest account marks the sixth consecutive year the club has ended in the red, accumulating a staggering £255m in losses over the past three seasons.
In fact, financial expert Kieran Maguire has revealed that since Farhad Moshiri took ownership, Everton has haemorrhaged more money than any other Premier League club.
Despite a £47.5m profit on player sales, including the lucrative January transfer of Anthony Gordon to Newcastle United, the overall financial situation remains dire.
That profit seems like a drop in the bucket compared to the mammoth losses.
The latest development doesn’t bode well for Everton fans, who are already on edge with the Blues facing the potential of another point hit for PSR breaches.
Having already posted a hefty £44.7m loss in 2021/22, which initially triggered a ten-point deduction (later reduced to six), the club’s recent figures hint at an even bleaker financial picture.
A staggering £89.1m loss for the last financial year suggests a harsher punishment could be on the horizon.
The club’s debt situation, which now exceeds £330m, adds more fuel to the fire.
That figure doesn’t account for the recent $200m loan package provided by prospective owners 777 Partners, whose proposed takeover remains under the Premier League’s microscope.
Against the backdrop of uncertainty that looms over the club, Everton are now winless in 12 Premier League games after the 2-1 defeat at Bournemouth on Saturday.
Sean Dyche’s side are just three points clear of the relegation zone, although with a game in hand.
The threat of dropping to the Championship looms large. Relegation would significantly reduce revenue streams, which would further jeopardise the club’s already fragile financial state.