Net debt at Everton FC more than doubles to £330.6m due to the new stadium build as annual losses at the club hit £89.1m. Tony McDonough reports
Everton FC is reporting a ‘statutory’ loss of £89.1m for the year to June 30, 2023, adding net debt has more than doubled to £330.6m due to the new stadium build.
Although its full accounts have yet to be posted on Companies House Everton has released figures on its website. They show a turnover for the 12 month period of £172.2m, £8.9m lower than the previous year.
A key contributory factor was the indefinite suspension of key commercial partnerships with Russian companies including USM, Megafon and Yota following the invasion of Ukraine. This was worth more than £20m.
Everton’s new stadium at Bramley-Moore Dock on Liverpool waterfront is on track to open for the start of the 2025/26 football season. During this accounting period the club spent £210.9m on the project.
There was a profit on player trading of £47.5m. One deal saw Anthony Gordon sold to Newcastle United in January 2023 in a deal that could eventually be worth £45m.
And the accounts show there were costs of £7.1m associated with the departure of manager Frank Lampard and his staff in January 2023. Plus a further £3m linked with changes of board members.
Sponsorship, advertising and commercial income totalled £19.2m for the season. In the partnership categories available for the club to sell, revenue increased year-on-year.
This was due to enhanced renewals and significant new agreements with Stake, Boxt, Christopher Ward and Marc Darcy.
Other commercial revenue totalled £19.7m, a £4.4m uplift on 2021/22. This revenue included income from USA and Australia pre- and mid-season tours. Matchday gate receipts increased by £1.7m.
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Total broadcast revenue increased by £900,000 due to an uplift in the international merit prize money per place, netted against slight overall reductions in the equal share elements of both the UK and International TV revenue.
Everton said: “Although wage expenditure has fallen, there has been an increase in operating expenses, including costs of pre and mid-season fixtures in the US and Australia respectively (both yielding commercial income), settlements for departed coaching staff and directors and increased new stadium operational expenditure.”