Due to an immediate penalty imposed by an independent committee, Everton will now be in the relegation zone, ahead of Burnley, the bottom team, after finishing in 14th place in the standings.
The Merseyside club was the target of a complaint lodged by the Premier League earlier this year, which it then forwarded to the independent panel.
The league stated in a statement on Friday that “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.”
“The Commission determined that Everton FC’s PSR Calculation for the relevant period resulted in a loss of 124.5 million pounds [$154.70m], as contended by the Premier League, which exceeded the threshold of 105 million pounds permitted under the PSRs.”
Everton, who had 14 points after 12 games before the deduction, said the sanction was “wholly disproportionate and unjust” and announced its intention to appeal the decision to the Premier League.
“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,” it said.
“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.”