Everton have announced record losses of £111.8m for the year to June 2019 but say they are "committed to operating in a financially sustainable manner".

The Premier League club confirmed at their Annual General Meeting on Tuesday that losses had increased by £98.8m on the previous season.

However, the club posted its second-highest revenues of £188m compared with £189m in the previous year and Everton are in the top 20 of Deloitte’s Football Money League once again.

The Toffees are compliant with Financial Fair Play rules despite the record losses in their 2018/19 accounts.

Majority shareholder Farhad Moshiri has spent about £450m on players and changed manager four times since he took over at the club in February 2016.

The net debt of the club has been reduced from £65.7m to £9.2m over the past year because of a 40% growth in commercial revenue and loans from Moshiri.

Meanwhile, it was also revealed that the Russian billionaire Alisher Usmanov, a business partner of Moshiri, has strengthened his ties with the club after agreeing to pay £30m up front for an exclusive option on naming rights for their new stadium.

Everton also said at their AGM that new manager Carlo Ancelotti was a unanimous choice of the club's board to lead them into a period when they hope to be in a new stadium at Bramley Moore Dock.

Everton are currently 11th in the Premier League with just one league defeat since the Italian took charge in December.