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Everton have been deducted 10 points for a breach of profit and sustainability rules.
Everton say they are "shocked and disappointed" by the ruling and have vowed to appeal.
'Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted,' said the club.
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The deduction, which will be imposed with immediate effect, is the largest in the history of the Premier League and plunges Sean Dyche's team into the relegation zone.
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According to the Premier League, Everton admitted during a five-day hearing it was in breach of the league's Profitability and Sustainability Rules with the Commission 'determining Everton FC's PSR Calculation for the relevant period resulted in a loss of £124.5million, as contended by the Premier League, which exceeded the threshold of £105million permitted under the PSRs.'
After narrowly avoiding relegation to the Championship last season, Everton were, prior to their points loss, 14th in the league table, eight points above the bottom three.
Only two clubs have previously been docked points in Premier League history - Middlesbrough, who were deducted three for failing to fulfill a fixture against Blackburn in 1996/97 and Portsmouth, who were stripped of nine after entering administration in March 2010.
In a statement, Everton responded:
Everton Football Club is both shocked and disappointed by the ruling of the Premier League's Commission.
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.
The appeal process will now commence and the Club's case will be heard by an Appeal Board appointed pursuant to the Premier League's rules in due course.
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Source: SkySports
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