EVERTON have posted record losses of nearly £112m for the 2018-19 financial year.
But the Toffees are not currently facing any Premier League sanctions as they are STILL meeting financial targets.
Everton posted losses of around £118m for the 2018-19 financial yearCredit: PA:Press Association
The Goodison outfit confirmed a loss for the year to June of £111,815,000 – coming after losses of £13.07m in 2017-18.
Prem rules allow clubs to lose an average of £35m per season over three years and meet the profit and sustainability requirements.
With Everton having posted a surplus of £30.6m in 2017, they are comfortably inside that global aggregate of a £105m loss for now.
That appears at first glance to only allow a loss of under £11m for this season, despite expectations that new boss Carlo Ancelotti is seeking a significant overhaul of the squad over the next two transfer windows.
But Prem chiefs will also take into account the club’s significant expenditure on Goodison Park, their Finch Farm training headquarters and money that has gone into the planned new stadium at Bramley-Moore Dock.
Everton’s figures come on the back of a season in which they splashed out £80m-plus on signings including Richarlison, Lucas Digne and Yerry Mina.
The captures did not help manager Marco Silva in his ambition to get Everton back into Europe as they finished eighth, three points behind Wolves.
While the global figure was eye-catching, the operating loss, taking an extra month into account, stood at £29.7m.
And chief executive Denise Barrett-Baxendale was bullish and insisted there should be no concerns.
She said: “The set of accounts released today reflect our ambition and position as a Club in the early stages of an investment programme.
“We have been aware of and planned for the impact the investment would have on our short-term profitability and this is part of a long-term sustainable business plan that demonstrates our commitment to operating in a financially sustainable manner.
“Thanks to the support of our majority shareholder, Farhad Moshiri, we have been able to invest significantly in our first-team squad.
“Looking forward, investment in a world-class new stadium at Bramley-Moore Dock offers us all an insight into the future of our club and underlines our ambition to take the club forward.”
How Everton could look after January transfer window with James Rodriguez and Meret replacing Sigurdsson and Pickford
Source: Soccer - thesun.co.uk
