Everton have been left 'shocked' following their points deduction from the Premier League.
The Toffees have been docked 10 points for Financial Fair Play breaches, despite denying any wrongdoing.
A Premier League statement read: "An independent Commission has imposed an immediate deduction of 10 points on Everton FC for a breach of the Premier League’s Profitability and Sustainability Rules (PSRs).
"The Premier League issued a complaint against the Club and referred the case to an independent Commission earlier this year.
Everton will struggle to stay in the Premier League after their points deduction
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"During the proceedings, the Club admitted it was in breach of the PSRs for the period ending Season 2021/22 but the extent of the breach remained in dispute.
"Following a five-day hearing last month, the Commission determined that Everton FC’s PSR Calculation for the relevant period resulted in a loss of £124.5million, as contended by the Premier League, which exceeded the threshold of £105million permitted under the PSRs.
"The Commission concluded that a sporting sanction in the form of a 10-point deduction should be imposed.
"That sanction has immediate effect."
To compound Everton's misery, three of their rivals have written to prospective new owners 777 Partners saying they're primed to sue for damages.
Leeds, Burnley and Leicester have all been relegated in recent years when Everton have beaten the drop.
And they're now set to take action after the guilty verdict, which was delivered by an independent commission.
Everton have been left 'shocked and bewildered' that their mitigation was rejected.
They have vowed to appeal to the Premier League, having now dropped to 19th in the standings.
The Premier League previously recommended in October that Everton face a maximum 12-point deduction.
However, even though they've not lost as many points as that, it will do little to stop the doom and gloom mood around the club.
Everton recorded financial losses of £304 million over a three-year period.
The Premier League only allow top flight clubs to post losses of a maximum of £105m instead.
Everton's statement read: "Everton Football Club is both shocked and disappointed by the ruling of the Premier League’s Commission.
"The Club believes that the Commission has imposed a wholly disproportionate and unjust sporting sanction.
"The Club has already communicated its intention to appeal the decision to the Premier League.
"The appeal process will now commence and the Club’s case will be heard by an Appeal Board appointed pursuant to the Premier League’s rules in due course.
"Everton maintains that it has been open and transparent in the information it has provided to the Premier League and that it has always respected the integrity of the process.
"The Club does not recognise the finding that it failed to act with the utmost good faith and it does not understand this to have been an allegation made by the Premier League during the course of proceedings.
"Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted.
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— Everton (@Everton) November 17, 2023
"The Club will also monitor with great interest the decisions made in any other cases concerning the Premier League's Profit and Sustainability Rules.
"Everton cannot comment on this matter any further until the appeal process has concluded."
