Everton FC Reports 'Worse Than Expected' $14.8M Loss During '11-12 Season
EPL Everton FC announced losses of £9.1M ($14.8M) for the '11-12 season, which were "worse than had been expected," according to Scott Rutherford of the LONDON TIMES. The club's wage bill "soared by more than £5M ($8M) to a record £63.4M ($103M)." With Manager David Moyes trying to keep Everton in Champions League qualification contention after taking 36 points from its first 21 games of the season, "the club’s latest financial figures illustrates how the manager is handicapped when it comes to strengthening his squad." The club’s overall debt increased from £44.9M ($73M) to £46M ($75M), but Goodison Park officials are "positive about the results," which included "lower-than-anticipated revenues from TV and gate receipts" as turnover fell by £1.5M ($2.4M) to £80.5M ($131M), 75% of which was spent on player wages (LONDON TIMES, 1/3).
POOR START HURTS CLUB: The PA reported Everton's poor start to last season "played its part in contributing to a fall in gate receipts and season ticket sales," while the club was also picked for fewer live TV games. The new TV deal, which comes into effect this summer, "should ease the financial pressure" on Everton. Chair Bill Kenwright "continues to search for investors to help the club compete financially" with its Premier League rivals. Kenwright: "My desire to find a person, or institution, with the finance to move us forward has not diminished" (PA, 1/3).
SOME SAVINGS: In Liverpool, Greg O'Keeffe reported the results also show "savings in other operating expenses" such as running Goodison Park, and the club's training ground, Finch Farm. Those expenses fell for the second successive season from £23.6M in '10-11 to £22.7M ($37M) last season. Sponsorship revenue "showed signs of growth," from £6.8M to £7.1M ($11.5M). This "did not include" new partnerships made with kit supplier Nike and secondary online ticketing marketplace StubHub, which did not fall into the '11-12 financial year (LIVERPOOL DAILY POST, 1/3).