Moving into their new stadium at Bramley-Moore Dock remains at the apex of developing Everton’s finances going forward and the club remain totally committed to completing its construction. Progress remains on track over the three-year build of the hugely ambitious riverside project with the Blues still confident of moving into the new home by the banks of the Mersey in 2024.
With Everton’s accounts for FY21 released today, a significant increase in the club’s net debt from £2.3million to £58.7million is largely due to investment in the new stadium. As the overall accounts show, losses of at least £170million are attributed to the impact of the coronavirus pandemic on the club while further market analysis has indicated the real figure could include an additional £50million.
While it’s often stated that lucrative television deals make gate receipts less important for Premier League clubs, such sweeping statements do not tell the full story. The mere £200,000 Everton raked in from a financial year in which games were played almost entirely behind closed doors – there were restricted attendances of 10,000 and three at 2,000 for three Premier League fixtures plus a Carabao Cup tie – demonstrates the devastating impact COVID-19 had on matchday revenues.
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However, even though such restrictions have since been lifted throughout the current campaign with capacity crowds having returned, the figures generated at Goodison Park remain a drop in the ocean compared to the game-changing benefits that the stadium move will bring in terms of helping to restore the Blues to among the game’s major players. For example, football finance expert Kieran Maguire estimates that Tottenham Hotspur’s annual matchday income will jump to around £120million now that their new stadium is back fully operational compared to the £35-40million they used accrue at White Hart Lane.
Today’s update that the fourth core, representing the four corners of the stadium, has now been installed, was hailed as a “huge milestone” by Laing O’Rourke’s Project Engineer on site and represents more tangible evidence of the progress being made. Although Everton chiefs acknowledge that this is a challenging time to embark on a construction project of this magnitude, it’s testament to how smoothly this aspect of the club is moving along.
The Blues’ new stadium has already overcome the far from insignificant hurdles of the aforementioned global pandemic that saw professional football in England played without crowds for the first time in its history, going back over 130 years; the threat of a European Super League and now a full-scale war in Europe (which prompted the severing of financial ties to Russian-based training ground sponsors USM who also had also paid for an option on naming rights at Bramley-Moore Dock ) and the knock-on effect of increasing costs for many items, including building materials.
Add to this the current on-the-field woes – while Everton are obviously determined to still be playing Premier League football when they depart Goodison Park – worried fans can at least have their fears allayed that there are no plans to either shelve or pause the project should Frank Lampard’s side suffer relegation.
Indeed, any concerns that owner Farhad Moshiri’s dedication to the club might waver after the recent parting of the ways with his long-time business associate, the sanctioned Alisher Usmanov, are also understood to be wide of the mark. The majority shareholder’s continued commitment was demonstrated by his £100million injection into Everton to increase his stake in January while senior staff say he is determined to “finish what he has started” in terms of his quest to create a winning team and a modern home for the Blues.
While it goes without saying that he’s found the former rather difficult – despite hundreds of millions being spent on player recruitment, playing fortunes have so far dramatically declined – in many ways, delivering Everton’s iconic new stadium which will form an eye-catching fresh element among the city’s famous maritime skyline, could well prove to be his biggest legacy.
