Kieran Maguire issues '£1.5bn' reveal as official Everton claim shot down
Premier League clubs spent £1.5billion in 2020-21 – that flies in the face of the Everton view of the impact of the pandemic on their finances.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the extent to which Covid hit the transfer market.
Everton revealed a staggering £103million shortfall in their latest set of accounts, taking total losses over the last three years to £373m.
The Toffees, who filed their full results with Companies House on Tuesday (5 April, estimate the pandemic has hit them to the tune of £82.1m in total.
The calculation takes into account lost gate receipts, broadcast rebates, commercial shortfall and the shrinking of the transfer market.
But Maguire claims that the level of spending throughout the league stands in contradiction to Everton’s claim.
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“Of the 16 clubs who have reported their results, they have spent over £1.5bn,” he told Football Insider‘s Adam Williams.
“That doesn’t indicate a softening of the market. Seven clubs in the top flight spent over £100m in 2020-21, which was the season most impacted by Covid.
“That doesn’t suggest that the market has been hit to a huge degree. Everton themselves spent £81m.
“Their sales were low, admittedly. But you can’t necessarily chalk that up entirely to the pandemic.”
The Premier League’s financial fair play regulations permit clubs to lose no more than £105m over a rolling three-year period.
The Daily Mail reported on 15 March that Everton now have a monitoring agreement in place with the league to stave off financial punishment.