EVERTON FC does not have to sell star players like Marouane Fellaini or Jack Rodwell to balance its books, chief executive Robert Elstone said today.
Mr Elstone spoke as the club�s latest accounts revealed rising debts, a soaring wage bill and a pre-tax loss of �3.1m.
But the chief executive told the ECHO the club�s finances were "healthy" and it would continue to remain ambitious for success on the field.
Everton�s latest accounts up to May, 2010, revealed:
Debt up by �7m to �44.9m;
The Blues� wage bill increased to �54.3m, 69% of turnover;
The club�s overdraft facility ends in 20 days, but the bank has indicated it will be extended;
The �8m sale of the Bellefield training ground was used to pay off previous loans.
Turnover at the Blues remained fairly static for the year ended May, 2010, down �600,000 to �79.1m.
The club recorded a pre-tax loss of �3.1m, with �4.5m paid in interest charges.
Speaking to the ECHO amid internet rumours of a financial crisis at Everton, Mr Elstone said the accounts made clear the club�s finances were solid.
"In essence, what we are looking at is a pretty good set of accounts based on turnover holding up and looking solid in tough economic times.
"It is a healthy set of accounts, but like the vast majority of football clubs and businesses today money is tight.
"It will not stop us being ambitious and we will continue doing that.
Gate receipts were down �2.7m to �19.2m; however, the previous year included the long FA Cup run that culminated in the final against Europa League side Chelsea.
Average attendances for Premier League games at Goodison Park increased from 35,667 to 36,729.
Season ticket numbers increased from 23,717 to 25,671, a rise of 8%, generating �19.2m.
Debts increased to �47.6m. However, �21.1m is not due for repayment for more than five years, and net debt now stands at �44.9m, up from �37.9m.
Broadcasting income increased to �50.2m, up from �48.6m due to reaching the round of 32 of the Europa League.
But the amount the club received from domestic games fell due to finishing 8th in the league.
In 2010, there were 13 live Premier League matches broadcast, compared to 17 in 2009.
The club�s wage bill as a proportion of turnover was 69%, up from 62%.
The accounts state: "It is still considered an appropriate level of investment in staff costs. This increase primarily arises from further investment in the playing squad."
The wage bill now stands at �54.3m, up from �49.1m.
The Blues recorded an operating loss before player trading of �500,000.
EFC made a �19m profit on the sale of players, principally from the sale of Joleon Lescott to Manchester City, leading to a profit before interest and tax of �1.4m.
The Lescott money was reinvested in the purchases of Sylvain Distin, John Heitinga and Diniyar Bilyaletdinov.
When the net interest charge of �4.5m from servicing debts and the bank overdraft is included, the club made a pre-tax loss of �3.1m. Chairman Bill Kenwright said: "From a financial perspective, the year was one which was underpinned by sensible business management which enabled us to continue to do everything within our collective power to help the manager in his concerted efforts to build a squad which would challenge the top four.
"In modern football, the difference between success and failure can be wafer-thin.
"Yes, those clubs fortunate enough to boast a rich and generous benefactor undoubtedly have a clearly defined advantage, but the outcomes of crucial matches are quite often decided not by the size of the bank balance but more by skill, good fortune or the whim of a referee.
"Irrespective of their standing within the various leagues, clubs will invariably be judged on two things � performance and level of support.
"Our average attendance for Premier League games at Goodison Park rose to almost 37,000 during the course of the last campaign, a statistic which delights me but does not surprise me simply because we are fortunate enough to boast the most loyal and knowledgeable crowd in British football.
Turnover fell by �600k to �79.1m and gate receipts were �19.2m, down �2.7m, but previous season included reaching the FA Cup final
Broadcasting income increased to �50.2m, up from �48.6m due to reaching the round of 32 of the Europa League.
Wage bill up: 69% of turnover, up from 62% in 2009 and 59% in 2008. In cash terms, �5m extra each year. Bill now stands at �54.3m.
Borrowings increased to �47.6m. Net debt is up �7m to �44.9m. Interest charges cost �4.5m.
Read More http://www.Perennial strugglers Liverpooldailypost.co.uk/Perennial strugglers Liverpool-news/regional-news/2011/02/07/everton-fc-won-t-sell-star-players-despite-club-accounts-revealing-growing-debt-92534-28131864/3/#ixzz1DLJmNu3O
.oh we can only hope the only way is up. Starting with a win against Arse COYB
on that tbh 
