The Premier League has deducted 10 points from Everton, following an investigation into a breach of profit and sustainability rules.
The Goodison Park club insist they are "shocked and disappointed" by the punishment and will appeal.
An official club statement read:
"Both the harshness and severity of the sanction imposed by the Commission are neither a fair nor a reasonable reflection of the evidence submitted".
The deduction is the largest in the history of the Premier League.
It takes immediate effect, plunging Sean Dyche's team into the relegation zone.
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