Everton money chief says Toffees are NOT in a sticky FFP situation despite £112m losses for 2018-19
EVERTON cash chief Sasha Ryazantsev has pledged the Toffees are NOT in a sticky FFP situation – despite announcing a £112million loss last season. The Goodison club confirmed the record deficit after their big gamble on Marco Silva failed to pay off. Prem rules allow clubs to lose just £105m over a three-year cycle. Yet […]
EVERTON cash chief Sasha Ryazantsev has pledged the Toffees are NOT in a sticky FFP situation – despite announcing a £112million loss last season.
The Goodison club confirmed the record deficit after their big gamble on Marco Silva failed to pay off.
Prem rules allow clubs to lose just £105m over a three-year cycle.
Yet with Everton having posted a profit in 2017 of £30.6m, their aggregate loss of £94.3m means they are well inside the danger mark.
Prem calculations will be based on an assessment by the club of this season’s figures, due to be presented to League bosses in March.
But the club’s significant expenditure on Goodison Park, their Finch Farm training headquarters and money that has gone into the planned new stadium at Bramley-Moore Dock means they should still comfortably avoid any issues.
Ryazantsev, who dismissed long-term links with Crystal Palace winger Wilfried Zaha as “not realistic”, told shareholders at the annual meeting in Liverpool’s Philharmonic Hall: “We remain compliant with FFP as of 2018-19 and we remain committed to being compliant in the future.”
The meeting, which was not attended by owner Farhad Moshiri, got off to an unexpected start as one shareholder, Professor Tom Cannon, argued director of football Marcel Brands should not be reappointed to the board.
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Cannon was the only objector and Brands later told the room: “I have been here for 19 months, four transfer windows, and we’ve done over 70 deals.
“That’s a lot, and too much for a club like Everton.”
The meeting was also told that Moshiri’s long-time business partner, Uzbek billionaire Alisher Usmanov, has agreed a £30m naming rights option for the club’s planned new 52,000 capacity home.
Everton’s figures come on the back of a season in which they splashed out £80m-plus on signings including Richarlison, Lucas Digne and Yerry Mina.
The captures did not help Silva in his ambition to get Everton back into Europe as they finished eighth, three points behind Wolves and Ryazantsev stressed the need for continental competition as a long-term income driver.
While the global figure was eye-catching, the operating loss, taking an extra month into account, stood at £29.7m.
And it seems the club is ready to bankroll new boss Carlo Ancelotti.
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Chief executive Denise Barrett-Baxendale said: “We are in the middle of one of the most significant transitions in the club’s history and setbacks were expected.
“The accounts reflect our ambition and position as a Club in the early stages of an investment programme.
“We have been aware of and planned for the impact the investment would have on our short-term profitability and this is part of a long-term sustainable business plan that demonstrates our commitment to operating in a financially sustainable manner.”