Everton have recorded losses of £89.1 million in their latest accounts.
The figure for the financial period ending June 2023 showed the Goodison Park club’s deficit doubled from the £44.7M recorded for the previous year.
Turnover dwindled by £9M, leading to a small increase in wage-to-revenue ratio of 92% in a period where several high earners were still part of the first team.
Sponsorship revenues came in at £19.2M with the loss of USM Holdings as the Blues’ commercial sponsorship cited as a significant contributing factor.
Severance packages for ex-directors Denise Barrett-Baxendale, Grant Ingles and Graeme Sharp, who all left last summer, cost the club a combined £2.5M.
Parting with Frank Lampard and his backroom staff also led to a further £7M outlay as the club’s losses for the last three financial years totalled £255M.
Operating costs increased by £16.4M to £40.9M, which Everton partially attributed to their pre-season tour to the USA and mid-season trip to Australia.
Auditors Crowe LLP reaffirmed their existing view that relegation would trigger a ‘material uncertainty’ in the club’s ability to operate as a going concern.