The independent commission found Evertons losses to 2021-22 amounted to £124.5m, with English top-flight clubs only permitted to lose £105m over three years.

Everton believe interest payments on money borrowed to build the clubs new £760m stadium at Bramley Moore Dock were permissible ˜add backs for profit and sustainability calculations in the 2021-22 financial year.

But the commission disagreed and did not accept the clubs claim of mitigating factors such as compliance with the Premier League process over the past two years, the impact of the Russia-Ukraine war, which resulted in the loss of the lucrative USM sponsorship, and the impact of the Covid pandemic on the transfer market.

Everton may also face further financial concerns with possible compensation claims from Burnley, Leeds, Nottingham Forest, Leicester and Southampton after a ruling from David Phillips KC in May, in which he said he was satisfied that the clubs have a case.

Burnley, Leeds, Leicester and Southampton have all been relegated over the past two seasons, although the Clarets have since returned to the top flight.

Clubs have 28 days from the date of this months ruling to decide if they want to pursue a claim. (BBC)