• Overall debt rises from £44.9m to £46m for 2011-12 • Club record net loss of £9.1m for the same period

The financial constraints on David Moyes's attempts to lead Everton into the Champions League have been underlined in the club's latest set of accounts that show a net loss of £9.1m for 2011–12 and wages rising to 75% of turnover.

Everton's loss increased by approximately £4m on 2010-11 and overall debt rose from £44.9m to £46m, despite the sales of Mikel Arteta, Yakubu Ayegbeni, Diniyar Bilyaletdinov, James Vaughan and Jermaine Beckford.

Nikica Jelavic and Darron Gibson were Moyes's only permanent signings in that period, though Steven Pienaar and Landon Donovan were signed on loan and new contracts were awarded to Marouane Fellaini, Tim Howard, Phil Neville and Ross Barkley.

The club's wage bill increased from £58m in 2010-11 to a record £63.4m the following year. Wages accounted for an alarming 75% of turnover, which fell from £82m to £80.5m as a result of four fewer games being selected for live television, lower attendances and a fall in season-ticket sales.

Bill Kenwright, Everton's chairman, said: "The last financial year presented us with a new series of challenges in addition to the usual pressures we confront on a regular basis. An inexplicable lack of support from our broadcast partners resulted in a significant reduction in live TV selections on previous years, while a fall in gate receipts and season-ticket sales also had a negative impact on our bottom line. I am happy to report that all three of these important contributors to our fiscal well-being are in a much improved position this season."

Kenwright also reiterated his intention to sell Everton to a suitable buyer. He added: "My desire to find a person, or institution, with the finance to move us forward has not diminished. Despite the challenges presented by a global economic downturn, we remain positive and determined. We will find major investment."

Moyes recently admitted "there is only a small amount available for maybe a couple of loan signings" in January, despite taking Everton into contention for Champions League qualification in the final season before a record Premier League television deal comes into effect.

Everton, meanwhile, have announced that Phil Jagielka has signed a two-year contract extension that will keep him at Goodison Park until 2017. The 30-year-old England international has been outstanding since his £5m arrival from Sheffield United in 2007 and is earmarked to be the club's next captain by Moyes. Everton are also looking to secure Leon Osman on a new long-term deal. Osman has 18 months remaining on his deal.