- Sponsorships, advertising and merchandising revenue rose to £24.3m.
- Significant debt restructuring has taken place under The Friedkin Group.
- Best financial return for eight seasons for the resurgent Toffees.
Everton had the best financial final season results in eight years at Goodison Park. Accounts for the 2024-25 season, published on Tuesday, show revenues climbed to a club record £196.7m and the pre-tax loss fell to £8.6m, a significant improvement on the £53.2m loss recorded the previous year.
As Everton’s annual financial report was released, the numbers reflect a club in transition. Commercial revenue grew 22 per cent following new deals with Red Bull, Nemiroff and Corpay. The wage bill fell to £152.1m, the fifth-lowest in the Premier League, and Everton finished 13th, an overachievement given the financial constraints.
How Everton achieved PSR compliance
Everton had an improvement in its loss position, aided by an internal restructuring completed on June 27, three days before the end of the financial year. The club registered a new holding company, EFCW Holding Company Limited, to house the women’s team’s operations and Goodison Park.
The intragroup sale of those assets to the new entity generated a near-£50m accounting gain, driving the best pre-tax result since 2016-17.
Everton have always maintained the primary driver was a desire to separate the operations of the men’s and women’s teams and attract fresh investment for the latter.
In December, the club announced that Canadian group GED Investments had acquired a minority stake in the women’s team. The deals were ratified by the Premier League, Women’s Super League and the FA.
Without that internal sale, Everton’s overall loss would have exceeded the previous year’s £53.2m figure. The club’s underlying operating loss was £64.7m, still a near £20m improvement on 2023-24, showing that while progress has been made, the financial reset is incomplete.
Debt restructuring under The Friedkin Group (TFG)
Perhaps the most significant development reflected in the accounts is the transformation of Everton’s debt position under The Friedkin Group. Before TFG’s arrival, Everton’s debt topped £1bn when including the £451m owed to former owner Farhad Moshiri, and was owed to an array of lenders of varying repute.
That picture has changed dramatically. Everton now have a £350m stadium financing deal with JP Morgan Chase, repayable over 30 years at market rates, as well as a five‑year revolving credit facility with the same lender worth £130m.
Crucially, the cost of servicing that debt has tumbled, from £43.6m in cash interest payments in 2023-24 to £24.4m last season.
The £450m shareholder loans provided by Moshiri’s BlueSky Capital were also turned into equity around the time of TFG’s takeover, removing another regulatory hurdle. There was no ‘going concern’ warning from auditors Crowe, a stark contrast to previous years.
Why Everton can have a difficult European position
Everton’s improved financial position has given them regulatory headway to attack the transfer market this summer. The club spent £114m net last summer on players, including Tyler Dibling, Thierno Barry and Kiernan Dewsbury-Hall, and that investment is expected to continue under TFG.
But there is a complication. While the internal sale of the women’s team and Goodison Park counted towards Everton’s Premier League PSR calculation, UEFA rules prevent clubs from including intragroup sales in their football earnings rule calculation.
If Everton qualify for Europe this season, where they sit eighth, three points off fifth place, they will be assessed on their three-year losses covering 2023-26. UEFA’s loss limit is around half the Premier League’s, and without that £49.2m gain, compliance looks difficult.
Chelsea and Aston Villa both received fines and reached settlement agreements with UEFA for similar breaches in recent years. If Everton secure European football, they would likely face a similar process.
Hill Dickinson Stadium is an opportunity for Everton
The full impact of Everton’s move to Hill Dickinson Stadium will become clear in next year’s accounts. The 2024-25 figures cover the final season at Goodison Park, but already there is early evidence that the new ground can be a game-changer.
Revenues for 2026 are expected to rise to around £250m-£260m, depending on final league placing. New partnerships have been signed with Pepsi and Budweiser, alongside the stadium naming rights deal with Hill Dickinson.
The stadium will host England men’s rugby union, England women’s football and rugby league’s Magic Weekend this year.
Chief executive Angus Kinnear highlighted the significance of the move. “The delivery of Hill Dickinson Stadium has been central to progress,” he said. “It represents a transformational opportunity for the club, our supporters and the wider city, and will play a key role in driving future revenues. Growing our revenues is essential if we are to support our ambitions on the pitch and compete consistently at the highest level.”
Running the new stadium is expensive as costs are forecasted to double compared to Goodison. However, the revenue potential is significant.
Kinnear’s summary captured the wider picture. “Over the course of the financial year, and particularly following the change in ownership, the club made significant progress in stabilizing the financial position and creating a platform for long-term growth,” he said.
“While these results show improvement, we know there is more work to do. With a strengthened financial foundation, committed ownership and a clear strategic direction, we are focused on continuing to grow sustainably and building a competitive future.”
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