Everton have announced club record losses of £139.9 million ($A245.6million) after the implications of the coronavirus pandemic significantly impacted revenues.
The Toffees said the impact of Covid-19 amounted to an unforeseen loss of £67.3 million ($A118.2million) due to a cut in matchday revenue and television rebates.
However, the figures show 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 ($A196.3million) last year.
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The club spent £113 million ($A198.4million) on new players for the 2019/20 season and have splashed another £70 million ($A122.9million) in the most recent transfer window as well as recruiting Carlo Ancelotti as manager on a lucrative four-and-a-half year deal in December 2019.
The sacking of former manager Marco Silva and his coaching staff a year ago amounted to £6.6 million ($A11.6million) in compensation costs, while another £20 million ($A35.1million) was spent on preparation for a new stadium.
Everton chief executive Denise Barrett-Baxendale said: “The impact of Covid-19 having a profound, wide-reaching and material impact on our figures.
“Prior to the pandemic, we were forecasting record revenues in excess of £200m ($A351.1million). Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic.”
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To help offset the losses majority shareholder Farhad Moshiri pumped in £50 million ($A87.8million) of his own money during the last financial year up to June 2020 and has already put in a further £50 million ($A87.8million) since.
That took his investment in the club since assuming control in February 2016 to £400m ($A702.2million) with plans for a further £50m ($A87.8million) to be injected by the end of this season.
Everton finished 12th in the Premier League last season and have slipped to ninth this season after a bright start to the campaign took them top in October.