English soccer club Everton, which was recently refused planning permission for a new stadium, has reported an operating loss of £6.7 million for the year ending May 31, 2009.

Everton, who have finished 5th in the Premier League for the last two seasons, are currently 16th in the table and just three points above the relegation zone.

Despite the club's prudent spending in the transfer market compared to many of its Premier League rivals, and a record turnover of £79.7 million, the club's increased player wage bill - with wages totalling £49.1 million - led to the loss.

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The club generated £21.9 million from match tickets and hospitality, with a further £48.6 million came from television revenue, and chairman Bill Kenwright has promised he will continue to support manager David Moyes in the transfer market as best he can.