Audio By Carbonatix
Everton have received an immediate 10-point deduction after being found to have breached the Premier League's profit and sustainability rules.
The punishment is the biggest sporting sanction in the competition's history and leaves Everton 19th in the table on a new total of four points.
The club said it was "both shocked and disappointed" by the "wholly disproportionate and unjust" ruling.
Everton have said they intend to appeal against the decision.
The Premier League referred Everton to an independent commission in March but did not reveal the specifics of the club's alleged breach.
Everton posted financial losses for the fifth successive year in March after reporting a £44.7m deficit in 2021-22.
Premier League clubs are permitted to lose £105m over a three-year period and Everton admitted to being in breach of the profit and sustainability rules (PSR) for the period ending 2021-22.
Following a five-day hearing in October, the commission found in favour of the Premier League that Everton's losses during that period amounted to £124.5m.
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