Everton announce losses of £9.1m
The loss was an increase of £3.7m from the £5.4m net loss
made the season before
Thursday 03 January 2013
Everton recorded a net loss of £9.1million for the 2011-12 season, it was revealed today with the publication of the club's annual results.
The loss was an increase of £3.7million from the £5.4million net loss made the season before, while turnover was down slightly from £82million to £80.5million.
Everton's poor start to last season played its part in contributing to a fall in gate receipts and season ticket sales while the Toffees were picked for fewer live TV games.
However, the Goodison Park side are confident the current financial year will bring better news, with season ticket sales up 6.4% and the club pushing for a top-four spot in the Barclays Premier League.
The biggest expenditure was the wage bill, which increased from £58million in 2010-11 to £63.4million last season, making it 75% of the club's turnover.
Everton's net debt remains largely unchanged at £46million, and chief executive Robert Elstone said: "The club has demonstrated its commitment to first-team success with increased expenditure on player wages.
"We continue to try to enhance our competitive position and, at the same time, manage cost base and debt levels effectively.
"To get through a challenging year with only minimal increases in overall debt whilst at the same time, based on the opinions of many experts, strengthening our first-team squad is testament to the skill, hard work and commitment of the manager, the chairman and all their support teams."
The new TV deal, which comes into effect this summer, should ease the financial pressure on Everton, while chairman Bill Kenwright continues to search for investors to help the club compete financially with their Premier League rivals.
He said: "My desire to find a person, or institution, with the finance to move us forward has not diminished.
"Despite the challenges presented by a global economic downturn, we remain positive and determined.
"My commitment to serve this football club to the very best of my ability remains a constant in my life and I am aware of the trust you put in me to do that."
Latest in Sport
WWE Raw results: Brock Lesnar suspended for post-Wrestlemania 31 rampage after losing title to Seth Rollins
Raheem Sterling interview: No amount of money can convince Sterling to stay at Liverpool
The 10 potential biggest transfers of the summer: Raheem Sterling, Theo Walcott and Radamel Falcao in the mix
Paul Scholes column: Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now
Liverpool injury news: Raheem Sterling, Daniel Sturridge, Adam Lallana and Dejan Lovren expected to be ready for Arsenal clash
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Gamers confess the worst things they've done in The Sims
- 4 6-year-old writes ice cold Valentine's card to his stepmother
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men