Sources: Everton board now 'frightened to death' of 'severe' punishment from Premier League
Everton chiefs are "frightened to death" of being "severely" punished by the Premier League due to their crippling financial losses, Football Insider understands.
The Merseysiders have briefed the media that they are confident of being able to show the Premier League that they have operated within profit and sustainability limits.
But an Everton source has told Football Insider that there is "panic" within the boardroom that the ruling body could make an example of the club as a result of their huge losses in recent years and the involvement of Russian oligarch Alisher Usmanov.
It is said club chiefs are "frightened to death" of punishment, which could include "severe" sanctions such as a transfer ban.
Discussions have been held after the last two matches among senior members of the club about that possibility and, the source added, there is a "big panic".
Usmanov is a key factor in Everton's stance after the club's benefactor was sanctioned by the UK government a fortnight ago following Russia's invasion of Ukraine.
The billionaire tycoon is a close ally of the club's owner Farhad Moshiri, who has overseen a spell in which Everton have posted losses in all but one of his six years of ownership.
Everton’s latest accounts, covering the 2020-21 season, are due to be released before 31 March.
They are expected to reveal significant losses for a third successive year.
Everton lost £140million in 2018-19 and £112m in 2019-20 — losses that were both in the top seven recorded by an English club at any time in history.
Football finance experts, include our own Kieran Maguire, believe Everton are sailing close to the wind in terms of breaching the Premier League's profit and sustainability rules.
The club's stance is that they have suffered high Covid-related losses (which are permissible) and, with work under way on a new ground at Bramley-Moore Dock, have significant stadium costs to offset.