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Premier League club Everton have announced losses of £53 million for the 2023/24 season, marking the club’s seventh consecutive year of financial deficit, totalling £570 million.
While this figure is an improvement on the previous year’s £89 million loss, it underscores the club’s ongoing financial challenges.
The Texas-based Friedkin Group’s £400 million takeover in December, which ended Farhad Moshiri’s tenure, brought about significant financial restructuring.
This included refinancing the club’s borrowings, particularly the £350 million debt on the new stadium, and converting Moshiri’s interest-free shareholder loans into equity.
Despite the financial losses, Everton has seen some positive developments. The club’s turnover increased by £15 million to £187 million, and the wage-to-turnover ratio decreased from 89% to 81%. Player sales, including Ben Godfrey and Lewis Dobbin, generated £50 million.
The club has heavily invested in its new 52,888-capacity stadium at Bramley-Moore Dock, with £313 million spent on development, up from £211 million the previous year. Everton is scheduled to move into the new stadium for the 2025/26 season.
Everton’s financial reports come after the club faced Premier League profit and sustainability rules (PSR) breaches in previous seasons, resulting in points deductions. For the 2023/24 season, the Premier League declared that no clubs were charged with breaches, and Everton was cleared of further action regarding an earlier PSR charge.
Key financial highlights includes: £53 million losses for 2023/24, £570 million total losses over seven years, £313 million spent on the new stadium. Also, £50 million was generated from player sales. Turnover increased to £187 million, while wage-to-turnover ratio reduced to 81% and net debt rose to £567 million.
