Everton report reduced losses for 2021-22

31/03/2023 127comments  |  Jump to last

Everton's accounts for the 2021-22 financial year were finally released today and they show losses totalling £44.7m, a £76m improvement on the previous year.

The reporting period, which shows revenue of £181m, covers the timeframe for which the Premier League has flagged the club for being in breach of Profitability and Sustainability rules which allow for losses of £105m over a rolling three-year period.

While losses after deductions were down from 2020-21, the club's net debt increased last year to £141.7m, with the biggest outlay being on construction costs on the new Everton Stadium at Bramley-Moore Dock which topped £200m.

Expenditure on the new ground and player acquisitions like those of Nathan Patterson from Rangers and Vitalii Mykolenko from Dynamo Kiev were offset by the sale of Lucas Digne to Aston Villa and Richarlison to Tottenham Hotspur, while high-earning players like Bernard and James Rodriguez were also moved on.

Article continues below video content

£10.5m is attributed in the accounts to compensation to former manager Rafael Benitez and his staff following his dismissal in January 2022.

Total commercial revenue from "sponsorship, advertising and other commercial activities" grew by £3.8m to £50.4m but broadcast revenue fell by around £31m, largely because the pandemic-impacted 2019-20 campaign bled into the previous reporting period and because the club finished six places lower in the Premier League than the season before.

The club attribute £90m in crystallised losses and further unspecified "uncrystallised" losses (for example, unrealised revenue from player trading that was affected by the pandemic lockdown) to Covid-19.

“Despite the substantial financial impact of several unexpected and unprecedented factors in recent seasons, the club remains in a secure financial position thanks to the continued support and commitment of our majority shareholder," a club statement on the publication of the accounts read.

“In the post year-end period, the majority shareholder has provided a further £70m of financial support to the club.”

Meanwhile, in his statement in the accounts, club Chairman Bill Kenwright expressed his disappointment with the Premier League's decision to refer Everton to an independent commission for contravening financial rules.

“I cannot comment ahead of that commission other than to say that the club is confident it remains compliant with all of the Premier League's financial rules and regulations, and has always provided information to them in an open and transparent manner.

“That the club has always acted in good faith simply intensifies the disappointment experienced at last week's news, but as already stressed, we will robustly defend our position.”

Kenwright also referenced his “pain” at not being able to attend Goodison Park in recent weeks due to the Board of Directors’ decision to stay away from home matches under advice from club security amid protests by fans towards the hierarchy.

Though they were in attendance at the London Stadium and at Anfield for away matches in January and February, no members of the Board have watched a home match in person since the defeat to Brighton on 3rd January.

“I may have been castigated by some fans for sharing my opinion, but I have enjoyed many [good?] times at Everton, and even though we have sadly been trophyless under my Chairmanship, it is with no fear of further criticism when I say two league games from last season 38 will stay with me forever.

“Do I have to say more than that night against Crystal Palace? While the afternoon I stood alone in the stand at Leicester City after a monumental away, when listening to our outstanding traveling supporters, sing passionately and enthusiastically — for a full 20 minutes after the game had ended!! — was inspiring, humbling and genuinely moving.

“Memories of occasions like these have made the recent instruction given to myself and my fellow board members not to attend Goodison Park all the more painful that has hurt deeply.

“Looking forward, we know we have challenges to overcome the absolute priority is of course to secure our Premier League status for a 70th consecutive season and we can all play a part in helping to secure that.

“As we proved in the run-in to last season, a unified football club is a stronger football club.”


Reader Comments (127)

Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer ()

John Keating
1 Posted 31/03/2023 at 18:31:50

Losses of £44 million last season but it looks like £141 million over the past 3 which puts us over the £105 million allowed?

Barry Hesketh
2 Posted 31/03/2023 at 18:35:29
John @1

I think you're correct to say Everton have lost more than the allowed amount over the 3-year cycle, but it will be interesting to see how the club believes it has stayed within the legislated limits and whether the Independent Commission agrees with the club.

Barry Hesketh
3 Posted 31/03/2023 at 18:45:17
In his Chairman's notes within the accounts Bill Kenwright comments on various aspects of the report and the enforced absence from Goodison Park.

Kenwright is confident that the Blues have done nothing wrong when it comes to rules. The Everton chairman said: “As the following accounts for 2021-22 were being prepared for publication, the Club was disappointed to learn of the Premier League's decision to refer it to an independent commission for an alleged Profitability and Sustainability breach. I cannot comment ahead of that commission, other than to say that the Club is confident it remains compliant with all of the Premier League's financial rules and regulations and has always provided information to them in an open and transparent manner.

“That the Club has always acted in good faith simply intensifies the disappointment experienced at last week's news – but, as already stressed, we will robustly defend our position. The accounts which follow show a turnover of £181m, achieved despite the suspension of all commercial activities with Russian companies in March 2022."

Bill Kenwright Breaks Silence

Anthony Hawkins
4 Posted 31/03/2023 at 18:45:44
I suspect they'll use the construction costs of the new stadium at Bramley-Moore Dock as the offset, saying taking that out of the equation, they made a profit.
Ian Bennett
5 Posted 31/03/2023 at 18:46:23
Need to take out covid losses, and allowable expenses like Everton in the community, stadium, women's team etc.

The accounts will be a starting point, less allowable items.

Philip Bunting
6 Posted 31/03/2023 at 18:46:36
Does losing our main club sponsor due to the war in Ukraine not account for some leeway here? There was hardly anything the club could do but fall on its sword.

No one in the West saw that invasion happening, therefore by losing that income, we should have an argument 🤷

Brian Hennessy
7 Posted 31/03/2023 at 18:47:41
Anyone left with any doubt that our Chairman is delusional and a liar should read his comments posted today on the release of the accounts.

Chairman Bill says:

"As the following accounts for 2021-22 were being prepared for publication, the Club was disappointed to learn of the Premier League's decision to refer it to an independent commission for an alleged Profitability and Sustainability breach.

I cannot comment ahead of that commission, other than to say that the Club is confident it remains compliant with all of the Premier League's financial rules and regulations and has always provided information to them in an open and transparent manner.

No matter what way you dress our accounts up, we have not stayed within the Premier League's financial rules and regulations.

We may have had special arrangements with the Premier League but we have broken the rules. That is a fact.

Billy the Liar goes on to say:

"I may have been castigated by some fans for sharing my opinion that I have enjoyed many times at Everton, and even though we have sadly been trophyless under my Chairmanship, it is with no fear of further criticism when I say two league games from last season's 38 will stay with me forever.

Do I have to say more than that night against Crystal Palace? While the afternoon I stood alone in the stand at Leicester City after a monumental away win, listening to our outstanding travelling supporters sing passionately and
enthusiastically – for a full 20 minutes after the game had ended!! – was inspiring, humbling and genuinely moving.

"Memories of occasions like these has made the recent instruction given to myself and my fellow board members not to attend Goodison Park all the more painful. That has hurt deeply."

The day this fraud is removed from this club will be one to celebrate. Let's just hope it comes sooner rather than later.

David Vaughan
8 Posted 31/03/2023 at 18:51:11
From page 11 of the Notes to the Accounts. I'm no expert and not sure what is meant by 'the Group', but is this what Moshiri meant with his 'existential' comment [Emphasis added]:


As outlined in detail in the notes to the financial statements, the Directors recognise that there is uncertainty attached to the timing and quantum of the anticipated revenue levels, cost savings and the future funding required by the Group over the forecast period in a relegation scenario. Efforts are
currently underway to secure funding as referenced in the Directors' report.

If the assumptions in the relegation scenario were not achieved, then the Group would have to seek further funding from its majority shareholder. They have provided a letter of support confirming ongoing financial support will be provided to the Group but this letter does not represent a legally binding commitment.

Collectively, the above conditions indicate the existence of a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern.

The Board are confident in the Club's ability to remain in the Premier League and that should they be relegated funding will be secured or refinanced and that they will be able to achieve the necessary levels of revenue and savings to allow the Group to continue in operational existence for a period of 12 months after the date of signing these financial

However, whilst the Directors acknowledge these uncertainties cast significant doubt on the entity's ability to continue as a going concern, they still feel it is appropriate to prepare the financial statements on a going concern basis.

Barry Hesketh
9 Posted 31/03/2023 at 18:59:26
Detailed analysis tomorrow but it is the balance sheet rather than the P&L that attracts most attention IMO. Moshiri's funding remains critical to our financial future. Despite that & a letter of intent from Moshiri to continue funding there is material going concern uncertainty
Source: Paul the Esk on Twitter.

Accounts photo referring to Esk's Point

Lyndon Lloyd
10 Posted 31/03/2023 at 19:02:08
John (1), yes but I think the club have been working with the Premier League on the basis that those uncrystallised losses were what led to us being over the limit. As we know, the League appeared to be satisfied with this, until they weren't.

I don't know whether the specifics of our alleged breach will come out of the independent commission – ie, whether it was a specific trade or the stadium expenditure, as some are speculating.

John Keating
11 Posted 31/03/2023 at 19:09:00
What a twat Kenwright is.

The accounts are bad enough to read but the unadulterated lying shit out of his mouth is more unpalatable.

The sooner this fraudster is out of this club, the better.

Ian Bennett
12 Posted 31/03/2023 at 19:10:35
Philip 6,

Possibly, Chelsea were closed down to new customers due to sanctions on the Russian oligarch. So they are seeking adjustment for that impact on their losses.

I would anticipate there would be some leeway for clubs with Russian sponsors on long-term contracts. The UK was open to business with the Russians before the invasion, you can't flick a switch.

Mark Ryan
13 Posted 31/03/2023 at 19:24:14
Is the Sigurrdson effect included in this shambles? He was a £30-40M overnight loss – not being allowed to play him or sell him through no fault of our own. Is that taken into account?

Honest question? I have no idea.

Barry Hesketh
14 Posted 31/03/2023 at 19:24:17
It looks like those who said that BDO had been or chose to be removed from Everton's accounts were correct as the accounts show that the Independent Auditor is Crowe UK LLP from the West Midlands.
John Keating
15 Posted 31/03/2023 at 19:27:17

I think the difference with say Chelsea and us was that Abramovich was the accepted, out-in-the-open owner, whereas Moshiri is ours.

Usmanov was, in theory, just another sponsor and, in theory, not in any way owner or part owner.

Michael Kenrick
16 Posted 31/03/2023 at 19:39:11
Mark, my take is that Everton created the financial impact by making the decision themselves to suspend him.

There was no compelling reason to do so, and many other examples exist in the industry where players in similar circumstances have continued to be selected and played by their clubs.

It was Everton's decision and theirs alone to suspend him and taking a massive hit in both financial terms and in terms of what the player could have done to improve the club's performance on the field if he had been supported by the club rather than thrown directly under the bus.

Martin Mason
17 Posted 31/03/2023 at 19:42:53
Barry @3,

The tea ladies' comments would have been far more relevant.

Robert Tressell
18 Posted 31/03/2023 at 19:51:53
Was Sigurdsson really such a financial loss? He only had one year left on his contract. And don't players depreciate in value for accounting purposes over the life of a contract?

Asking because I don't know the answer; not because I'm trying to make a point.

Barry Hesketh
19 Posted 31/03/2023 at 19:55:17
Regardless of the outcome of the Independent Committee or the outcome of our battle for points to stay up, surely, given the last few years, the whole board should resign, given the club is losing money hand over fist.

It's okay to say "Well, the losses aren't as big as previous ones" but it's still running at about £860k per week, which just isn't sustainable. Told to stay away from Goodison – they're lucky they are allowed within 100 miles of an Everton game anywhere in the world.

Jeff Armstrong
20 Posted 31/03/2023 at 20:12:01
Kenwright's comments make me sick.

He should shut up, and fuck the fuck off.

Danny O’Neill
21 Posted 31/03/2023 at 20:17:21
I stand and watch our supporters with pride.

I get told off by some for being soft and overly romantic when it comes to Everton, family included. That doesn't qualify me to run Everton Football Club.

Someone could advise me all they want to stay away from Goodison. It would be a waste of breath. Nothing would or ever will stop me if I have the privilege and opportunity.

He's not like me or any of us.

Ian Bennett
22 Posted 31/03/2023 at 20:17:59
John 15 - I think they are the same. Chelsea couldn't take cash through the till for a period of time due to sanctions.

Everton couldn't get paid for the USM sponsorship deal as it would break sanction rules.

Clubs couldn't receive ongoing fees from Russian clubs for loan fees.

It is the same. The Premier League will be making allowances.

John Chambers
23 Posted 31/03/2023 at 20:24:12
We made a profit of £67M on transfers but still lost £44M (ignoring any clever accounting re types of loss).

How are we ever going to be able to invest again, in the squad, especially as we must have built in £20M or so a year amortisation for the next 3 or 4 years with the signings in the summer?

Peter Mills
24 Posted 31/03/2023 at 20:25:57
David #8,

You raise a desperately urgent point. It feels to me that our club is teetering on a precipice.

Tony Everan
25 Posted 31/03/2023 at 20:26:28

Al Hilal were rumoured to be about to offer €10M for Sigurdsson, I think he was on £6M a year so a possibly we lost a potential £15M. Not game changing money, but would have helped the P&S position to a degree.

Bill Kenwright is delusional, spouting all that teary nonsense when today's Everton accounts talk of existential threats. He as chairman should accept responsibility for overseeing this incompetent debacle.

He has put the club's future in perilous danger and should resign immediately.

Michael Kenrick
26 Posted 31/03/2023 at 20:30:11
That is true to an extent, Robert. Certainly as far as the accounts are concerned, player purchases are amortized over the duration of the initial contract, so the financial 'loss' of his final year in contract is 'only' £8M.

I say 'loss' but it's not actually money lost either as it was already committed and would have been no different had he played. So a loss of his value to the team is perhaps more of a case to be made.

And even then, you could argue that he had peaked for us in 2018-19 and was in decline when we summarily dispensed with his services, while still paying his full salary, no doubt, for another 12 months.

Paul Hewitt
27 Posted 31/03/2023 at 20:34:23
Just as well we have a top accountant.
Barry Hesketh
28 Posted 31/03/2023 at 20:35:09
Peter @24
Perhaps, that's what Moshiri meant with his 'existential threat' comment.
I've never been as worried about the future of Everton Football Club as I am right now, it's one thing to lose games and end up being relegated, but to worry that we may actually cease trading at some point is beyond most of our imaginations. I'm just hoping that all of this goes away along with the current owner and the board of directors. The bit in the accounts about 'going concern' may prove to be only a necessary technical phrase within the accounts, but without clarification or a trusted board to rely upon, we are left to fret about the very future of the club.

Brent Stephens
29 Posted 31/03/2023 at 20:35:34
Are page 11 of the notes in effect saying "if we, EFC, are penalised in such a way [points loss] as to cause our relegation, then our future existence is threatened - you, EPL, would be seen as an agent in our demise "???
Jay Harris
30 Posted 31/03/2023 at 20:40:16
John don't forget we allegedly got 45m for Anthony in January which is not in these accounts and no doubt staged payments from previous deals still to come knowing the way Kenwright does business.
Barry Hesketh
31 Posted 31/03/2023 at 20:40:34
Brent @29
It could be argued that way, a sort of method in the madness defence of our precarious financial situation. However, wouldn't the Premier League 'brand' be better served with ensuring we went bust whilst being part of the Football League?
Brent Stephens
32 Posted 31/03/2023 at 20:45:14
Could be, Barry. Could be.
Kieran Kinsella
33 Posted 31/03/2023 at 20:49:53
EPL expect to resolve Everton's charges this season so any points deduction would hit this year according to The Mail. Since it only involves 1 charge versus City's 101, it should be straightforward apparently.
Pete Neilson
34 Posted 31/03/2023 at 20:54:49
Needs a change in the rules. Rather than potentially fining clubs, fine owners and directors who run clubs onto the rocks. Ban them from future involvement in the game. They might not have done enough to be disqualified as directors but they sure show they aren’t fit and proper people to run a club. Make them personally liable for their ineptitude. Football clubs are primarily in existence because of supporters. Inept, disinterested billionaire owners and vain glorious board members need to be held accountable in ways that hurt their egos and personal finances.
David West
35 Posted 31/03/2023 at 21:00:32
How could they let us lose this 44m though? We are just supporters looking from the outside. They have seen this coming for how many years ? We can say the Russian money would count or sigurdson would make a difference but this is what a competent board would plan and have forseen.

"Uncyrstallised losses" of 90m can anyone explain this ? If we have 44m losses and 90m crystallised or uncrystallised losses isn't that 134m loss ? Or am I just getting it wrong ?

We are so dependent now on moshiri continuing to dip into his pockets to keep us afloat it's scary.

This once great institution brought to its knees, hanging by the width of goal post to our very survival.

Danny O’Neill
36 Posted 31/03/2023 at 21:00:45
Sorry, I can't leave this.

Forget the accounts, some clever people can study those. I'll get lost.

Good times? Leicester and Crystal Palace last season were good times? Don't get me wrong, I've not seen many nights at Goodison like that come back against the Eagles and the atmosphere was electric. But I could see the worry and tension in supporters'. eyes before the Palace match. The relief came out to create the atmosphere. It was nervous tension and pure joy at the end, but we were all running on fumes.

Good times were seeing us win our first trophy in 14 years. Romping to the League title in swashbuckling style, brushing aside everything in our path. Rotterdam. Narrowly missing out on a double to come back and win the league again.

They were good times.

Not being relieved because we beat Leicester away and came back against Palace to survive.

Yes, we enjoyed the moment, but don't give me good times. It was traumatic resulting in an outpouring of relief.

I guess it symbolises expectation. You are not beating it out of me even if you are a bigger Evertonian than me.

Anthony Dove
37 Posted 31/03/2023 at 21:04:39
Michael@16. Bit late on to this thread but agree with everything you say. I have posted a number of times on the Siggy situation, and his treatment by the Club was scandalous. Over eighteen months on he has still to be charged and I would have a large bet he never will be.

Also it's not just the Club who have airbrushed him out, but most of the supporters as well. I was never a big fan of him as a player, partly because we paid well over the odds. As a player however, he was streets ahead of some of his successors and as a human being he deserves better from us.

David West
38 Posted 31/03/2023 at 21:13:47
I have never read a more alarming statement from this club.

Relagation could

" cast doubt on our ability to continue as a going concern"

I hope the players don't read this statement as they were just getting a bit of confidence together. I mean, talk about pressure to stay up. It's pressure to keep us afloat.

Kieran Kinsella
39 Posted 31/03/2023 at 21:14:02
This from The Echo puzzled me:

gate receipts of £15.6m, up from the £200,000 the previous financial year when most games were behind closed doors.

The club’s other operating costs increased to £36.2m (FY21: £25.4m), which was mainly driven by increased costs from staging fixtures at Goodison Park with fans in attendance.

So the fans returning saw us bring in an extra 15 million but staging games at Goodison also caused our costs to go up by 11 million? So we made a net profit of 4 million from having fans versus having an empty stadium? Doesn't this also undermine our ludicrously stated 170 million of "covid losses"?

This club is run by fools. Our "commercial revenue" for years has mostly been inflated deals from USM sponsoring things that don't normally need sponsoring. We will have another round of manager/coach payoffs this January to cut into the Gordon money. Obviously, low TV money due to league placing, no meaningful revenue from the cup competitions. If we survive, we pay Dyche another 3.5 million. But what happens if we survive, then get relegated due to a points deduction? Does he still get his bonus? Did they consider that possibility when they drew up his contract?

Brian Wilkinson
40 Posted 31/03/2023 at 21:19:17
Along with the money for Gordon, didn’t we also get a pay off from Juventus for Kean a few Months back.
Michael Kenrick
41 Posted 31/03/2023 at 21:22:54
I may be wrong but I think the dire assessments about it being a 'Going Concern' in terms of future performance are always rather conservative. I remember reading them in previous Annual Reports and assuming this was the auditors' way of covering their arses in case things did go bad.

As many in business have stated, the way Everton (and other Premier League clubs) are run defies all the standard rules of business… and yet you never see a Premier League club going tits up. (I may be tempting fate there! We do have a penchant for being first after all!!!)

Kieran Kinsella
42 Posted 31/03/2023 at 21:29:55

We bought Kean for 29 million in 2019 and sold him apparently for 24 million. But since he was on a five year deal, they'd be amortizing the cost of buying him over those five years so 5.8 million a year. What happens then if we have so far reported 5.8 million for the last 3 years, but not the remaining two years of the 5.8 million ? Do we have to report now as he is no longer under contract? So like 11.6 million for this year? Do we carry on claiming those expenses over the next two years as originally intended?

Bill Gall
43 Posted 31/03/2023 at 21:37:22
I think the money received for Gordon and Kean will be assessed in the 2022/23 accounts.
Robert Tressell
44 Posted 31/03/2023 at 21:44:18
Anthony # 37, many will disagree I expect but Sigurdsson largely delivered for us. Lots of goals and assists and good football for a side that was very badly assembled for him, where he was often played out of his specialist position. His work rate and tactical discipline was very good too, albeit often rendering him very boring. He'd walk into the present set up.

I think fans tend to think they're going to get a superstar when we spend big money but in context of richer clubs it wasn't even that much money.

As for the allegations it's impossible to know whether he was hung out to dry or whether we did the right thing.

Like Mason Greenwood the lack of charges doesn't necessarily mean innocence. Unfortunately he's either done something horrific or, sadly for him, it'll always be assumed he did even if completely innocent.

Bobby Mallon
45 Posted 31/03/2023 at 21:47:54
Can someone tell me why moshiri can’t just write this debt off and sell some shares to keep us afloat ASAP
Kunal Desai
46 Posted 31/03/2023 at 22:06:17
Good thing is many fans have finally come around and realised the garbage that comes out of Kenwrights mouth and the cock that he is. His time is finally nearing the end.

As for those accounts, though the losses are mitigated they are offset by the sale of Richarlison. No doubt Gordon and possibly Pickfords sales will go towards the books for 2022/2023. Eventually we will run out of assets to sell.

Furthermore evidence this board need to be replaced and there is real urgency that they need replacing this summer.

John Keating
47 Posted 31/03/2023 at 22:09:25
So here we have Moshiri pumping in another 70 million to make the accounts a bit more palatable.
I ask myself why, The World's Greatest Evertonian, who has milked this Club from day one, never put a penny of his own money into the Club and yet has made millions out of it, why, has it that he's never put a penny of his ill gotten gains back into the Club??
Without doubt a total charlatan and a disgrace to those that plough money into the Club every week home, away and from abroad
David McMullen
49 Posted 31/03/2023 at 22:29:58
Let the good times roll.
Paul Hewitt
50 Posted 31/03/2023 at 22:48:22
Pete#34, I agree. I always find it hard to understand why it's the club and fans that get punished for having crap owners. It's the owners that should get the punishment and banned from football for good.
Mick Davies
51 Posted 31/03/2023 at 22:50:32
This debacle can all be laid at the door of the fat parasite, who made more from Moshiri in one deal, than Cocky made in a decade - and he paid for his crimes
Brian Williams
52 Posted 31/03/2023 at 22:58:06
I think there's quite a difference between what Kenwright made and what the other person you mentioned made, well over a £100m difference in fact. 😉
Jerome Shields
53 Posted 31/03/2023 at 23:00:23
Think Kenwright is trying to blind us with verbosity.The accounts confirm how ruiness relegation would be. They also show a aggregate loss, resulting in a breach of the Profit and Sustainabilty rules.

It.must be that the Stadium Development Company was separated from the Club company after the £200 million expenditure.It makes me think that this expenditure was hoped as being acceptable to offset losses.

Really there is a Kenwright denial of the possess breach the Profitabi!ity and Sustainability rules., but no explanation on how they intent to successfully content the Profitability and sustainability accusation by the Premier League in front of the Independent Commission.I

As for his wistful thinking on the Board and himself not attending game, and looking for more good times, who is he thinking he is kidding.

Brian Wilkinson
54 Posted 31/03/2023 at 23:01:31
Paul@50 remember when the so called super league was a farce and all the media jumped on the it’s not the fans or players fault band wagon.

Yet they are quick to flog us, pre judge us and leave us out to dry.

We all know Everton out of the way would suit the Premier league, it would stop us having a say on behalf of the other 13 clubs about upsetting the so called big 6.

Liam Heffernan
55 Posted 31/03/2023 at 23:07:52
Season 19/20 loss 140 million
Season 20/21 loss 120 million
Season 21/22 loss 44 million
Average loss 101 million over 3 seasons . Someone please explain how this is breaking ffp.
Steve Dickinson
56 Posted 31/03/2023 at 23:19:35
When Fahrad Moshiri referred to “an existential threat” to the club, it’s clear he already knew what the accounts for 2021/22 would look like.

Now we all know.

With only 4 points currently separating the clubs in 12th and 20th place in the league, and with us firmly in that mix, I’d say we have a 50% chance of staying up. Our chances have obviously improved under Sean Dyche. However, our survival chances would be substantially reduced if the EPL decide to hand us a points deduction.

During a long multinational business career, I’ve seen many companies go bust, or get taken-over, while undertaking large construction/capital projects. These are typically companies with leaders who underestimate risks, and/or overestimate their chances of business success in a challenging market.

Spending £700 million on a new stadium while the club was significantly loss making, was always a massive gamble. Losing the club’s principle sponsor (Usminov), due to Putin’s invasion of Ukraine, may prove to be the ultimate blow to the club’s ambitious plans.

As a lifelong Evertonian in my mid-sixties, my sincere hope is that we limbo under the wire and manage to stay up again.

But what happens if we don’t?

If we go down, and based on the mood music in today’s accounts, I believe there’s a chance that Moshiri (and his boss Usminov) would cut their losses and walk away. If that were to happen, administration for the club could follow.

Failing companies are sometimes acquired, pre or post administration, by opportunistic investors. If this scenario were to play out at EFC, it’s possible to imagine offers that value the shares at a nominal figure (zero), but take on the club’s external debt and agree to finance the remainder of the stadium build. The stadium is a valuable asset that could still provide a good return, as long as there is a loyal fan base (undisputed) and the basis of a viable club.

Clearly, that kind of investment offer would be better received pre-administration, as we would avoid further points reductions and sanctions. I suspect some of the potential investors that have been circling will be looking for this kind of deal. They will wait to see what happens at the end of the season.

In the meantime, I’ll be roaring on the team from the Top Balcony, and desperately hoping for Sean and the boys to keep us up.

The only Armageddon I want watch at the end of May is Ricky Gervais in Leeds.

Eddie Dunn
57 Posted 31/03/2023 at 23:27:01
So our Chairman brazenly ignores the obvious result of years of incompetance, and attempts to glean sympathy by praising the fans during our last worrying relegation fight.
Has this man no shame?
Brian Williams
58 Posted 31/03/2023 at 23:31:14
Because it's not an average of £105m, it's a total of £105m.
Alec Gaston
59 Posted 31/03/2023 at 23:32:00
Chairman Bill 🤮🤯 I have no words
Kieran Kinsella
60 Posted 31/03/2023 at 23:32:36

It’s not the average that matters it’s the limit of 105 million in losses cumulatively over three years. So if you average that out it’s 35 million a year. We had more than three times the permitted losses

Jerome Shields
61 Posted 31/03/2023 at 23:43:54
I see in the accounts that the Stadium company and Stadium holding company are considered subsidiaries not separate companies.
Jack Convery
62 Posted 31/03/2023 at 23:48:48
Manure are £1billion in debt and that's acceptable - why ?

I would also like to say - mr Kenwright what planet are you on ? It's obviously not the one we all live on !! Please GO AWAY !!! ( Polite version ).

Liam Heffernan
63 Posted 31/03/2023 at 23:52:16
Brian / Kieran, thanks for the correction, I thought it was an average. Surly other clubs have these losses. Chelsea comes to mind, I think Newcastle as well. But it does look like we’re in trouble.
Barry Hesketh
64 Posted 31/03/2023 at 23:58:31
According to the Echo earlier today:
Chelsea (£121.3m) and Manchester United (£115.5m) both recorded losses that broke the £100m barrier. The losses posted by Leicester City (£92.5m), Tottenham Hotspur (£61m), Bournemouth (£55.5m), Wolves (£46.1m) and Arsenal (£45m) with Southampton's losses circa £6m.

Seven clubs posted profits for the 2021/22 season. The champions, Manchester City, recorded a £41.7m profit, followed by Brentford (£30m), Brighton (£24.1m), West Ham United (£12.3m), Liverpool (£7.5m) and Aston Villa (£400,000).

At the time of writing, Crystal Palace, Fulham, Leeds United, Newcastle United and Nottingham Forest are yet to publish their accounts for the last campaign.

I think that Newcastle posted a loss of £70m since the above details were published.

I really don't think as Evertonians we should be worried about the losses for last year in isolation, rather it's the £430m losses accrued in the last five years that should trouble all of us, how can we possibly carry on losing money at that rate, no matter how many mitigating circumstances may be responsible for it?

Barry Hesketh
65 Posted 01/04/2023 at 00:17:27
Sky Sports pose the question What is Going Concern? They answered with the following:

The concept of going concern is an underlying assumption in the preparation of financial statements, hence it is assumed that the entity has neither the intention, nor the need, to liquidate or curtail materially the scale of its operations. If management conclude that the entity has no alternative but to liquidate or curtail materially the scale of its operations, the going concern basis cannot be used and the financial statements must be prepared on a different basis (such as the ‘break-up’ basis). Source: Association of Chartered Certified Accountants

I wonder if this will turn out to be a method to separate the new stadium from the football club, I haven't a clue about these things and I'm hoping somebody like the Esk will answer some of these questions in the next few days.

Colin Glassar
66 Posted 01/04/2023 at 00:32:05
Initially I thought the kenshite statement was a parody account. This man has no sense of awareness or shame.

On another note, it’s Notts Forrest who are pushing the prem to punish us (the prem are promising them a quick answer) with a points deduction. Good luck to them. I hope the fuckers get relegated and their fat, greasy owner finally gets his day in a Greek court.

David McMullen
67 Posted 01/04/2023 at 00:39:20
Could be an April fool Colin.

The Forest point, not the Kenwright statement

Christine Foster
68 Posted 01/04/2023 at 00:43:34
Based on the numbers for the past 3 years, next year we would have to make a profit of over 60m to be below the allowed105m loss total for three years.
Thats not going to happen unless we cut the heck out of the squad wage bill, sell the few decent players we have at the end of the season for an extortionate amount and finish higher up the league. Or of course we get a major sponsorship deal or two, but investment alone will not help the P & L even if it does take the pressure off Moshiri.
In short we are in the cart for this season as well as last years numbers. Mind you its all relative, with other clubs also heading that way (Chelsea and Man U, Newcastle, Leicester, Forest, etc) The model of the premier league P & S and FFP is not working, not just for us but for most of the clubs. Wages too high, need to be capped, amount of players bought in a season needs to be capped to cut expenditure.. half of the clubs could have the same comments in their annual reports re going concern..
Blame? The league itself for not controlling owners and expenditure, now 10 years too late.. the few rich clubs are protected species (How in any life can Man U debt of over a billion be acceptable? How can they escape scrutiny when clubs such as Everton are hammered and charged?)
How can it be right that Newcastle, Chelsea, Forest, can fudge the rules with creative accounting and get away with it?
We are not clean, we have a board that has sold all its assets, operated badly for many years, offshore dubious loans, poor or non existent commercial deals etc.. we have been behind the 8 ball for the past 20 years. We have an owner who now cannot spend money as opposed to one who didn't have any. Farcical, that the crap being thrown at the club from the Premier league is really being done to appease others, we are low hanging fruit to the EPL.. going for Man City is all well and good, but that will takes years, in the meantime there is alway Everton.
As fans we don't deserve it. As a club we do. Badly run and even when we could have done something about it when Moshiri came in, but he chose to leave the man who took us to the edge, in charge of the club.
And so now its the fans fault. Every match is sold out. Every away game is supported to the hilt. We beg for communication but instead are subjected to accusations of death threats, of physical abuse and our good name is trashed around the world.
The bastards that have ruined our club are now staring at an abyss. Jump.
Mark Taylor
69 Posted 01/04/2023 at 00:44:25
OK so I guessed wrong. The story about BDO being unhappy rang true but my hunch was, they would finish 2021/22 but it would be clear in the accounts they would not be continuing.

But the story in October, despite board denials, was more accurate than I thought. They have scarpered, sharpish, to be replaced by a small Midlands firm I've never heard of.

No wonder the EPL can hear alarm bells...

Colin Glassar
70 Posted 01/04/2023 at 00:53:49
Chairman Bill. Chairman fucking Bill. I had to read that statement twice to realise he signed off as, Chairman Bill!!! God give me strength but I despise that man.

Oh, and his photo was either 30 years old or photoshopped to death. What a narcissistic twat that man is.

Don Alexander
71 Posted 01/04/2023 at 01:38:18
So, it's taken until 2023 for the few Kenwright fans of yore to finally shut the fuck up on TW in defending him and the fantastical balloon he sponged £10's-of-millions-off whilst retaining 95% control of OUR club's demise.


Our problem is that whilst the likes of Trump and BoJo are allowed to go on without ever being required to be publicly accountable for their lies and crimes the so-called (but internationally inept, across the board) powers-that-be will, in politics and football, crucify any well-known entity such as a founder member of the Football League in a bid to persuade the many gullible people (Kenwright fans for instance, and all the other media-led supporters he's been allowed to generate through them as a 24 carat Toffee) in an effort to once again con us all that all is well in the credibility of politics and football, football being simplistic enough to persuade even non-fans that accountability is mandatory.

Meanwhile, the country's and football's demise in SO many other ways continues apace - unchecked, and, an Everton here-today-gone-tomorrow-punishment aside, which will hurt no-one but US, ensures the true bastards in politics and football continue to go unpunished.

Sorry if my post is hard to follow but bastards to whom ACCOUNTABILITY is anathema always rely on complexity of argument to evade ACCOUNTABILITY to the honest many.

Tony Abrahams
72 Posted 01/04/2023 at 02:15:34
The emperor is simply stripping himself naked, because he outstayed his welcome, and eventually tripped himself up with his lies.

Keep talking Bill, let the people see you for the slimy, egotistical, nepotistic fraud, who kidded the life out of them for years.

Those special Evertonians, that gave you two great memories last season no longer want you involved in Everton Football Club, Mr Kenwright, so do the decent thing and just fuck off.

Dupont Koo
73 Posted 01/04/2023 at 04:20:31
Christine@68, if we need to make a profit of over £60MM, we need to be trading players shrewdly like cards-counting Brighton (&, in a slightly smaller scale, Brentford) did in the past 2 seasons.

As much as I'm a chartered member of the Thelwell Brigade, he hasn't accomplished the massive level of shrewdness of Brighton yet (it never hurts that their owner Tony Bloom is godzillion times smarter than Liar Bill and any of our current Board Members combined). But for the mess that he inherited, I am willing to give him the benefit of the doubt: it must be astronomically hard for him to dump massive non-performing & distressed sunk costs like Dele Alli, Mina, Gomes and Gbamin (that's £400K per week of wages on our books!), who can actually veto deals even after Thelwell has more than done his part in sourcing them.

(Even though I would hope that we can fetch £50MM from the Barcode on Gordon, I have to tip my hat to Thelwell for managing to get the eventual £40MM in a single payment up front)

Mina, Doucoure, Davies & Townsend and their £300K/week worth of wages are coming off the books in less than 3 months, so that's my Annual Round of Rejoice this year since we need to start cutting losses after Don Carlo's departure in the summer of 2021.

(If I were Thelwell, I would pick up the club's existing option of extending Doucoure's contract to June 2024 and then try flocking him this summer to the highest bidder. If no one bites, at least we would have cost certainty on a player that Dyche would utilise)

Jerome Shields
74 Posted 01/04/2023 at 04:39:01
It occurred to me on reflection that Kenwright only true and relevent statement in this report was that Everton are trophyless throughout his tenure.The rest of his statement shows who is the true source of the ludicrous, irrelevant and self serving statements that we get from Everton on a regular bases, which thankfully are punctuated by larger caps of deafening silence, interrupted by by Bramley dock 's
progress report and players wheeled out.He offers nothing as regards Everton's situation and this has been the case for years
Paul Birmingham
75 Posted 01/04/2023 at 07:32:01
I don’t know only than what’s showing in the media, but there’s a sense of non of allegations of non compliance, but also if the said audit was undertaken, reviews, and signed off previously by the EPL, and Everton, then is that statute in legal law?

My instinct says that the EPL, is not clean, if process has failed, but the timing is interesting. If the book gets thrown, at Everton, and let’s see how this saga pans out, then there’s other big questions about this EPL, and certainly City, and Chelsea, based on other media disclosures about their respective financial affairs. Then there’s the examples of Derby County, and Juventus.

I’m only interested in the well-being of Everton FC, and the next game. But looking on the positive side, if Everton, can get tge results on the field, this season, and on merit stay up, and can get through this investigation, then, the board must go.

Start fresh, with a clean, slate.

Until this board is ousted, then I don’t see how any investment for all aspects, BMD, and sponsorship, will be secured.

It’s a nightmare, but let’s pray, that Everton, can get through this very painful era for the club.

Some how the language of financial accounting has been miss understood Who, hows, what, where, when, God only knows.

Ben King
76 Posted 01/04/2023 at 08:20:36
Christine #68 - completely spot on. Never a truer word was written. We should not have to endure this stress.

Paul, #75 - I don’t follow your logic: if we revive a penalty of sorts then yes, the board may go. IF however, we escape a penalty then the board will feel vindicated and remain.

The fans lose out in both scenarios.

Jim Lloyd
77 Posted 01/04/2023 at 08:54:46
Anthony (37) good point.
Sam Hoare
78 Posted 01/04/2023 at 08:56:20
It looks a complete mess. I’m not sure exactly how to compare it to the mess and debt at several other clubs but there’s a reason we are getting charged and it’s because we have been poorly run for a long period now. For Kenwright to come out with a sob story rather than an apology is revealing of a high degree of narcissism and ignorance frankly.

The only slither of hope is Dyche, who’s probably the perfect manager to lead us through a new era of frugality, with lower wages and transfer spends till we can right the many, many wrongs of the last decade and get onto a more sustainable foot financially. Much will rely on his management, Thelwellls ability to scout better value and the academy’s ability to produce players for the first team (good 3-0 win by U21s last night). Kenwright and the board need to get out asap, to be replaced by cheaper, smarter alternatives.

Ray Robinson
79 Posted 01/04/2023 at 09:11:44
I find it unbelievable that United’s one billion debt hasn’t involved a transgression of P&L rules somewhere along the way but maybe the club is inherently profitable before the Glazers take their “dividends” out, if you see what I mean?

I’m just as, if not more annoyed about Forest signing 30 players in one season. Surely that means they have used their three year allowance up in a single season - probably not against the rules, but fire sale inevitable next year? Or Chelsea who have signed several players on 8 and a half year contracts to reduce annual amortisation costs - surely building up unsustainable debt for the future, particularly as they won’t qualify for the Champions League? And historically, how is West Ham being gifted a stadium at a peppercorn rent and at taxpayers’ expense, consistent with fair play?

If Everton get punished for breaches of P&L, I look forward to similar punishments being meted out to other clubs next season.

David West
80 Posted 01/04/2023 at 09:18:28
We need another "Everton First " board outside goodison replace the kenwright one with

" The first club yo lose 500m in 5 years and be sanctioned for P&S breach "

See if "Chairman Bill" is proud of that one.

Jerome Shields
81 Posted 01/04/2023 at 09:25:10
Of course all the Media are concentrating on the 'Going Concern ' reports in the End of Year report. Particularly the affect of relegation.

But even more concerning is a report in the Daily Mail that the Premier League are claiming that their expressions of confidence that Everton during the Summer were in compliance was based on a preview of unaudited Accounts which proved to be inaccurate when they received the audited Accounts.If this is true the Board should be resigning immediately.

The other problem with this if true is that the demands of other Clubs for the Independent Commission to meet as soon as possible and adjudicate by the Summer will definitely take place to avoid legal action by other Clubs.It is likely that Burnley would take Legal Action anyway.

It really is sickening that despite the best efforts of Fans and the team that Everton may get relegation anyway due to the Board trying to cover up it's incompetence.The Premier League clearly have no confidence in the Everton Board, refering the Club to the Independent Commission, and this maybe entirely justified.

Could also explain the change of Auditor.

Dave Abrahams
82 Posted 01/04/2023 at 09:30:35
Kenwright was consistently good at making vomit inducing speeches and statements, how fitting that his last one, hopefully, showed how pathetic the man is.
Alan Johnson
84 Posted 01/04/2023 at 09:51:19
Been good not having any Bullshit from Billy Liar. After reading his latest statement. Deep down I think that the man thinks that the fans think that he is a Cunt...
David Vaughan
85 Posted 01/04/2023 at 09:55:21
Steve @56.

Wholly agree. That likely scenario of attracting an 'opportunistic investor' for Everton placed (or about to be placed) into administration brought to mind a mischievous but sickening thought... that our neighbours complete their revenge mission against post-Anfield Everton after we left them behind by acquiring our club... and getting a new stadium to boot. Please God, no...

Paul Birmingham
86 Posted 01/04/2023 at 10:23:39
Ben, there no doubt Everton supporters have suffered for far too long, since 1970-71, season but it’s been accelerated decline, since BK, took the chairman’s role.

Any organisation, with a basic business acumen, would sack their board, if they’d endured the scrutiny, that’s been brought into Everton, over the last few years.

If they had any decency, they’d resign in shame, but as you suggest, they may feel vindicated if the club, gets punished but survive this season, and retain their position next season in this EPL.

But the board is now a pariah, in view of the many Evertonians, around the world and for a passionate group of fans on match days, at Goodison Park, whom protest justifiably for their removal from the club.

I don’t see them attending Goodison Park, again, and frankly they’re not wanted nor welcome, by many Evertonians.

Their negligence is gross, and are responsible for the decline and financial miss management of Everton Football Club.

Hence this investigation hanging over the club.

But let’s see what the investigation brings, and the consequences.

Brian Harrison
87 Posted 01/04/2023 at 10:43:44
It looks like the job Sean Dyche was given to keep Everton in the Premier league has taken on a much greater importance, as many are suggesting that relegation would see us put into administration which would carry a possible 21 point reduction. This would also mean most of the first team who earn top money would have to be sold, and yes someone will possibly buy the club, but with an expensive stadium to maintain and a very weakened squad with a points deduction could see us in league 1.

I know City spent time in the lower leagues and have come back, and the stadium will be a draw for investors, but the difference is that there are more financial constraints than ever on new owners, so a new owner however rich wont be able to pump money in like the City owners did.
Also even if Sean Dyche keeps us up and we avoid any points deduction next season will be even harder as most of the decent players will have to be sold.

John Cook
88 Posted 01/04/2023 at 10:49:53
I agree with all you say Brian but financial controls in new owners doesn't seem to apply to Chelsea and other teams spending big time
Tony Everan
89 Posted 01/04/2023 at 10:51:58
Ray 79

Add to that the £175m loan that Tottenham amazingly managed to get from the Bank of England at 0.5% interest, when they were struggling financially during Covid.

Tony Abrahams
90 Posted 01/04/2023 at 10:54:18
There will be more speeches Dave, but I just wish he had waited a few hours to make his last one, after looking at the date on my iPad.
Paul Tran
91 Posted 01/04/2023 at 11:34:08
How do other clubs 'get away with it'?
Because any well-run business would have competent directors who understand the legal frameworks in which they operate, and some creative know-how of how to anticipate and exploit them.

No conspiracy here in my view. We have flagrantly, repeatedly broken the rules unless there is any legal weight behind the 'assurances' we were apparently given.

I wouldn't be complaining about anyone 'getting away' with anything. Getting away with this appears to be our best hope!

Tony Abrahams
92 Posted 01/04/2023 at 12:04:57
Whilst we have fragrantly broken the laws, we have also had “our chairman” telling everyone, that clubs are constantly on the phone asking him, what would Everton do?

Hopefully we can get through this, even though we all now know that the club we all fell in love with, has been recklessly mismanaged, meaning we are now rotten to the core.

Our fans will definitely keep Everton going, but we need honesty, we need transparency, and we need people who have got the same ambition as we have, running our football club.

Christopher Timmins
93 Posted 01/04/2023 at 12:31:28
This is not rocket science, the magic number relates to losses, not borrowings, and it is £105 million over a three year period adjusted to take account of the implications of COVID.

The Auditors, independent, have concluded that there is a potential going concern issue if we are relegated, they don't usually go out of their way to make such statements as they have a very negative impact in financial circles. Potential investors would definitely be nervous about coming near us in the short term.

We all saw what the salary levels were as a percentage of turnover, our well run club shot the lights out in that regard.

The worst run club in the country!

Jerome Shields
94 Posted 01/04/2023 at 13:18:11

If there is a hint of Everton trying to mislead the Premier League or other Premier League Clubs on Profit and Sustainability monitoring, which was a attempt by the Premier League, to prempt Government Regulation, Everton have lost any arguement. Having a unacceptable aggregated loss is a afterthought.

The fInancial consequences of relegation have been highlighted and analysed on ToffeeWeb threads for aleast two years.

Barry Rathbone
95 Posted 01/04/2023 at 13:31:28
Tony 92

I like your description of fragrantly as we might come out of this smelling of roses but if we've done it flagrantly we're in big trouble

Matt Henderson
96 Posted 01/04/2023 at 14:24:11
The Club could have sold Gordon last financial year and then been under the permitted 105m losses with little to no impact to on field performance. How can decisions continue to be gotten so wrong. And still there is a substantial (though hopefully shrinking) element of the fan base that don’t blame the owner and Board! Not hyperbole to state the Clubs existence is at risk as this is exactly what Moshiri told us in his last interview
Clive Rogers
97 Posted 01/04/2023 at 15:00:28
Matt, EFC’s losses for the 3 seasons up to the end of 2022 season were £306 million. That’s nearly 3 times the allowed £105m. So the fee for Gordon would have made little difference.
Matt Henderson
98 Posted 01/04/2023 at 15:06:57
Per the Esk analysis post allowable FFP deductions we were only 50m over the 105m of losses
Ste Traverse
99 Posted 01/04/2023 at 15:24:05
Him signing off his embarrassing statement with the words 'Chairman Bill' is a massive two fingers up to his army of critics who want him gone.

It's going to be one hell of a fight to remove this deluded fantasist from our club. He is the cancer in it.

Bill Gall
100 Posted 01/04/2023 at 15:31:02
Wonder what B.K. now thinks of the other teams who he always says ask him for advise, when there is supposed to be 6 of them asking the league for points reduction to get Everton relegated.
Nick Page
101 Posted 01/04/2023 at 15:42:15
Jerome's post @81 pretty much sums it up. 👍

As I've been calling for 15-odd years, Kenwright and Co should be run out of town immediately. How pathetic and selfish this man is. His comment caught on video, half cut, poking accusations at the Blue Union sums up the despicable rat.

Those so-called Evertonians that have backed him all these years look pretty fucking stupid. Ignorance is bliss after all.

Tony Abrahams
102 Posted 01/04/2023 at 16:11:33
I don’t know my R’s from my L’s Barry!

I’ve long thought it would end in tears with William the red, and I’m now sitting here tired, quietly pondering what we have become and how it has been allowed to happen.

My only emotion is disgust, followed by anger, at how this charlatan has played us for fools for many years, by constantly using divide and conquer, to split the fanbase, and now the poor bastard isn’t even allowed to go to Goodison for his own safety.

You did your best Billy Boy, and I’m so proud that you haven’t once even contemplated deserting our beloved blues,, even though a lot of the fans are inexplicably blaming you for everything🤮

Mark Taylor
103 Posted 01/04/2023 at 16:13:30
I'll be interested to hear Paul the Esk's assessment on this. I believe the rules now look at a 4 year aggregate which doesn't help us as we replace the relatively 'decent loss' in 2017/18 with a loss almost 4 times bigger in 21/22, even though that year's loss was some way down on last year.

It appears we are going to have to find a way of explaining a difference of £250m plus. Last time I looked we would have been struggling to get close to £200m, taking all the allowed exclusions, stadium and Covid into account.

The financial performance, if not the playing performance, is moving in the right direction but I don't see that as much mitigation. We appear to be up a gumtree.

Jerome Shields
104 Posted 01/04/2023 at 16:14:15

The truth will come out in the wash in the coming months.The things that happen to people are very like the people they happen too.Kenwright for years carried on all the time and bluffed alot of people, keeping the true situation under wrapped and surrounding himself with mates to help him.

I was surprised by the amount of manipulation that went on by Everton to counter the fan lead revenue and head off fan protest.Even that ended up farce with FAB throught Jaz's questions, showing them for what they are. Then we had the accusations against fans, with a Police denial and the Media apologizing for printed such unfounded tripe.

I now think that Kenwright does not know why he is staying away from home games, and now a reason has arose he walked right into.He have resigned a week ago.

Clive Rogers
105 Posted 01/04/2023 at 16:17:00
Matt, it looks like the FL don’t agree with the Esk. There would be deductions for covid though.
Clive Rogers
106 Posted 01/04/2023 at 16:37:53
In his new article the Esk doubts the club can demonstrate compliance.
Bernard Dooley
107 Posted 01/04/2023 at 19:06:39
#103 Mark Taylor
You state that the PL are looking at a four year period and you quote 2017/2018 as the starting point.
Surely that would make it a five year period?
More confusing than ever !!!!!
Eric Myles
108 Posted 02/04/2023 at 01:21:43
"No one in the West saw that invasion happening"

Philip #6, they were as surprised as I was that the sun rose this morning. And will be equally non-surprised when China invades Taiwan in the next 2 to 5 years.

Doesn't this shit that we're in finally tell Moshiri what the fans have known all along? That BK and his board have to go! And based on Christine's post #68, it's only going to get worse, needing £60 million profit this season to avoid being reported to the commission again!

And BK has sunk to a new despicable low in using the annual accounts to play his victim card and vilify the fans that are doing more than him to help our Club survive. I never liked him before, now he's just become loathsome.

Bobby Mallon
109 Posted 02/04/2023 at 05:51:13
Hi all.

We can deliberate forever… What I and many more would like to know is what our punishment will be. We have done wrong and we need to take our punishment, but what will that be?

That's all I care about now. We all know those that have gotten us into this mess and we all know nothing will happen to them. So let's just get this over with and move on.

Ian Bennett
110 Posted 02/04/2023 at 07:51:04
Any punishment has to be less than the sanctions given to the teams that were leading the European super league.

The impact of Everton overspending on the iverall competition has been, minimal. In fact supporters would say we are a far worse team spending big on fat inflated transfer fees and wages, than when we were scrabbling around for Frees and up & coming players.

Danny O’Neill
111 Posted 02/04/2023 at 08:00:08

Russia invaded Ukraine in 2014, but we turned a blind eye before suddenly being outraged last year.

Ian Riley
112 Posted 02/04/2023 at 09:07:28
Staying in the league is most crucial to our survival as a club. Points deduction, no! Why? This will bring other clubs' over-spending into account with no such punishment.

Sadly, the next 2/3 seasons our accounts will be scrutinised and player purchases limited. Sadly, the board aimed for the sky and hit an iceberg. The stadium can't come quick enough to get rid of this board. Relegation is on my mind as such debts and the new stadium may lead us down a path of no return.

As much as our board are to blame. Surely the Premier League must take some responsibility? They have failed to implement their own rules and regulations over profitability and sustainability.

Stay positive all! The door has not shut yet!!

Clive Rogers
113 Posted 02/04/2023 at 10:50:59
Ian, it looks like the league feel they have been conned by EFC as the final results were apparently worse than what was submitted to them. Other clubs were already up in arms about what happened. I think they will now come down hard on EFC for making fools of them.
Tony Abrahams
114 Posted 02/04/2023 at 11:03:37
That is the obvious worry Clive, when you consider how they even tried to throw their own fans under the bus, just because they didn’t want to face the wrath of the Everton crowd.
Christine Foster
115 Posted 02/04/2023 at 11:31:22
Yo be honest, I think exactly what we are being charged with is starting to be irrelevant. Whatever the alleged breach is, and until we know just what the issue is, the presumption of guilt is debatable. Given the performance of the board to date, it's hard not to assume we are guilty as charged no matter what the problem is, big or small.
The faith the fans have in the clubs board very much results in an assumption of incompetence no matter what. Their track record to date hardly wins any fans over. So much so that even here the debate has moved to likely consequences rather than siding with the board.
That alone should tell anyone and everyone that their days are done and that if proven guilty they should be removed from tenure. For the failure to manage effectively has now damaged investment hopes significantly and should a points deduction be enforced, or worse, the very survival of the club is questioned. Moshiri needs to show the EPL and fans, that the club is getting its house in order. I don't think any fan, whatever they think of Kenwright and Co, would believe they should stay on. Not now.
Eric Myles
116 Posted 02/04/2023 at 12:50:04
Danny #111.


Brian Wilkinson
117 Posted 02/04/2023 at 13:33:58
I thought the headlock and announcing the board not attending just a couple of hours before a vital home game was low.

But using his sympathy trump cards at the announcement at the final accounts is stooping even lower, if that is at all possible.

It is up there with a serial arsonist being told, he can no longer be in charge of the fuel stock, and bemoaning the injustice of it.

Mark Taylor
118 Posted 02/04/2023 at 13:48:22
Bernard 107

As I understand it, 17/18 was the start point until we added in 21/22, as per the recently published accounts.

So the years now are 18/19, 19/20, 20/21 and 21/22. I think that is correct.

Problem is, 17/18, which has now dropped out, was, I recall, only a small loss, much less of one than the year that has now replaced it, 21/22. So it actually worsens our position overall.

Alec Gaston
119 Posted 02/04/2023 at 18:32:55
Chairman Bill has, in my view, been hoodwinking the Premier League and they have lost patience.
Bill Gall
120 Posted 02/04/2023 at 19:01:50
My question is: Why Everton?

On 6 February 2023, Man City have been charged at the conclusion of a 4-year investigation with more than 100 charges to provide accurate financial information, from 2009 to 2018, and haven't been referred to an independent commission.

So why is there no commission set up for them?

Barry Hesketh
121 Posted 02/04/2023 at 19:17:29
Bill @120,

Different language used by the media perhaps, but it's my understanding that both clubs have been referred to an Independent Commission, which in effect means they have both been charged?

Tony Abrahams
122 Posted 02/04/2023 at 19:28:27
Manchester City broke the rules whilst winning but are not being criticized in the same way that Everton are being criticized for breaking the rules whilst losing.

I think Christine makes a really valid point about us having no faith whatsoever in the Everton board and this has got many of us possibly already assuming the worst.

Bernard Dooley
123 Posted 03/04/2023 at 10:14:04
#118 Mark Taylor
Mark, thanks for the clarification
Scott Ellis
124 Posted 04/04/2023 at 17:33:57
Gylfi Sigurdson - I feel they must be claiming his career-ending actions in the accounts somewhere without publically stating it. A £40-£50 million write-off on him must be in this account or accounts over the past 3 years.

Can anyone comment on this?

Michael Kenrick
125 Posted 09/04/2023 at 12:22:49
Scott @124,

The way I understand it, each player's transfer fee is 'amortised' over the length of his (initial?) contract. That means his initial cost is not assigned as a loss straight away but is distributed in proportion as an incremental loss each year.

In the case of Gylfi Sigurdsson, his initial transfer fee was reported to be £40M and his contract duration was to be 5 years. So, in the first year of his contract, Financial Year 2017-18, he would have been marked down as an £8M loss.

Same the following year... and so on, £8M each year, up to and including 2021-22, which was the last year of his contract. At which point, he was released by the club with zero value and zero transfer fee as we had unilaterally terminated his career 1 year earlier. We had rendered him null and void as a professional footballer by suspending him, while he was still a perfectly capable and valuable member of the squad... but I digress.

(Although you would think the initial transfer fee must appear on the Profit and Loss balance sheet for the year in which he was purchased for that to be an accurate representation of cashflow? Unless the player was actually purchased on £8M annual instalments... Perhaps I don't really understand this after all!!!)

But what about his inordinate wages, I hear you cry? Well, they come out of a different pot, a very large pot labelled Player Wages and are accounted for as such in the Annual Report. Irrespective of the fact that he was not playing. In fact, you wouldn't want to know what proportion of the club's wage bill goes to people who are not contributing in one way or another... but I digress again.

So bottom line... there is no need for his career-ending actions to be claimed in the accounts somewhere without publically stating it. His full costs are accounted for without needing any additional write-off or claim against Covid. Although maybe they attributed the player's alleged behaviour to the unnatural stresses imposed by Covid lockdown??? Hmmm… maybe you're on to something!

Michael Kenrick
126 Posted 09/04/2023 at 12:24:57
I only looked at this thread after seeing the latest conjecture in the Daily Mail:

“Everton owner Farhad Moshiri has delayed plans to shake up his executive team at Goodison Park in the hope that external investors could be attracted by the prospect of a seat on the board.

“The Iranian businessman was considering making changes given the club's financial and footballing difficulties, with the positions of chairman Bill Kenwright and chief executive Denise Barrett-Baxendale thought to be under threat, but that will be put on hold until the process of bringing in investors has concluded.”

A newspaper story based on no facts to speak of. Nothing new there…

Brian Wilkinson
127 Posted 12/04/2023 at 12:19:43
It looks like Leeds Utd may now be in trouble with their accounts.

Who was it who asked for our accounts to be looked into again, along with Burnley???

The irony if ours are above board and Leeds are found to be guilty…

Fran Mitchell
128 Posted 12/04/2023 at 13:12:11
The way the Premier League (greatest league in the world™️) has been run in such an unsustainable manner seems to finally be coming home to roost.

The Premier League has played a massive role in the ridiculous increase in player costs (fees, wages, agent fees), all supported through increasing debt.

Players 30 years ago would cost a few hundred thousand up to a million or two for a record fee. 10 years ago players would be a couple of million up to £20M or £30M for what would be a 'huge expense'. Now that £20M or £30M is what gets you a Championship player or a player with no experience or a player out of favour, while a top player is £100M+.

Wages and agent fees have followed a similar trend, but there is no way income has increased at similar levels (except maybe for Man Utd).

More and more clubs are going to fall in breach of these rules.

Nigel Munford
129 Posted 12/04/2023 at 23:34:59
This Zilliacus chap sounds fed up with trying to buy Man Utd, maybe he could buy us??

Add Your Comments

In order to post a comment, you need to be logged in as a registered user of the site.

» Log in now

Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site.

How to get rid of these ads and support TW

© ToffeeWeb