Everton have announced the loss of £24.3m for last season, reaffirming their financial reliance on new owner Farhad Moshiri.
The loss, due in part to the loss of Europa League football, transfer spending and an increase in their wage bill, comes at a time in which Premier League clubs are richer than ever, with many clubs benefiting from the newTV deals.
The club's new major shareholder, Farhad Moshiri, has also invested an interest-free loan of £80m with no agreed repayment date, with the funding being used to reduce the club's long-term debt by repaying other loans totalling £54.8m in May.
However, the club has posted a turnover of in excess of £120m for the third successive season, while broadcast revenue increased by £0.8m and and gate receipts decreased by £0.3m
"The results reflect a challenging year for the Club. Performance on the pitch directly impacted commercial income with key deals reduced as a result of the Club's finishing position," Everton CEO Robert Elstone toldEverton's official club website.
"We also lost out on European revenues, directly from UEFA, from our partners by way of performance bonuses and, of course, gate receipts.
"Despite the challenges, we are pleased to be able to report the second highest level of turnover in the Club's history."
Everton chairman Bill Kenwright declared he is more optimistic than ever in regards to the club's current position.
I'm more positive now about the future of our great Club than I've been during my time as Chairman," the 71-year-old revealed.
"Those who know me will appreciate how hard I've been looking for the right person to take our beloved Club forward.
"I have absolutely no doubt that in Farhad Moshiri we have found someone not only with the wherewithal - and we all know how important that is these days - but also with a deep understanding of the game and a growing appreciation of all things Everton.�