Everton opened the new Premier League campaign with a defeat as David Moyes saw his side lose 1-0 at Leeds United.
The Toffees showed encouraging signs after David Moyes returned to Merseyside as Sean Dyche’s replacement.
Moyes is looking to build on that promising start this season, but Everton’s defeat at Leeds United showed that the Scot still needs more signings.
Jack Grealish has joined Everton from Manchester City, while Kiernan Dewsbury-Hall arrived from Chelsea.
Moyes doesn’t think Thierno Barry is ready for Premier League action just yet, but he offers excitement for the future, just like Adam Aznou.
Everton certainly need more signings, and TBR Football’s football finance expert Adam Williams has now provided insight into the Toffees’ spending power ahead of the transfer deadline.
AS Roma v Feyenoord - UEFA Europa Conference League Final 2021/22
Photo by Fabio Rossi/AS Roma via Getty Images
How The Friedkin Group approach Everton and Roma finances
Everton are now run by The Friedkin Group, who also own Italian side Roma.
There haven’t been any deals between the two clubs, but some may wonder how they approach the transfer window – and whether one club’s spending impacts the other.
Williams noted that Roma’s spending will not impact Everton, as The Friedkin Group will have ‘ring-fenced’ funds for each club.
Roma have encountered Financial Fair Play issues in the past, though, and that means they have been a little limited in this transfer window.
Roma are chasing Jadon Sancho, but new boss Gian Piero Gasperini has not been allowed the freedom to splash the cash.
“In terms of Roma’s window, there won’t be a knock-on impact. They have more or less broken even so far anyway, but their funds will be ring-fenced for Roma and vice versa at Everton. It’s worth noting that Roma have had FFP issues in recent years, which has put a natural ceiling on their spending relative to the level it has been at previously. In the past, they have spent a lot to try and get back into the Champions League.
“They now have a settlement with UEFA, which means they have had to keep their losses below €60m in 2024-25 and be fully compliant with the football earnings rule in 2025-26, so they have had to be relatively restrained in the current window,” he added.
Farhad Moshiri’s ‘parting gift’ could aid Everton transfer hopes
Moyes told BBC Sport after signing Aznou that Everton still needed six more additions.
Everton then landed Dewsbury-Hall and Grealish, but backup goalkeeper Tom King and teenager Reuben Gokah may not be counted towards those additions.
Moyes may therefore still want four more signings to bolster his squad, and Everton have the ability to meet his wishes.
Williams notes that Everton have ‘quite low’ transfer debt, one of the lowest totals in the Premier League – something of a ‘parting gift’ from Farhad Moshiri.
Everton have the flexibility to strike more deals, with PSR not likely to be a problem for the Toffees.
The deal to sign Grealish is still a ‘significant’ outlay, but will not limit Everton from making more signings before the window shuts.
“Everton have spent about £70m or so on a net basis this window. Given that they had quite low transfer debt in the last financial year, around £74m in total according to Swiss Ramble’s analysis, I am confident that much of that spend will have been front-loaded in terms of instalments. £74m was one of the lowest totals in the Premier League. That was Moshiri’s parting gift, in a way. It gives them more flexibility and more available cash in the short term,” said Williams.
“They have committed to paying 75 per cent of Grealish’s wages, which at £12m is a significant outlay. That said, if you look at the profile of player that has left the club versus those who have arrived, I don’t think the wage bill is going to have risen too exorbitantly overall.
Player Age Joined from
Carlos Alcaraz 22 Flamengo
Thierno Barry 22 Villarreal
Mark Travers 26 Bournemouth
Adam Aznou 19 Bayern Munich
Kiernan Dewsbury-Hall 26 Chelsea
Jack Grealish 29 Manchester City
Tom King 30 Wolverhampton Wanderers
Reuben Gokah 16 Charlton Athletic
“With the revenue from the new stadium, naming rights deal and other associated commercial benefits, I think that will comfortably cover the excess wages. They have a credit facility, which was converted from previous external borrowings. That’s basically an overdraft they can draw from if cash flow is tight. That said, I think they’ll be reluctant to increase their debt given the restructuring they have undertaken since The Friedkin Group’s takeover.
“Funding from the owners is more likely if they need cash to cover more new signings. That could come in the form of a share issue, though that is somewhat complicated by the ownership structure at Roundhouse, the parent company. They could also loan the club money, but that would come with a notional interest charge for PSR purposes.
“Either way, I think they can quite easily manoeuvre to be able to afford the four new signings Moyes wants. The £83m they lost in 2022-23 drops out of the calculation for PSR purposes now, and they will have had a better financial result in 2024-25 for a variety of reasons. So I don’t think PSR is a barrier either, though obviously they will still be conscious of not pushing their luck,” he added.
With just over a week of the transfer window to go, there is still work for Everton to complete in order to back Moyes.
BBC Sport claim that Everton are closing in on signing Tyler Dibling from Southampton in a £40million raid, but Moyes will need more.
The headroom for new additions is there, even after signing Grealish, and Moyes will expect to have a much stronger squad at his disposal in 10 days’ time.