 Revenue from broadcasting was worth £25.1m in the year to May, 2003, according to Everton's most recent accounts. That hefty sum was earned during a season in which the Goodison Park side finished seventh. Last season, however, Everton slipped 10 places to finish just one spot above the relegation zone. Television revenue falls away by £600,000 per final league place under the Premier League's formula for sharing out the money between clubs. As a consequence, Everton's television revenues will be £6m less in the accounts for the year to May, 2004, due to be published in autumn. In addition, the Premier League's deal with BSkyB means the bulk of broadcast payments are received by clubs towards the end of the three-year contract. This coming season is the first year of the latest deal, making it a relatively lean year for television money. The club's accounts for the 2002/3 season show trade creditors of £9m, which is money largely owed to other teams for players bought in the past. According to the Daily Post's source, this figure will be similar next year. The cash flow troubles at Everton have not been helped by the fact that manager David Moyes has spent £10m more on buying players than he has recovered from sales. Duncan Ferguson and Kevin Campbell earn £2m a year each, adding to the strain on finances. The pair contribute to a wage bill that helped keep Everton firmly in the red at the end of the 2002/3 season. The club's profit and loss account showed a loss for the year of £13m. The year before that, the club shows a profit of £1.5m, but that was achieved only after including the proceeds from the sales of Michael Ball to Rangers and Francis Jeffers to Arsenal. Stripping out those sales reveals that in the year to May, 2002, Everton incurred an operating loss of £11m. The financial troubles have meant that cost-cutting has had to be introduced. Everton's squad currently has less than 25 first-team professionals, meaning the Blues are likely to start next season with one of the thinnest squads in the Premier League. That should keep the wage bill down. The likelihood of Everton going into administration is low while the club has a saleable asset in the form of Wayne Rooney. If a fee in the range of £20m to £30m is achieved, it would be enough to keep the club going for two more seasons. Dr Rogan Taylor, head of the University of Liverpool's Football Industry Unit, said: "Paul Gregg is a rich man and it's not beyond his ability to raise £15m from his own funds. The sale of Wayne Rooney would not stem the tide for long. That would not be a long-term solution." billgleeson@dailypost.co.uk | 
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