Moshiri to make big Everton investment as COVID-19 losses bite

Everton majority owner Farhad Moshiri is set to invest up to GBP 250 million to help the club deal with the fallout of the COVID-19 pandemic.

Everton majority owner Farhad Moshiri. - AP

Everton majority owner Farhad Moshiri is set to invest up to GBP 250 million (USD 330.45 million) to help the club deal with the fallout of the COVID-19 pandemic as the Premier League side announced losses of almost GBP 140 million on Friday.

Despite generating a record GBP 64 million from sponsorship, advertising and merchandising up to June 30, 2020, the club announced a loss of 139.9 million as the pandemic affected broadcasting, commercial and matchday revenues.

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“Our final accounts show that a significant proportion of our losses have been directly attributable to the pandemic,” Everton CEO Denise Barrett-Baxendale said in a statement on the club’s website.

'Encouraging'

“However, in this period, it is encouraging that our commercial performance has improved markedly, and this will continue to be a priority moving forward.”

In a separate statement, the club announced that the board of directors is proposing to create and issue new shares to Moshiri’s Blue Heaven Holdings Limited. Moshiri is Everton’s major shareholder, holding over 77 percent of the club’s shares.

“This investment will provide a welcome injection of capital into the Club as it continues to address the significant financial challenges presented by COVID-19,” the statement said.