Everton's penalty for breaching Premier League financial rules has been reduced from 10 points to six after an appeal.

The club were immediately docked 10 points in November for breaking profit and sustainability rules (PSR) in the three-year period to 2021-22.

The punishment - the biggest in Premier League history - dropped Everton from 14th to 19th in the table.

The reduction lifts them from 17th to 15th, although the club is facing another possible points deduction.

Everton, who admitted the breach, said they are "satisfied" with the reduction though they now face an anxious wait after being charged in January along with Nottingham Forest for alleged breaches in their accounts for 2022-23.

That case must be heard by 8 April, however, any appeal could take that process to 24 May, the week after the season has concluded.

A Premier League statement read: "Everton FC appealed the sanction imposed against it on nine grounds, each of which related to the sanction rather than the fact of the breach."

A three-person appeal board concluded that the independent commission which imposed the 10-point penalty "made legal errors" on two grounds.

It said the commission was "wrong" to punish Everton for being "less than frank" over what it told the Premier League about its new stadium debt.

The appeal board also said the commission was "wrong not to take into account available benchmarks" and that a six-point sanction was "broadly in line" with English Football League (EFL) guidelines, with Sheffield Wednesday's six-point deduction in 2020 when their losses were rising used as a guide.

Everton said the appeal board's decision to overturn the commission's finding that they failed to act in good faith was "an incredibly important point of principle".

The outstanding charge against Everton could not be heard until their appeal against the 10-point deduction was competed.

Everton say they remain "fully committed to co-operating" with the Premier League over the second charge.