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

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

FILE PHOTO: Soccer Football - Premier League - Everton v Arsenal - Goodison Park, Liverpool, Britain - December 21, 2019 New Everton manager Carlo Ancelotti with chairman Bill Kenwright and owner Farhad Moshiri Action Images via Reuters/Jason Cairnduff

REUTERS: Everton majority owner Farhad Moshiri is set to invest up to 250 million pounds (US$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 140 million pounds on Friday.

Despite generating a record 64 million pounds 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.

"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 http://www.evertonfc.com.

"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 77per cent 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.

(US$1 = 0.7565 pounds)

(Reporting by Philip O'Connor; Editing by Christian Radnedge)

Source: Reuters

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