Demari Gray transfer gives Everton slight financial buffer with 335% profit
The sale of Demari Gray has earned Everton a profit of £7.4million this summer, or 335% of what they spent to sign him, according to the Liverpool Echo.
The newspaper reported on Thursday (7 September) following the Jamaican international’s move to Al-Eiitifaq that the Toffees would have turned a healthy but largely hugely impactful profit having signed him from Bayer Leverkusen for £1.7m in 2021.
Gray was Everton’s only purchase that summer due to the poor financial situation and his acquisition was amortised over his three-year deal, meaning the transfer fee listed on the books was only £560,000 a year, so profit could only be made on a sale fee over the remaining book value for the final year of his contract.
Therefore in an £8m sale, Sean Dyche’s side would have earned £7.4m profit or around four and a half times the original fee they spent to bring the 27-year-old to Merseyside.
Discussing the sale, Dave Powell wrote: “While not a sum that will drastically change Everton’s financial picture, should the club have been able to negotiate a large payment upfront, as was likely, it will aid their cash flow situation.”
Small help
Gray was quite clearly not a part of Dyche’s plans moving forward at Goodison Park and that was confirmed following his very public spat with the former Burnley boss, so for the Toffees to be able to move him on and turn a profit so late in the window is wise business.
But given the extremity of the financial situation at Everton currently, it feels like this is equivalent to running a tap on a house fire. £7.4m isn’t much money in the world of modern football and won’t go a long way to keeping the Toffees head above the water financially.
Everton needs investment quickly, with no new ownership seemingly in sight and their allegations over breaking the financial fair play restrictions of the Premier League being heard by a panel in October, they need more money through the door at Goodison.
For the most part, the transfer window is shut until January and the Toffees will no longer be able to sell a player for a quick fix of cash. They must find a more permanent solution to end their financial woes.
In other Everton news, a verdict has emerged over the possibility of the Toffees entering administration