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Everton have released their annual accounts for 2015/16 and have confirmed that major shareholder, Farhad Moshiri has cleared the club’s debts by providing an interest-free loan of £80million with no agreed repayment date.

For for the third successive season the Blues have posted a turnover in excess of £120million but they announced a post-tax loss of £24.3m.

Moshiri's stance is similar to the policies employed at Everton by Sir John Moores during his stewardship and chairman Bill Kenwright said: “I’m more positive now about the future of our great club than I’ve been during my time as chairman.

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“Those who know me will appreciate how hard I’ve been looking for the right person to take our beloved club forward.

“I have absolutely no doubt that in Farhad Moshiri we have found someone not only with the wherewithal - and we all know how important that is these days - but also with a deep understanding of the game and a growing appreciation of all things Everton.”

Despite not competing in the Europa League, turnover in the 2015/16 season amounted to £121.5m, the second highest in the club’s history, following on from record turnover of £125.6m in 2014/15 when the Blues reached the last 16 in UEFA’s secondary club competition.

Broadcast revenue increased by £0.8m as a result of 18 live Premier League TV selections, compared to 17 in 2014/15, with the club receiving the 10th highest Premier League broadcasting distribution, compared to ninth in 2014/15.

For only the second time in the past 20 years, the club secured consecutive average league attendances of more than 38,000 - 38,132 in 2015/16 and 38,406 in 2014/15.

Gate receipts decreased by £0.3m due to the absence of European football, offset by the club’s improved domestic Cup performances, reaching the semi-finals in both the FA Cup and League Cup.

The sustained level of turnover enabled continued investment in the playing squad. Internationals Tom Cleverley and Aaron Lennon (England), Ramiro Funes Mori (Argentina), Gerard Deulofeu (Spain) and England Under-21 international Mason Holgate, all arrived in the summer of 2015.

(Image: 2016 Getty Images)

Net payments on player transfers totalled £24.7m, while new contract extensions were secured for James McCarthy, Kevin Mirallas, Mo Besic, Brendan Galloway and Bryan Oviedo.

This investment led to staff costs rising by 8% to £84.0m, compared to £77.5m in 2014/2015, with new contracts contributing to the club’s wages as a percentage of turnover (including outsourced catering and retail revenues) reaching 65% in 2015/16.

The inclusion of the amortisation of players’ registrations of £22.4m (increased from £19.1m in 2015 due to the player additions and contract extensions mentioned above being amortised over each players’ contract term), and profit on disposal of player registrations of £7.8m, gives a loss before interest and taxation of £20.6m compared to a profit of £1.8m in 2014/2015.

With the incorporation of the annual net interest charge of £3.7m (£6.4m in 2014/2015, a reduction of £2.7m due to the adoption of new accounting standards FRS102 incorporating positive movements in the fair value of financial derivatives, in the form of fixed foreign exchange contracts taken out on foreign player creditors), the results for the year present a post-tax loss of £24.3m (versus a £4.6m loss in 2014/2015).

Chief executive Robert Elstone said: “The results reflect a challenging year for the club. Performance on the pitch directly impacted commercial income with key deals reduced as a result of the club’s finishing position. “We also lost out on European revenues, directly from UEFA, from our partners by way of performance bonuses and, of course, gate receipts.

“Despite the challenges, we are pleased to be able to report the second highest level of turnover in the club’s history.

“Looking forward, for the first time in as long as we can remember, in 2016/17, there is a good chance that Goodison Park will be full for every game.

“We are also benefiting from the increased revenues under the significant new broadcast deal. And, as we always do, we will also continue to look for growth in all areas, in particular, as we approach the mid-point of the final year of the current Chang partnership, with a clear focus on our main sponsor opportunity.”

Click here for Everton's full statement.