Post by QPR Report on Dec 2, 2009 7:59:59 GMT
Guardian/Andy Hunter
Everton suffer £6.7m annual loss despite record £79.7m turnover• Increase in player wages central to disappointing figures
• Club still keen to build new stadium after Kirkby rejection
The cost of Everton's pursuit of Champions League football was exposed yesterday as the club posted a record turnover of £79.7m for last season yet still suffered an overall operating loss of £6.7m. The figures come less than a week after the club's long-term future under Bill Kenwright and David Moyes was placed in doubt by the government's rejection of a proposed stadium move to Kirkby.
The latest financial results are for the year ending 31 May 2009 and Everton's most productive season in over a decade; courtesy of a second successive fifth-placed finish in the Premier League plus an FA Cup final. The increase in broadcasting revenue and gate receipts helped produce a record turnover, up £4m and 5.3% on the previous year, plus an operating profit of £6.3m excluding player trading. The wage bill rose to £49.1m, however, and the amortisation of players' registrations of £13m led to the overall loss of £6.7m.
Everton paid a club record £15m to Standard Liège in August 2008 for Marouane Fellaini, although they recouped a potential £10.5m from Fulham through the sale of Andy Johnson in the same month. The full financial picture, including club debts and overall loss, has not yet been filed at Companies House.The figures show Everton reinvested most of their additional revenue into Moyes' squad as they sought to maintain progress under their astute manager. But the record turnover undermines the club's argument that Everton had to leave Goodison Park to survive. Kenwright, the Everton owner, had admitted the club's involvement in the "Destination Kirkby" project was over, although Tesco – whose plan for a huge retail development around the stadium was also rejected last week – and Knowsley Borough Council may attempt to resubmit a smaller commercial proposal for the town.
Everton and Liverpool City Council are now expected to meet to discuss possible stadium options, with the council vociferous in its objection to Kirkby and adamant an alternative site could be found within the city. A shared stadium with Liverpool is not on the Anfield club's agenda.
"He [David Moyes] is the most important figure at the club and we all strive – on a daily basis – to provide him with the tools necessary if we are to continue to evolve and develop into a genuine, meaningful force within both English and European football," said Kenwright. "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 to continue the steady progress which has hallmarked 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 among our very best over the last two decades."
A more immediate concern for Moyes is tonight's Europa League tie at AEK Athens, where he could be forced to play 17-year-old Shane Duffy thanks to an injury crisis. Sylvain Distin, the only established central defender in Everton's travelling party because of injuries to Joseph Yobo and Phil Jagielka plus the ineligibility of John Heitinga and Lucas Neill, is a doubt with a hamstring problem.
Should Distin fail to recover, and with Jack Rodwell also unlikely to return from a groin strain, Moyes may have no option but to select Duffy alongside right-back Tony Hibbert at the heart of the defence. "This is what makes the game even more difficult. People can talk about us winning only one of our last 11 games, but tomorrow we might have some younger members of the squad, we could have a really young centre-back playing depending on how Distin is." said Moyes. Everton would qualify for the knock-out stages with victory at the Olympic Stadium should BATE Borisov fail to beat leaders Benfica in the other Group I tie.
www.guardian.co.uk/football/2009/dec/01/everton-losses-david-moyes
Everton suffer £6.7m annual loss despite record £79.7m turnover• Increase in player wages central to disappointing figures
• Club still keen to build new stadium after Kirkby rejection
The cost of Everton's pursuit of Champions League football was exposed yesterday as the club posted a record turnover of £79.7m for last season yet still suffered an overall operating loss of £6.7m. The figures come less than a week after the club's long-term future under Bill Kenwright and David Moyes was placed in doubt by the government's rejection of a proposed stadium move to Kirkby.
The latest financial results are for the year ending 31 May 2009 and Everton's most productive season in over a decade; courtesy of a second successive fifth-placed finish in the Premier League plus an FA Cup final. The increase in broadcasting revenue and gate receipts helped produce a record turnover, up £4m and 5.3% on the previous year, plus an operating profit of £6.3m excluding player trading. The wage bill rose to £49.1m, however, and the amortisation of players' registrations of £13m led to the overall loss of £6.7m.
Everton paid a club record £15m to Standard Liège in August 2008 for Marouane Fellaini, although they recouped a potential £10.5m from Fulham through the sale of Andy Johnson in the same month. The full financial picture, including club debts and overall loss, has not yet been filed at Companies House.The figures show Everton reinvested most of their additional revenue into Moyes' squad as they sought to maintain progress under their astute manager. But the record turnover undermines the club's argument that Everton had to leave Goodison Park to survive. Kenwright, the Everton owner, had admitted the club's involvement in the "Destination Kirkby" project was over, although Tesco – whose plan for a huge retail development around the stadium was also rejected last week – and Knowsley Borough Council may attempt to resubmit a smaller commercial proposal for the town.
Everton and Liverpool City Council are now expected to meet to discuss possible stadium options, with the council vociferous in its objection to Kirkby and adamant an alternative site could be found within the city. A shared stadium with Liverpool is not on the Anfield club's agenda.
"He [David Moyes] is the most important figure at the club and we all strive – on a daily basis – to provide him with the tools necessary if we are to continue to evolve and develop into a genuine, meaningful force within both English and European football," said Kenwright. "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 to continue the steady progress which has hallmarked 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 among our very best over the last two decades."
A more immediate concern for Moyes is tonight's Europa League tie at AEK Athens, where he could be forced to play 17-year-old Shane Duffy thanks to an injury crisis. Sylvain Distin, the only established central defender in Everton's travelling party because of injuries to Joseph Yobo and Phil Jagielka plus the ineligibility of John Heitinga and Lucas Neill, is a doubt with a hamstring problem.
Should Distin fail to recover, and with Jack Rodwell also unlikely to return from a groin strain, Moyes may have no option but to select Duffy alongside right-back Tony Hibbert at the heart of the defence. "This is what makes the game even more difficult. People can talk about us winning only one of our last 11 games, but tomorrow we might have some younger members of the squad, we could have a really young centre-back playing depending on how Distin is." said Moyes. Everton would qualify for the knock-out stages with victory at the Olympic Stadium should BATE Borisov fail to beat leaders Benfica in the other Group I tie.
www.guardian.co.uk/football/2009/dec/01/everton-losses-david-moyes
