OFFICIAL: Everton handed 10-point penalty after independent commission hearing on alleged breach of Premier League profit & sustainability rules.
Punishment applies immediately so Everton drop into relegation zone for now.
Club statement and official reply ⬇️
'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.'
The verdict had been looming over the Toffees and casting a shadow over what has been a positive few weeks for Sean Dyche's side, who have now been dragged right back down into a relegation dogfight - moving from 14th to second bottom in 19th.
An independent commission made the judgement after Everton posted staggering financial losses of almost £372million over a three-year period, more than £250m above what the Premier League's guidelines permits.
Both parties have a right to appeal the verdict and it remains to be seen whether that option will be taken up.
A points deduction of 12 points was the most punitive option on the table and the timing of when the penalty should occur was also at the discretion of the committee.
As Mail Sport previously reported, Burnley and especially Leeds - who were all been narrowly relegated in the last two seasons, with Everton escaping the drop - pressured the Premier League to issue a strong punishment.
American investment company 777 Partners are still waiting for Premier League approval to replace current much-maligned owner Farhad Moshiri at the helm at Goodison Park.
The US investment firm - who are led by American entrepreneur Josh Wander - agreed a £500million deal to acquire owner Farhad Moshiri's 94.1 per cent controlling stake in September but could now pay a reduced price in light of the points penalty.
Everton have gone almost a month unbeaten since losing the Merseyside derby.
Dyche had led them away from the relegation zone with impressive victories over West Ham and Crystal Palace either side of a draw with Brighton.
Those results had seen the Toffees put an inauspicious start behind them and rise to 14th in the table, a comfortable eight points above the relegation zone.
With games against Manchester United, Newcastle and Chelsea coming up in their next four fixtures, supporters will be bracing themselves for a tough period against the backdrop of the chaos off the pitch.