Premier League outfit Everton has disclosed a staggering loss of £89.1 million ($112.5 million) for the 2022–23 season in their most recent financial report, a notable increase from the £44.7 million ($56.4 million) loss incurred in the preceding campaign.
The Merseyside club faced a six-point deduction earlier in the season due to breaches of the Premier League’s financial regulations, with the possibility of further sanctions looming.
Currently positioned 16th in the league standings, Everton finds themselves precariously perched three points clear of the relegation zone.
In a statement, Everton attributed the financial losses partly to the “indefinite suspension of key commercial partnerships.”
According to ESPN reports, Everton terminated major sponsorship deals with companies linked to Alisher Usmanov, the Russian magnate sanctioned by the European Union following Russia’s invasion of Ukraine in 2022.
Despite realizing a profit of £47.5 million ($60 million) from player transfers, Everton’s net debt surged to £330.6 million ($417 million) due to substantial investments in a new stadium. Their turnover amounted to £172.2 million ($217.5 million).
The Premier League’s regulations stipulate a maximum permissible loss of £105 million ($133 million) over a three-year period, failure to comply with which may result in punitive measures.
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