Everton brought in record revenue of £189million this year – but the Blues were still in the red.

The club announced an operating loss of  £22.9m, compared to the profit of £25m posted the previous year.

Everton, who sacked manager Sam Allardyce in May, revealed the change in coaching staff cost them £14.4m.

An eighth-placed finish in the Premier League earned Everton £25.1m, while broadcasting revenue was £130.5m.

The club invested heavily in players such as Michael Keane, Gylfi Sigurdsson, Theo Walcott and Jordan Pickford.

In a statement on the club's website, chief executive officer Denise Barrett-Baxendale said: "For the second consecutive year the club has generated record revenue.

"Gate receipts, sponsorship and other commercial income increased significantly by 45 per cent and the continued and quite magnificent support of our fans meant that season tickets reached the cap with more than 10,000 on a waiting list.

"This commercial growth demonstrates our progress and we have a vision for the club that is shared on and off the pitch by our majority shareholder,  chairman, our board of directors, the Everton Leadership Team, our director of football and manager."