Premier League team Everton announced on Sunday that they had losses of £89.1 million ($112.5 million) in their latest financial report. This was an increase from the £44.7 million loss reported in the previous season.
The club from Merseyside faced a six-point deduction earlier in the season due to violating the Premier League’s financial regulations, and there is a possibility of further penalties for additional breaches. Currently, Everton is in 16th place in the 20-team Premier League, just three points above the relegation zone.
Everton attributed part of their financial challenges to the suspension of key commercial partnerships.
In 2022, Everton terminated major sponsorship deals with companies linked to Alisher Usmanov, a Russian billionaire who faced sanctions following Russia’s invasion of Ukraine.
Despite making a £47.5 million ($60 million) profit from player transfers, Everton’s net debt rose to £330.6 million ($417 million) due to significant investment in a new stadium.
Their turnover was £172.2 million ($217.5 million). Premier League regulations allow clubs to incur losses of up to £105 million ($133 million) over three years before facing sanctions.
