Newcastle United, Burnley and Watford's relegation rivals Everton announce £121million loss amid points deduction reports
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The Toffees – who currently sit 17th in the Premier League table – have posted a loss of £120.9m for the year ending 30 June 2021.
The club have explained that the significant loss is due to the financial impact of the Covid-19 pandemic which saw the vast majority of Premier League matches played behind closed doors last season. This led to the club generating just £0.2million in gate revenue.
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Hide AdEverton have attributed a total £170million in losses due to Covid, £103million of which came during the 2020-21 season.
But the club have stated that it ‘remains in a secure financial position’ thanks to the continued unwavering support and commitment of Farhad Moshiri, the majority shareholder, and cost control measures continuously adopted by the club’ while also reporting a record turnover of £193.1million.
Earlier this month, reports emerged that Everton could be facing a points deduction should the club be found in breach of the new profit and sustainability rules.
The rules limit clubs’ losses to £105million over a three year period but have been relaxed as a result of the Covid-19 pandemic.
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Hide AdAs a result, The Toffees could avoid punishment despite publishing combined losses in excess of £370million between 2017 and 2021.
Everton have confirmed that it has been working formally with the Premier League regarding its ongoing compliance with profitability sustainability regulations. And the Liverpool Echo previously reported that Everton are ‘not concerned’ about the prospect of a points deduction due to its ‘unique set of financial circumstances’ in recent seasons following a takeover and new stadium plans.