Everton have reported losses worth £120 million in their latest accounts. The Toffees have lost a total of £372.6 million over the last three years. The amount lost by the club was £111.8 million in 2019 and £139.9 million in 2020. They estimate the total losses due to the pandemic to add up to £170 million.
The Toffees were only able to make £200,000 out of gate receipts due to the pandemic-struck season. They were only able to play three Premier League fixtures, alongside a Carabao Cup quarter final.
Everton’s dependency on Farhad Moshiri revealed once more
The majority shareholder for the Merseyside club is one of the main reasons why they are still able to maintain themselves financially. Moshiri pumped in £97 million into the club last year, and is also helping them build their new stadium.
The new home ground for Everton should be operational by the 2024/25 season. It is being built at the Bramley Moore Dock, and will cost a total of £500 million. The presence of several add backs for the club in ties with the Premier League itself is making financial sustainability possible.
Plans for the new stadium are being executed despite losses jumping up from £2.3m in 2020 to £58.7m in their most recent financial report.
In the Premier League, Everton are caught up in a relegation battle. They are currently in 17th place, and only three points clear of the drop zone. So, results on the pitch will have to improve for them to be able to recoup financially as well.