Everton projected themselves to finish 6th in 2021-22 season but ended up 16th

Everton projected a sixth-place finish for themselves in the 2021-2022 season before going on to finish sixteenth - causing them to miss out on an expected income of £21million, according to a report.

The fallout of Everton's 10-point deduction is continuing after the Toffees were found guilty of breaching the Premier League's financial rules back in the same campaign -having posted staggering losses of almost £372m over a three-year period.

That figure was more than £250m over what the Premier League’s guidelines permits clubs to lose over the three-year time frame and now the origin of their struggles from the fateful season has been unearthed.

The independent commission investigating Everton published their findings and ultimate decision on Friday - and in the document they detailed how the club missed the mark with projections for their on-the-field performance in 2021-22.

The club had just hired former Liverpool and Chelsea boss Rafael Benitez at the beginning of the campaign and made a raft of signings - but mainly utilising free transfers and bargain deals.

A total of five players arrived - Andros Townsend, Asmir Begovic, Demarai Gray, Andy Lonergan and Salomon Rondon - with Dele Alli, Vitaliy Mykolenko, Nathan Patterson, Anwar El Ghazi and Donny Van de Beek later arriving in the winter window.

But Everton suffered a disastrous campaign that saw Benitez - already a wildly unpopular appointment - sacked midway through before Frank Lampard arrived to steady the ship.

The Merseyside outfit struggled to stay afloat and ended up finishing 16th after being forced to wait until the penultimate day to secure their top flight status.

It turned out to be a far cry from the successful campaign the club projected as they missed out on £21m in expected income, while the report also claims they overspent on their transfer budget - despite spending a total of £30m - and failed to make enough from outgoings.

It added that the club 'took chances' regarding its position within the profitability and sustainability rules after former owner Farhad Moshiri claimed the team had a 'non-existent midfield'.

It comes after further analysis of the report found that the commission took a lenient stance on Everton despite the 10-point deduction - declining to follow the Premier League's proposal for a tougher sanction.

In its ruling, the Commission said it had declined to follow the league's proposal of starting at a six-point deduction and adding one point for every £5m over the loss limit.

Everton were £250m above what the Premier League permits clubs to have lost over the three year time frame - meaning that they technically should have been docked 60 points.

The ten point deduction they ended up with was crippling enough and means Sean Dyche's side will become embroiled in a tough relegation scrap having been reduced down to four points.

Everton believe the punishment is unjust and plan to appeal the verdict.

An Everton 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. 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.’