Everton have made an operating loss of £6.7million for the year ending May 31st 2009.
Despite announcing a record turnover Toffees make operating loss
Everton have released figures showing that the club made an operating loss of £6.7million for the year ending 31st May 2009.
It comes as another blow to the Toffees after their proposed move to Kirby, in a joint venture with Tesco, was rejected by the Liverpool Council last week.
The news comes despite the club making a record £79.7million turnover, £4million up from last year, but higher player wages resulted in the loss.
The disappointing news off the field came after Everton put together another solid season on the pitch having finished fifth in the Premier League and making it to the FA Cup final.
Despite the loss Toffees chairman Bill Kenwright has vowed to continue to back manager David Moyes as much as he can in the transfer market.
"As has always been the case, David Moyes was fully supported by myself and by my fellow board members," he said in a statement.
"He remains the single most important figure at the club and we all strive - on a daily basis - to provide him with the tools he believes are necessary if we are to continue to evolve and develop into a genuine, meaningful force within both English and European football."
Hugely satisfying
Kenwright also went on to state that the financial position of the club should not detract attention away from the good work done by Moyes on the pitch.
"Our wonderful FA Cup run quite possibly deflected attention from what was another hugely satisfying Premier League campaign," he added.
"To again finish fifth in what remains Europe's toughest and most unforgiving league was a magnificent achievement - one which guaranteed another European campaign to continue the steady progress which has hallmarked David Moyes' tenure as manager.
"Maintaining our progress, continuing to punch above our weight if you like, will be very difficult but I stand by my assertion that we have a manager who will go down as one of our all-time greats and a squad of players that is amongst our very best over the last two decades."
Everton generated £21.9million from match tickets and hospitality while £48.6million was raised from television revenue - the Toffees were live on TV a record 17 times last term.
This resulted in an operating profit of £6.3million but after the paying back of £13million worth of player registrations, turned into a loss of £6.7million.
