[ad_1]
Everton says majority shareholder Farhad Moshiri has increased his total investment in the club to £ 400 million.
The Toffees have announced record losses of £ 139.9 million, from £ 111.8 million last year, but attributes £ 67.3 million to the impact of the coronavirus pandemic.
Its net debt position fell from 9.2 million pounds to 2.3 million pounds due to Moshiri’s backing.
Moshiri contributed an additional £ 50 million to the 2019-20 accounts, bringing his total investment to £ 350 million by June 30.
The British-Iranian, 65, provided another 50 million pounds in November.
The figures were published in Everton’s annual report, which covers 2019-20.
Everton’s board of directors is also proposing to create and issue new shares, representing up to an additional £ 250 million investment, for Moshiri’s Blue Heaven Holdings Limited.
Moshiri, who now has a 77.2% stake in the club, first bought Everton in February 2016.
Everton says they made a record business income of £ 76 million and were targeting £ 220 million before the pandemic.
“Clearly, this has been a very challenging year,” said Everton CEO Denise Barrett-Baxendale.
“Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic.”
He added that it is “encouraging” that the club’s business performance has improved.
Everton hopes to move to a new stadium at Bramley-Moore Dock in Liverpool by 2023 and launched revised designs for the venue in September.
Work on the 52,000-seat stadium, which will cost roughly £ 500 million, is believed to start in 2021 if permission is granted.
Barrett-Baxendale said the new stadium offering “continues to move forward in line with our project plan.”
Everton are ninth in the Premier League after 11 games this season.
