Everton have reported losses of almost £121m for their latest financial year despite a record turnover.
The Premier League club said "continued investment" in the playing squad as well as the impact of the Covid-19 pandemic led to losses of £120.9m for the 12 months to June 30, 2021.
Everton added the pandemic inflicted losses of at least £170m on the club, with £103m of that figure coming in their latest financial year.
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The club also said that "further market analysis" has indicated the impact of Covid-19 could see them suffering an additional £50m hit.
Gate receipts of just £200,000 were generated for the season, with virtually the entire campaign played without fans in attendance at Goodison Park.
The only matchday revenue came from three Premier League matches and one Carabao Cup quarter-final which were able to be staged with a small number of fans present at the ground.
However, Everton have reported a record turnover of £193.1m.
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In a statement issued on their website, the club said they remain in a "secure financial position thanks to the continued unwavering support and commitment of Farhad Moshiri, the majority shareholder, and cost control measures continuously adopted by the club".
A share issue was completed during 2020/21 that involved the introduction of £100m of new funds from the club’s owner, with a further injection of £97m confirmed after the year’s end.
Everton added they have also been working formally with the Premier League regarding its ongoing compliance with profitability and sustainability regulations.
A statement said: "The club has experienced a unique set of financial circumstances in recent years, including committing significant amounts of expenditure to a complex new stadium project and dealing with the continuing and widespread impact of the Covid-19 pandemic, all whilst being in the initial stages of an investment lifecycle thanks to the support of its majority shareholder."