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Everton Football Club disclosed a loss of £89.1 million ($112.5 million) for the 2022-23 season in their most recent financial report released on Sunday.
This figure marks an increase from the £44.7 million ($56.4 million) loss reported in the previous season.
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The Merseyside Club faced a setback earlier in the season when they were deducted six points for violating the Premier League’s financial regulations. They await further potential penalties for additional breaches.
Currently positioned 16th in the league table, Everton finds themselves just three points above the relegation zone.
In their statement, Everton FC attributed part of the financial challenges to the “indefinite suspension of key commercial partnerships.”
According to ESPN, Everton terminated major sponsorships with companies linked to Alisher Usmanov, the Russian metals magnate who faced sanctions following Russia’s invasion of Ukraine in 2022.
Despite reporting a £47.5 million ($60 million) profit on player transfers, Merseyside Club net debt rose to £330.6 million ($417 million) due to substantial investments in a new stadium. Their turnover for the period stood at £172.2 million ($217.5 million).
Under the league’s regulations, clubs are permitted to incur a maximum loss of £105 million ($133 million) over three years, failing which they may face sanctions.
