Losses underline Everton woes

Everton made an operating loss of 6.7 million pounds in the year to May despite a hugely successful season on the pitch which resulted in record turnover for the club, accounts published on Tuesday showed.

Everton’s run to the FA Cup final and a fifth-placed finish in the Premier League helped boost revenue by four million pounds to 79.7 million.

But a rising wage bill (49.1 million) resulted in the operating loss that underlines the constraints on Everton as David Moyes seeks to build a squad capable of challenging much richer rivals including neighbours Liverpool.

The results follow last week’s announcement that the British government had blocked the club’s plans to move to a new 50,000-capacity stadium, which would have substantially increased income.

A sluggish start to this season has left Everton languishing in the bottom half of the Premier League table but owner Bill Kenwright, who has spent the last three years trying to sell the club, said Moyes had the full backing of the club’s hierarchy.

“He remains the single most important figure at the club and we all strive – on a daily basis – to provide him with the tools he believes are necessary if we are to continue to evolve and develop into a genuine, meaningful force within both English and European football.”

Kenwright added: “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 amongst our very best over the last two decades.”