Reds announce increase in debt

Reds announce increase in debt

Published Mar. 4, 2013 7:16 a.m. ET

Everton manager David Moyes is pleased to see Kevin Mirallas showing his attacking threat at a crucial time as the club push for a top-four Premier League finish.

The Belgian, who arrived at Goodison Park from Greek side Olympiakos last summer, has seen his first season on Merseyside hindered by a persistent hamstring injury.

But the 25-year-old impressed during the 3-1 win over struggling Reading on Saturday, scoring a 66th-minute goal.

With Croatian forward Nikica Jelavic unable to find goalscoring form in recent weeks, Moyes was glad to see Mirallas looking a potent threat for the Toffees as they chase a UEFA Champions League spot.

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The manager said: "Mirallas was a very different player than the one who had been operating in recent weeks.

"He needed to get his fitness back because he was out for a long time. What we saw here was a player who looked like he can score goals and create goals.

"He looks like he's got a goal in him and that gives players a real lift if they think he can finish it off for them.

"That's really important for us because we've needed someone to get on the end of things. Things aren't going Jela's way at present - so to have Kevin providing that threat is really important."

A restructuring of their accounting period to align it with the football season means the figures apply to the 10 months between August 1, 2011 to May 31, 2012.

They show that although commercial revenue increased, so did the club's overall liabilities.

However, managing director Ian Ayre played down the significance of a rise in debt levels.

"It's definitely not something I believe anyone should be worried or concerned about. It is seasonal - our debt goes up and down," he told the Liverpool Echo.

"We have money to pay out and money coming in, just like any business.

"The difference in football is some of the swings are significant, so if you look at player trading, we may need to make investments as we do in the summer before our key revenues come in: big sponsorships cheques, big ticket revenues, all the media revenues etc.

"You come to Christmas when you maybe have less revenue coming in but you have got money that needs to go out, both on playing deals that you are doing at the time but also on historic player deals.

"Debt has increased but I think it's a factor of doing business in the time and place we are.

"We need to continue to improve our squad and what a lot of people won't relate to perhaps is that when you are improving your squad and making that investment, you have knock-on costs that will create debt in the short term.

"But hopefully in the long term we'll improve our position and we are very aware of that.

"We will continue to invest in the squad - I think that is what our fans would expect.

"But the most important thing is that we do it prudently and in a sustainable way that is affordable."

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