Everton annual report reveals £9.1m loss as wage bill reaches £63.4m, reports The Guardian.
Everton's wage bill increased from £58m in 2010-11 to £63.4m last season, making it 75% of the club's turnover.
The club's annual results showed that Everton recorded a net loss of £9.1m for the 2011-12 season, an increase of £3.7m from the previous season's net loss. Turnover was down slightly from £82m to £80.5m.
However, the Goodison Park side are confident the current financial year will bring better news, with season ticket sales up 6.4% and the club pushing for a top-four spot in the Premier League.
Everton's net debt remains largely unchanged at £46m, and the chief executive Robert Elstone said: "The club has demonstrated its commitment to first-team success with increased expenditure on player wages.
"We continue to try to enhance our competitive position and, at the same time, manage cost base and debt levels effectively. To get through a challenging year with only minimal increases in overall debt whilst at the same time, based on the opinions of many experts, strengthening our first-team squad is testament to the skill, hard work and commitment of the manager, the chairman and all their support teams."
The new TV deal, which comes into effect this summer, should ease the financial pressure on Everton, while the chairman, Bill Kenwright, continues to search for investors to help the club compete financially with their Premier League rivals.
He said: "My desire to find a person, or institution, with the finance to move us forward has not diminished. Despite the challenges presented by a global economic downturn, we remain positive and determined.
"My commitment to serve this football club to the very best of my ability remains a constant in my life and I am aware of the trust you put in me to do that."