Everton owner Bill Kenwright has re-affirmed his support for boss David Moyes as the club's desperate need for cash aid from a 'sugar daddy' was underlined by their latest financial results.
Turnover for the year ending May 31, 2009 rose by £4m to a record £79.7m but, even with an FA Cup final appearance, a semi-final at Wembley and a fifth-placed league finish, the increase in player wages means that the club has an overall operating loss of £6.7m. The results come in the wake of Everton's failure to gain permission from the Government for a new stadium at Kirkby, a joint plan with Tesco.
"As has always been the case, David Moyes was fully supported by myself and by my fellow board members," said Kenwright.
"He remains the single most important figure at the club and we all strive - on a daily basis - to provide him with the tools he believes are necessary if we are to continue to evolve and develop into a genuine, meaningful force within both English and European football."
Talks will take place with Liverpool Council in the coming weeks to discuss alternative sites for a new stadium inside the city boundaries.
The move to Kirkby would have gone a long way to providing Moyes with the cash to fight it out at the top end of the transfer market and to move the club forward.
Now Everton will await with interest any proposals from the local council, who opposed Kirkby and have said that if that deal collapsed then they would help the club stay in the city.
Kenwright added: "Our wonderful FA Cup run quite possibly deflected attention from what was another hugely satisfying Premier League campaign.
"To again finish fifth in what remains Europe's toughest and most unforgiving league was a magnificent achievement - one which guaranteed another European campaign to continue the steady progress which has hallmarked David Moyes' tenure as manager.
"Maintaining our progress, continuing to punch above our weight if you like, will be very difficult but I stand by my assertion that we have a manager who will go down as one of our all-time greats and a squad of players that is amongst our very best over the last two decades."
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