Premier League club Everton announces $112M losses
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This article was published 31/03/2024 (888 days ago), so information in it may no longer be current.
LIVERPOOL, England (AP) — Premier League club Everton reported losses of 89.1 million pounds ($112.5 million) in its latest accounts on Sunday.
Its losses for the 2022-23 season went up from 44.7 million pounds 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 is 16th in the 20-team EPL, 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.
In 2022 Everton halted its 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 it made 47.5 million pounds ($60 million) profit on player transfers.
Net debt increased to 330.6 million pounds ($417 million) because of “significant investment” in a new stadium, Everton said.
Turnover was 172.2 million pounds ($217.5 million).
The league’s rules allow clubs to lose a maximum of 105 million pounds ($133 million) over a three-year period or face sanctions.
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AP soccer: https://apnews.com/hub/soccer
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