Everton announce record losses of £111.8m for year to June 2019

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Everton chairman Bill Kenwright (left), manager Carlo Ancelotti (centre) and majority shareholder Farhad Moshiri (right)Everton have announced record losses of £111.8m for the year to June 2019 but say they are “committed to operating in a financially sustainable manner”.The losses have been adjusted for a 13-month period to incorporate when players’ contracts come to an end. But after a £30.6m profit in 2017 and a £13.1m loss in 2018, the latest figures show the alarming rate of spending under majority shareholder Farhad Moshiri.Premier League profit and sustainability rules allow for a £105m loss over three years, with Everton’s total loss in the same timeframe at £94.3m.That does not include spending on Goodison Park and the club’s academy, which reduces that loss.But spending on players has taken wages to £160m, with Everton’s wage-to-revenue ratio increasing from 77% in 2018 to 85% for last season.Moshiri has spent about £450m on players and changed manager four times since he took over at the club in February 2016

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