Everton Football Club has announced significant financial losses for the 2023/24 season, with a net loss of £53.2 million. Despite this, the club’s new ownership group, The Friedkin Group, has expressed confidence in the team’s future prospects.
The financial report, which covers the 12 months leading up to July 2024, reveals a significant increase in the club’s net debt, which now stands at £567.3 million. However, the club’s turnover has also increased, rising by £14.7 million to £186.9 million.
The report highlights the challenges faced by the club in recent years, including the impact of the COVID-19 pandemic and the need to comply with the Premier League’s Profit and Sustainability Regulations. Despite these challenges, the club has made significant progress in reducing its wage-to-turnover ratio, which now stands at 81%.
The Friedkin Group’s takeover of the club has brought a new era of financial stability, with the ownership group providing an interest-free loan of around £450 million. This has enabled the club to restructure its finances and reduce its reliance on high-interest loans.
In a statement, Everton’s interim CEO Colin Chong expressed confidence in the club’s future prospects, citing the new ownership group’s commitment to financial sustainability and the progress made on the club’s new stadium at Bramley-Moore Dock.
“The takeover process has resulted in a significant strengthening of our financial platform—something that is not reflected in these figures but has already made a major impact on our long-term stability,” Chong said.
The report also highlights the club’s commitment to reducing its environmental impact, with a focus on sustainability and reducing waste.
Overall, while the financial report reveals significant challenges faced by the club, it also highlights the progress made in recent years and the confidence in the team’s future prospects under new ownership.
Key Highlights:
– Net loss of £53.2 million for the 2023/24 season
– Net debt increases to £567.3 million
– Turnover increases by £14.7 million to £186.9 million
– Wage-to-turnover ratio reduced to 81%
– The Friedkin Group provides interest-free loan of around £450 million
– Club commits to financial sustainability and reducing environmental impact