By Kieran Maguire

11th Jan, 2021 | 4:00pm

'How On Earth...?' - Exclusive: Finance wizard lays bare Everton view after £140m reveal

Everton are fortunate that Financial Fair Play rules were made more lenient amid the Covid-19 pandemic as they otherwise would have struggled to operate within them.

So says finance wizard and new Football Insider columnist Kieran Maguire, speaking to correspondent Adam Williams as Everton announced massive 2020 losses totalling £139.9m.

Normal FFP rules allow clubs to lose up to €30m across three years as long as €25m of that figure is covered by an owner.

FFP was relaxed in June to allow owners to pump more money into clubs to cover losses — 2020 and 2021 will now be assessed under FFP as a single financial year.

Had it not been for UEFA’s leniency, the Toffees might have found it difficult, says Maguire, just as they might in the future if they are unable to generate greater matchday revenue.

He told Football Insider: “The challenge for the Everton is going to be one of keeping within Financial Fair Play because they are pretty close to that limit these days.

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“I think they probably benefited slightly from the rules being relaxed a little bit as a result of the pandemic.

“From an Everton point of view, they’ll be thinking how on earth are they going to catch up to teams like Spurs in terms of their revenues. While they’re at Goodison, they can’t. Goodison is nice, but it isn’t lucrative enough.”

As is well-documented, Everton are looking to move away from Goodison Park.

A new, 52,000-seater arena has been proposed on the Bramley-Moore Dock and is estimated to cost around £700m, twice as much as initial presumptions.

In other news, a top pundit has made a big Everton wage-cut prediction.