Everton are set to announce they suffered the worst financial losses in their history last season – a blow to Carlo Ancelotti.
The Toffees have made a speedy turnaround since Marco Silva's departure, climbing out of the bottom three under caretaker Duncan Ferguson before bringing in triple Champions League winner Ancelotti.
However, fans are about to receive bad news, with Goodison Park side’s preparing to reveal the financial blow in the next days, according to the Telegraph.
Ancelotti's spending will be capped this January, though, and the club may offload some squad members to reduce their wage bill – possibly stalling the progress the legendary manager can make.
Everton are still aiming to strengthen this summer, with Juventus defender Merih Demiral a target of Ancelotti's, as well as a loan deal for Real Madrid's James Rodriguez.
Silva spent over £100m in his summer spree, bringing in Alex Iwobi, Moise Kean, Andre Gomes Jean-Philippe Gbamin, Fabian Delph and Djibril Sidide (loan).
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It didn't pay off for him though, as he was sacked following a 5-2 thrashing at Anfield which dropped them into the relegation spots.
This article was most recently revised and updated 3 years ago