Is Everton's Record Net Spend the Key to Turning Their Fortunes Around?

Jack Grealish's loan move to Everton is part of a transformative summer for the club, marked by record recruitment and a shift in financial strategy aimed at revitalising their fortunes in the Premier League. After narrowly avoiding relegation last season, Everton has made significant strides, bringing in nine players at a net cost of £97 million, the highest in their history. This article explores the factors contributing to Everton's revival and what the future holds for the club.

Last updated: 03 October 2023 (BST)

Key Takeaways

• Everton's summer recruitment included nine new signings at a net cost of £97 million.
• The club's financial strategy has shifted, improving their economic outlook.
• Jack Grealish has made a significant impact since joining on loan.
• Everton aims for a mid-table finish while aspiring for silverware under David Moyes.
• Increased revenues from the new Hill Dickinson Stadium will support future growth.

A New Era Under David Moyes

In January, David Moyes was reappointed as Everton's manager during a challenging period, with the club teetering just above the relegation zone. Fast forward eight months, and the Toffees have turned their situation around dramatically, finishing the previous season with a comfortable 23-point margin above the drop zone. Their performance has led to a promising start this season, where they currently sit fifth in the Premier League.

The Impact of Recruitment

The biggest challenge for Everton this summer was to revitalise a squad that had lost nine senior players, including key individuals such as Abdoulaye Doucoure and Dominic Calvert-Lewin. The club's response was comprehensive, bringing in nine new faces, marking a significant commitment to their squad's development.

The net spend of £97 million is particularly noteworthy, not only as a record for the club but also as a figure that eclipses their total spending over the past seven seasons combined, which was £71 million. Such financial outlay reflects a newfound ambition and strategy, especially when juxtaposed against a backdrop of previous financial struggles.

Financial Recovery and Future Prospects

Everton's financial situation has improved markedly due to several factors. Between January 2021 and January 2025, the club focused on player sales, raking in £86 million, which helped to balance their accounts. The transformative takeover by the Friedkin Group has also alleviated crippling debts, turning them into equity and refinancing on more favourable terms.

Significantly, the majority of this summer's signings were completed after the Premier League's financial year ended on 30 June. This timing has important implications for future Profit and Sustainability Regulations (PSR) calculations. The only transaction finalised before July was the permanent signing of Carlos Alcaraz from Flamengo.

New Stadium and Increased Revenue

With the move to the new Hill Dickinson Stadium, which boasts a capacity of 52,769—an increase of over 13,000 from Goodison Park—Everton stands to benefit from increased matchday revenues and improved corporate hospitality opportunities. This change not only enhances the club's financial capabilities but also provides a modern setting for fans and players alike.

Learning from Past Mistakes

One of the critical lessons for Everton during this recruitment drive has been to avoid the pitfalls of previous transfer strategies. Under the ownership of Farhad Moshiri, the club experienced a trend where eight players signed for over £20 million left for free, resulting in a staggering £188 million in lost fees. This unsustainable economic model prompted a reevaluation of their transfer strategy.

Leon Osman, a former Everton midfielder, highlights that the club has realigned its approach to better fit its current needs, emphasising the importance of signings like Jack Grealish. Since joining on loan, Grealish has already made an impressive contribution, providing two assists in his first two league starts—an achievement he previously reached only twice in 191 appearances.

Key Player Contributions

In addition to Grealish, other new signings have also shown promise. Kiernan Dewsbury-Hall, acquired from Chelsea for an initial £24 million, has been pivotal in creating chances, outperforming all Everton players since the previous season. Meanwhile, Thierno Barry, a £27 million signing from Villarreal, has impressed with his hold-up play, showcasing the depth of talent Everton has brought in.

Tyler Dibling, the club's most expensive acquisition, with a potential fee of £40 million, has yet to make his league debut but is expected to add a fresh dynamic to an attack that struggled last season. Everton ranked 18th in goals scored from open play, managing only 25 in total.

Managing Expectations

While the ambitious recruitment strategy has generated excitement among fans and analysts alike, Everton remains cautious about expectations. Despite the significant financial outlay, the club is still not among the Premier League's highest spenders, ranking seventh in net expenditure this summer. David Moyes is aware of the challenges ahead and is keen to keep the team grounded.

Osman notes that Moyes aims to navigate the club towards a mid-table finish as a realistic goal while keeping an eye on the possibility of winning a trophy, which has eluded Everton since their FA Cup victory in 1995. The manager's experience will be crucial in managing player expectations and fostering a positive atmosphere in the dressing room.

The Road Ahead

As Everton continues its journey under David Moyes, the early signs indicate a positive trajectory. The club's improved recruitment and financial stability set a foundation for future success. Players like Grealish and Dewsbury-Hall can play pivotal roles as they aim to climb the Premier League table and perhaps even contend for silverware.

With a new stadium on the horizon and a reinvigorated squad, Everton fans can look forward to an exciting chapter in the club's history. Will they reclaim their status among England's elite, or will challenges persist? Only time will tell.

FAQs

What is the significance of Jack Grealish's loan move to Everton?

Jack Grealish's loan move is significant as it represents a marquee signing for Everton, adding quality to their squad and impacting their performance on the pitch with immediate assists.

How much did Everton spend during the summer transfer window?

Everton spent a net total of £97 million during the summer transfer window, making it their highest expenditure in a single summer and surpassing their previous seven seasons combined.

What challenges did Everton face after losing senior players?

Everton faced the challenge of rebuilding a thin squad after losing nine senior players, necessitating a comprehensive recruitment strategy to ensure a competitive team for the season ahead.

How has Everton's financial situation changed recently?

Everton's financial outlook has improved due to better management, player sales, and the takeover by the Friedkin Group, which has helped to reduce debt and increase equity.

What are David Moyes's goals for the team this season?

David Moyes aims for a mid-table finish while also aspiring to secure a trophy, focusing on player development and maintaining a positive team dynamic as they progress through the season.