It'd be interesting to see sales figures on kits/clothing/merch etc, even for old deals. I wonder how much of it is them paying to supply/sell kits, save how much is the advertising. As you/others have pointed out, £20m is 200,000 people spending £100 each, at pure profit.They are paying us £20 million per season.
Even if that £75 were pure profit, they'd need to shift over a quarter of a million adult Everton shirts per season for them to break even.
They are burning venture capital, and certainly not becoming rich.