Everton in the red despite record turnover

PREMIERSHIP football club Everton has revealed record turnover of £79.7m but posted a £6.8m loss.

The club, which last week suffered a blow in its plans for a new 50,000 seat stadium in Kirkby after the Government blocked the development, said transfer spending and a hike in the wage bill to £49.1m was the reason for the loss.

Everton finished fifth in the Premier League last season and also reached the final of the FA Cup.

Higher broadcasting revenues – a record 17 live Premier League games were shown on TV – and higher gate receipts drove the 5.3% hike in turnover in the year to the end of May.

Revenue generated from the sale of match tickets and corporate hospitality was £21.9m while the TV income rose £2m to £48.6m.

Before player trading the Everton Football Club Company posted an operating profit of  £6.3m. The inclusion of the amortisation of players’ registrations of  £13m gave rise to an overall operating loss of £6.7m.

The £24m sale of defender Joleon Lescott to Manchester City were not included in the figures revealed on the club’s website.

Chairman Bill Kenwright said in his statement to shareholders: “Our wonderful FA Cup run quite possibly deflected attention from what was another hugely-satisfying Premier League campaign.

“To again finish fifth in what remains Europe’s toughest and most unforgiving league was a magnificent achievement – one which guaranteed another European campaign which continued the steady progress which has hall-marked David Moyes’ tenure as manager.

“Maintaining our progress, continuing to punch above our weight if you like, will be very difficult but I stand by my assertion that we have a manager who will go down as one of our all time greats and a squad of players that is amongst our very best over the last two decades.”