Everton have submitted a formal appeal against the club's 10-point Premier League deduction.
Everton were penalised earlier this month for breaching Financial Fair Play (FFP) rules, receiving the heaviest points punishment in Premier League history.
It was determined that Everton's profitability and sustainability rules (PSR) calculation for the period ending 2021-22 resulted in a loss of £124.5 million, which exceeded the threshold of £105 million.
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An independent commission concluded that an immediate sanction in the form of a 10-point deduction should be imposed on the Merseyside club, which dropped them from 14th in the Premier League table to 19th.
Everton released a statement after the points deduction announcing the club's intention to appeal.
"Everton Football Club is both shocked and disappointed by the ruling of the Premier League’s Commission," read the statement.
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"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."
Everton have now confirmed they have formally launched their appeal.
"Everton Football Club has today lodged with the Chair of the Premier League's Judicial Panel its appeal of the decision by a Premier League Commission to impose a 10-point deduction on the Club. An Appeal Board will now be appointed to hear the case," read a club statement.
It comes amid claims Everton are at risk of receiving a further points deduction.
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The Times claim Everton must submit their accounts from the 2022/23 campaign before December 31 as opposed to March.
The report adds that "under new regulations brought in during the summer, straightforward breaches of financial rules will be fast-tracked so they are dealt with before the end of the season".
Therefore, there are concerns that if the same calculation system is used, Everton "could find themselves sailing close to the wind again".
Topics: Everton, Premier League, FFP, Football
Rory O'Callaghan