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Tottenham cash in as £17m Everton PSR issue exposed
There is a financial cliff edge between Everton and Tottenham at present and the chasm is continuing to grow wider.
🔴The stratification of wealth in the Premier League is not a new phenomenon, but increasing revenues from UEFA competitions and a skewed financial distribution is having a distorting effect.
A decade ago, Spurs‘ annual revenue was £141m, while Everton‘s was £121m.
ꦑIn the last financial year, Everton’s total was £172m and while Spurs turned over £550m.
🍷Yes, there are a number of variables at play here.
⛄The sporting trajectories of the two clubs have differed dramatically and Tottenham moved into one of Europe’s best stadiums five years ago, for instance.
♛But any number of examples can be used to show that the gaps between the haves and the have-nots in the Premier League are becoming more entrenched.
💞Everton will face a fresh Premier League hearing relating to their PSR position (Profit and Sustainability Rules) later this year and have been beset by financial issues since Farhad Moshiri‘s cash dried up.
They will hope that the eventual resolution of a drawn out takeover saga will help, although the jury is still out for many fans with regards to the suitability of Crystal Palace multi-club mogul John Textor.
♛Meanwhile, the move to a new home at Bramley Moore Dock in 2025-26 represents the ultimate light at the end of the tunnel for Everton.
🍌And the latest revelations show just how badly the Toffees need to make the switch.
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Mind-boggling stat shows how much Everton need stadium move as Tottenham rake it in
🎶Everton have signed three lucrative sponsorship deals🔴 for their new stadium already, with the most recent deal with luxury watch brand Christopher Ward announced earlier this month.
They are also set to stage Euro 2024 matches at Bramley Moore Dock൲ in a move that a recent UEFA study illustrated could be worth tens of millions.
🅰Everton’s matchday income alone is expected to reach £40m🔯 once they move in, but Spurs have proved that financial gravity of a modern stadium goes well beyond cash generated through the turnstiles.
In fact, data seen by TBR Football 🃏shows that the North London club earn upwards of £800,000 from food and drink sales alone per matchday at the Tottenham Hotspur Stadium.
✱For context, that figure extrapolated over the course of a season is about the same as Everton generated from their entire matchday operation – their takings were £17m in the last financial year.
💧Everton’s stadium will have a more modest capacity than Spurs’ and they are unable to charge a London premium, but the move to Bramley Moore can be just as transformative for the club.
♎Tottenham earned £118m all told from matchday income 🍨in the last financial year, almost triple what they banked at White Hart Lane.
Bramley Moore Dock now fully funded
🦩Earlier this summer, Everton CEO Colin Chong revealed that Everton are no longer seeking any external funding for the new stadium.
The £200m loan received from Dan Friedkin♕ during his failed attempt to take over the club is believed to have been the final piece of the puzzle.
🌄That loan is due for repayment at an unspecified date in 2025, however, and Friedkin will also likely have the right to demand repayment once the club has changed hands via a change of control clause.
🌌The chances of the AS Roma owner doing that are remote as he would likely renegotiate, but the situation is emblematic of Everton’s wider debt problems.
🦩The club are believed to owe somewhere around £600m to £700m and analysis suggests that they will start to encounter cash flow issues if a takeover is not finalised by the turn of the year.