Everton have announced record losses of almost UK£140 million (US$188 million) after the implications of the coronavirus pandemic significantly impacted revenues, reports, www.sportspromedia.com/.
The club's deficit after tax was UK£139.9 million (US$187 million), considerably worse than a year ago when they posted a then-record loss of UK£111.8 million (US$150 million), albeit over a 13-month accounting period.
Everton said the cost of Covid-19 amounted to an unforeseen loss of UK£67.3 million (US$90.4 million).
To help offset the losses majority shareholder Farhad Moshiri pumped in UK£50 million (US$67.1 million) of his own cash during the last financial year up to June 2020 and has already put in a further UK£50 million for the current period.
That took his investment in the club since assuming control in February 2016 to UK£400 million (US$537.5 million) with plans for a further UK£50 million to be injected by the end of this season.
As a result the club have taken steps to create and propose a new share issue to Moshiri's Blue Heaven Holdings Limited up to a value of UK£250 million (US$336 million), with the conversion of previous shareholder loans into equity equating to UK£150 million (US$201 million) of that total.
That would potentially take his share in the club from 77.2 per cent to 93.3 per cent.
