Everton majority shareholder Farhad Moshiri increases investment to £400m
- Published
Everton chairman Bill Kenwright (left), manager Carlo Ancelotti (centre) and majority shareholder Farhad Moshiri (right)
Everton say majority shareholder Farhad Moshiri has increased his total investment in the club to £400m.
The Toffees have announced record losses of £139.9m, up from £111.8m last year, but attribute £67.3m of that to the impact of the coronavirus pandemic.
Their net debt position is down from £9.2m to £2.3m because of Moshiri's backing.
Moshiri contributed an additional £50m in the 2019-20 accounts, taking his total investment to £350m by 30 June.
The British-Iranian, 65, then provided a further £50m by November.
The figures were released in Everton's annual report, covering 2019-20.
Everton's board of directors is also proposing to create and issue new shares, which represent up to an additional £250m of investment, to Moshiri's Blue Heaven Holdings Limited.
Moshiri, who now has a 77.2% stake in the club, first bought into Everton in February 2016.
Everton say they made a record commercial revenue of £76m and were aiming for £220m before the pandemic.
"Clearly this has been a very challenging year," said Everton chief executive Denise Barrett-Baxendale.
"Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic."
She added that it was "encouraging" that the club's commercial performance has improved.
The accounts also show the club spent £113m on players in the last year with another £70m in the most recent transfer window.
It also paid £6.6m in compensation after sacking former boss Marco Silva and his coaching staff in December 2019, before recruiting new manager Carlo Ancelotti.
Everton are hoping to move to a new stadium at Bramley-Moore Dock in Liverpool by 2023 and released revised designs for the venue in September. The club spent £20m on stadium preparation plans.
It is thought work on the 52,000-seater stadium, which will cost an estimated £500m, could start in 2021 if permission is granted.
Barrett-Baxendale said the new stadium bid "continues to progress in line with our project plan".
Everton are ninth in the Premier League after 11 matches this season.
