Everton: Kieran Maguire outlines Alisher Usmanov role in huge Goodison Park financial losses
Football finance expert Kieran Maguire has explained why Everton recorded such a big loss in their 2022-23 financial accounts.
The Toffees announced on Sunday (31 March) that they posted a loss of £89.1m for that financial year – a rise from £44.7m the previous year.
Everton’s latest figures are deeply concerning at a time when the 777 Partners takeover remains in the balance.
Speaking on BBC Radio Merseyside [1 April, 08:01am], Maguire shared that cutting ties with Alisher Usmanov is partly to explain.
“It factors in the loss of, effectively, the financial and commercial support from Alisher Usmanov,” he said of the 2022-23 figures.
“There’s very little change in terms of wages, and the club has legacy issues with regards to transfers. It means that the losses are pretty steep.”
Alisher Usmanov no longer involved at Everton
Russian billionaire Usmanov is a former business partner of Everton majority shareholder Farhad Moshiri.
Usmanov pumped money into the club via various means, but he was sanctioned by the United Kingdom government over his links to Russian president Vladimir Putin.
With Usmanov no longer behind the scenes, a source of substantial revenue has dried up, helping to explain why the club’s debts now stand at £330.6m.
There are other reasons why that figure has been allowed to grow and grow, of course, such as badly advised transfers and player contracts.
But losing this particular revenue stream could not have been predicted ahead of time, and has been cited by the club as a reason why they breached the Premier League’s financial rules.
If the situation Everton find themselves in sounds bleak, that is because it very much is. You would like to hope the only way is up from here, but you would never be confident of that being the case with this club.
In other Everton news, Jamie O’Hara shot down a claim made by a Toffees fan live on talkSPORT.
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