What Demarai Gray transfer means for Everton finances and cash flow after £7.4m boost
Everton have sold the wantaway Jamaican international to Al-Ettifaq
Demarai Gray’s time at Everton has come to an end after the 27-year-old winger inked a deal to join the Saudi Pro League revolution.
Gray departed the Toffees in a £8m deal on Thursday, heading to Saudi to join up with the Steven Gerrard-managed Al-Ettifaq, the club that landed former Liverpool skipper Jordan Henderson during the summer.
The manner of Gray’s rather public departure may stick in the craw somewhat, with the former Birmingham City, Leicester City and Bayer Leverkusen man having left under a cloud following a rather public exit where he claimed he was shown a ‘lack of respect’ when addressing fans via social media. Everton boss Sean Dyche had addressed publicly Gray’s desire to push through a move, declaring that it would be the club that decides when a deal is done, not the player.
Gray has now left for pastures new, with the Blues able to recoup more money after the transfer window closed owing to the SPL’s window closing on September 7. His departure, while further depleting an already thin squad for Dyche, does mean that the Toffees have aided their financial picture a little more, with Gray’s sale delivering a healthy profit for the club.
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Gray arrived at Everton in the summer of 2021, with former Toffees boss Rafa Benitez signing him from Bundesliga side Leverkusen for £1.7m on a three-year deal, with an option for a fourth. It was to be the only money paid out by Everton that summer as the club had to address their financial position by imposing austerity measures following consecutive heavy financial losses.
While the £1.7m has almost certainly now been paid in full by Everton, likely in one hit at the time of transfer given the sum, the deal was amortised over the three years in the club accounts, meaning that on the books his transfer appeared as £560,000 per year. In terms of his book value, two years have been accounted for, meaning that Everton would count anything above his remaining book value of £560,000 as profit. In an £8m deal, the profit on Gray for the Toffees is £7.4m, a sum about four-and-a-half times bigger than what Everton paid for him, around 335%.
While not a sum that will drastically change Everton’s financial picture, should the club have been able to negotiate a large payment up front, as was likely, it will aid their cash flow situation.