play_arrow
Welcome to Online Radio
The Leading Lifestyle Internet Radio
play_arrow
Music 24/7 - Africana
Online Radio
play_arrow
Music 24/7 - International
Online Radio
play_arrow
Music 24/7 - Gospel
Online Radio
play_arrow
Music 24/7 - Latin America
Online Radio
play_arrow
Talk Shows - Stay Updated
Online Radio
play_arrow
Pillars and Plants - Gospel
Online Radio
play_arrow
Audio Stories - A new movie experience
Online Radio
Everton have announced club record losses of £139.9 million ($186 million) after the significances of the coronavirus pandemic impacted revenues.
The Toffees said the impact of Covid-19 amounted to an unanticipated loss of £67.3 million because of a cut in matchday revenue and television rebates.
However, the figures reveals that Everton would still have made a huge loss without the disruption of the pandemic after also posting a then-record loss of £111.8 million last year.
The club spent £113 million on new players for the 2019/20 season and have spent another £70 million in the most recent transfer window as well as recruiting Carlo Ancelotti as manager on a lucrative four-and-a-half year deal in December 2019.
The sacking of former manager Marco Silva and his coaching staff a year ago gulped £6.6 million in compensation costs, while another £20 million was spent on preparation for a new stadium.
Everton chief executive Denise Barrett-Baxendale said, “The impact of Covid-19 having a profound, wide-reaching and material impact on our figures.
“Prior to the pandemic, we were forecasting record revenues in excess of £200m. Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic.”
To help compensate for the losses majority shareholder Farhad Moshiri pumped in £50 million of his own money during the last financial year up to June 2020 and has already put in a further £50 million since.
That took his investment in the club since taking control in February 2016 to £400m with plans for a further £50m to be injected by the end of this season.
Everton finished 12th in the Premier League last season and have dropped to ninth this season after starting on a good note that took them top in October.
British and EU negotiators started what may prove to be their final hours of trade talks on Saturday with a decision imminent on whether a post-Brexit deal is possible. Both […]
Post comments (0)