Everton 'shocked and disappointed' by 10-point deduction
Everton are "shocked and disappointed" by the 10-point deduction handed to the club for breaching the Premier League's financial fair play rules.
The deduction has been applied immediately and the Toffees will appeal the sanction.
A statement released by the club said: "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."
Follow reaction to this story as it develops
In a statement, the Premier League said Everton admitted it breached spending rules but that the "extent of the breach remained in dispute".
The Premier League said the commission determined a loss of £124.5m was made, exceeded the £105m that is permitted.
The Premier League's profitability and sustainability rules are in place to guard against unlimited cash injections from owners to ensure clubs operate within their own means, with the aim of protecting the long-term financial viability of clubs and the league.
