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Everton blame Covid for record £140 million loss

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[FILES] Everton’s Italian head coach Carlo Ancelotti watches from the touchline during the English Premier League football match between Tottenham Hotspur and Everton at Tottenham Hotspur Stadium in London, on September 13, 2020. (Photo by Alex Pantling / POOL / AFP)

Everton have announced club record losses of £139.9 million ($186 million) after the implications of the coronavirus pandemic significantly impacted revenues.

The Toffees said the impact of Covid-19 amounted to an unforeseen loss of £67.3 million due to a cut in matchday revenue and television rebates.

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However, the figures show Everton would still have made a huge loss without the disruption of the pandemic after also posting a then-record loss of £111.8 million last year.

The club spent £113 million on new players for the 2019/20 season and have splashed another £70 million in the most recent transfer window as well as recruiting Carlo Ancelotti as manager on a lucrative four-and-a-half year deal in December 2019.

The sacking of former manager Marco Silva and his coaching staff a year ago amounted to £6.6 million in compensation costs, while another £20 million was spent on preparation for a new stadium.

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Everton chief executive Denise Barrett-Baxendale said: “The impact of Covid-19 having a profound, wide-reaching and material impact on our figures.

“Prior to the pandemic, we were forecasting record revenues in excess of £200m. Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic.”

To help offset the losses majority shareholder Farhad Moshiri pumped in £50 million of his own money during the last financial year up to June 2020 and has already put in a further £50 million since.

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That took his investment in the club since assuming control in February 2016 to £400m with plans for a further £50m to be injected by the end of this season.

Everton finished 12th in the Premier League last season and have slipped to ninth this season after a bright start to the campaign took them top in October.

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