Finance expert Kieran Maguire: £100m Everton wage rise under Farhad Moshiri, director up £800k
Everton player wages increasing £99million under Farhad Moshiri and an £800,000 director’s pay rise are part of worrying numbers provided by Kieran Maguire.
The club released their accounts for the year to June 2021 which revealed a loss of £120.9million, heavily affected by Covid-19, the third year in a row that losses exceeded £100million.
The statement pointed to record turnover of £193.1million, and the “continued unwavering support and commitment” of owner Farhad Moshiri as positives.
But analysis from football finance expert Maguire has tempered that positive number as a quirk in the number of games played during the period, among other unfavourable points.
On his personal Twitter account Maguire wrote in a thread: “Revenue a record £193m mainly due to extra EPL matches played in period 1 July 2020 to 30 June 2021.
“Main income source is broadcast which was up £48m because 44 games played in year to 30 June 2021 compared to 32 in 2020.
“Main expense is player related. Wages continue to rise, up almost £100m in the Moshiri era. Everton 2nd biggest payer of the ‘Other 14’ clubs. Wages £98 for every £100 of income, highest in PL.”
In the final message on the thread he pointed out: “Highest paid director had an £800,000 pay rise to just over £2m.”
Laid bare
The figures don’t make for comfortable reading for those inside the club, or the fans.
The major pay increase for the highest paid director will stick in the craw of many, considering the opposite direction that the club’s fortunes have been heading.
And the fact that the Toffees pay the highest wages in the Premier League outside of the “big six” and FA Cup holders Leicester, without any trophies or European football to show for it is another reminder of the poor squad management.
That this level has risen almost £100million since Moshiri bought the club could be seen as admirable support.
But the complete lack of corresponding success on the pitch renders that useless.
98% of revenue going on player wages is clearly unsustainable, and with the Alisher Usmanov sponsorship gone it is no surprise that the club is having to work with the Premier League to ensure it does not get sanctioned under the sustainability rules.
In other Everton news, the release of the accounts saw a dig at the club on Twitter spark a furious row between football journalists.
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