Club Everton of Premier League reports $112M losses

Everton, a Premier League team, reported losses of 89.1 million pounds ($112.5 million) in their most recent financial statements on Sunday.  

Its losses for the 2022–2023 season increased from the 44.7 million pounds it lost the year before.  

The Merseyside team is awaiting word on whether it will be subject to additional sanctions for any more violations of the Premier League's financial regulations after receiving a six-point deduction earlier in the season. In the 20-team EPL, Everton is three points above the relegation zone in 16th place.  

Everton cited the "indefinite suspension of key commercial partnerships" in a statement as the reason for the figures.  

Everton ended its significant sponsorship relationship with businesses owned by Russian metals magnate Alisher Usmanov in 2022 after the European Union imposed sanctions on him. The move came in the wake of Russia Ukraine conflict. 

The latest losses came despite Everton's accounts showing it made 47.5 million pounds ($60 million) profit on player transfers. 

Net debt increased to 330.6 million pounds ($417 million) because of “significant investment” in a new stadium, Everton said. 

Turnover was 172.2 million pounds ($217.5 million). 

The league’s rules allow clubs to lose a maximum of 105 million pounds ($133 million) over a three-year period or face sanctions.