Featured image credit: Everton FC
Everton posted a loss of £53.2m (€63.6m/$68.7m) for the 2023-24 financial year as it continued funding the development of its new stadium, although the Premier League club is forecasting “long-term stability” under new owners The Friedkin Group.
The £53.2m figure is an improvement on the £89.1m loss posted in 2022-23, while turnover increased from £172.2m to £186.9m. Everton said the reduction in reported losses outlines a year of financial progress.
Everton continued funding the development of its new stadium at Bramley-Moore Dock during the 2023-24 season, incurring capital costs of £312.7m – an increase of more than £100m on the previous year. Gate receipts rose by £1.8m to £19.1m due to additional domestic cup ties.
Sponsorship, advertising and merchandising revenue increased by £2.4m to £21.6m, while other commercial revenue dropped by £2.7m to £17m due to the absence of a mid-season international tour. Broadcast revenue increased by £13.2m to £129.2m.
Everton’s net debt position increased to £567.3m, which the club said reflects investment in the squad, stadium development and operational costs.
The accounting period ended on June 30, 2024, around six months before The Friedkin Group completed its takeover of the club. In a statement today (Monday), Everton said that post-balance sheet events within its accounts reveal that the club has completed comprehensive refinancing and repayment of existing borrowings. An interest-free shareholder loan from Bluesky Capital Limited has also been converted into equity.
The accounts have been released today after the club recently announced a long-term, £350m financing agreement for Everton Stadium, which will officially open at the start of the 2025-26 season. The funding came from a consortium of “blue-chip institutional leaders” and will refinance borrowing that supported the completion of the new stadium.
Everton said today that the stadium financing marks the “final step” in an extensive capital restructuring process.
Colin Chong, Everton’s interim chief executive, said: “Since the accounting period ended, the takeover process has resulted in a significant strengthening of our financial platform – something that is not reflected in these figures but has already made a major impact on our long-term stability.
“Despite the challenges we have faced in recent years, and during the accounting period covered by these accounts, the hard work of everyone across the club – on and off the pitch – has ensured we have continued to move forward. That is particularly true of the progress on Everton Stadium, a project that was maintained at pace. The commitment to delivering our new home, while continuing to navigate a complex financial landscape, has been exceptional.
“With new ownership, a world-class stadium opening at the start of the 2025-26 season, and a clear plan for ongoing sustainability, we can approach the next chapter of our club’s future with confidence.”
On March 23, Everton welcomed more than 25,000 fans to its new stadium as the club’s Under-21s team defeated Bolton Wanderers B 1-0. It was the second of three planned test events at the stadium before Everton officially moves in next season.
Work on the stadium, which will be a host venue during UEFA Euro 2028, commenced in August 2021. Last week, it was announced that the stadium would be a host venue during the Rugby League Ashes, which will return in the autumn after over two decades away.
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