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
Manchester United can learn lessons from the transfer template of rivals Manchester City
Manchester City, Manchester United and Chelsea top the list of the Premier League's most expensive squads
Harry Kane: Tottenham striker confident of rediscovering goal-scoring form after chat with Alan Shearer
Cyprus vs Wales match report: Gareth Bale's bullet header has Welsh on brink of Euro 2016
Bayern Munich 'training camp' to supply refugees with food, footballs and German lessons
- 1 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
- 2 Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
- 3 Make your voice heard: Sign The Independent's petition to welcome refugees
- 4 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Britain to take more refugees as Cameron bows to pressure after more than 200,000 back our campaign
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up