The coronavirus pandemic has created a big hole in the finances of the football clubs across Europe. Everton Football Club is the latest club to reveal the extent of losses suffered in the last fiscal year. The Merseyside club revealed on December 11 that they had recorded £139.9 million in losses. The pandemic has contributed to £67.3 million worth of losses.
Everton has been recording losses constantly in the past three years. Farhad Moshri, the majority stakeholder in the ownership of Everton, has been constantly injecting funds to help the club in offsetting losses. He has been proposed an option to inject more cash into the club to increase his stake from 77.2% to 93.2%.
Under the ownership of Moshri, Everton has been ambitious in the transfer market. They have been spending a huge amount of money on players to take the leap from midtable club to top-six club in the Premier League. Moshri’s ambition to make Everton a force was exhibited in summer when they signed James Rodriguez from Real Madrid and expensive acquisitions of Allan, Abdoulaye Doucoure from Napoli, and Watford, respectively. They also invested in young promising defender Ben Godfrey from Norwich City FC.
Everton made a bright start to the season under veteran manager Carlo Ancelotti. However, the early season form has tailed off in the past few weeks. Despite the losses suffered by Everton, they are likely to be ambitious in the market to become a force in the Premier League. The accounts of the club will be boosted after the UK government allowed clubs in tier 1 and tier 2 to allow fans in the stadium. Everton will be having 2000 fans in the stadium when they host Chelsea on December 12.
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