Everton reveal $112m loss amid relegation battle

Everton reveal $112m loss amid relegation battle

Premier League Club, Everton reported a loss of £89.1 million ($112.5 million) for the 2022-23 season in their latest accounts report on Sunday, up from £44.7m ($56.4m) in the previous campaign.

The Merseyside Club was docked six points earlier this season for breaching the Premier League’s financial rules and is waiting to learn if it will face more punishment for further breaches.

Everton are 16th in the table, three points above the relegation zone.

In a statement, Everton pointed to the “indefinite suspension of key commercial partnerships” as a factor in the accounts.

ESPN reports that in 2022, Everton halted their major sponsorship with companies belonging to Alisher Usmanov, the Russian metals tycoon who has been sanctioned by the European Union. The move came in the wake of Russia’s invasion of Ukraine.

The latest losses came despite Everton’s accounts showing they made £47.5M ($60M) profit on player transfers, net debt increased to £330.6M ($417m) because of “significant investment” in a new stadium, Turnover was £172.2M ($217.5m).

The league’s rules allow clubs to lose a maximum of £105m ($133m) over a three-year period or face sanctions.