For a second year running, football fans have found themselves asking the question: ‘Could Everton actually go down?’
This year, the situation is arguably looking even bleaker. They are 19th with five games left to play and even with such an experienced coach like Sean Dyche at the helm, it is extremely hard to see where the points are coming from.
The revolt on Merseyside from the fans will be vicious if the Toffees do go down to the Championship, but the owners of the club will be more concerned with what it means for the finances. As their recent financial results showed, they could be the team most affected of the three that go down.
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Everton were founding members of the Premier League in 1992 but their history in the top flight goes back much further than that.
The last time that the Toffees were relegated from the top flight of English football was way back in 1951. This is unchartered territory for almost everyone inside Goodison Park.
Everton are something of a financial enigma as far as many fans are concerned because everyone knows they have financial issues, but they are also aware that they have been able to spend ridiculous amounts of money on players and are building a new stadium.
At the end of March, the club published the annual financial accounts which showed losses of £44.7m for the 2021/22 season – the fifth season in a row in which they have recorded losses. Even though that was a reduction on the £120.9m loss from the year before, the Premier League has referred Everton to an independent commission for an alleged breach of profit and sustainability rules.
Everton CEO Denise Barrett-Baxendale has said the club is secure with majority shareholder Farhad Moshiri investing another £70m, but the auditors are far more fearful about the future of Everton should they get relegated.
“Should the club be relegated, it will require additional financial support from its majority shareholder,” they said in the report. “These matters indicate that a material uncertainty exists that may cast significant doubt over on the group’s ability to continue as a going concern.”
Somewhat damningly, ESPN journalist Mark Ogden said to Sky Sports News: “Clubs are limited to £105m losses over three seasons and their losses are probably three or four times higher than that. Whenever Everton’s day comes, whether it’s this…
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