Everton have lodged a formal appeal against a two-point penalty imposed on the club for breaching Premier League financial regulations, reports said on Monday.

The club admitted breaching profitability and sustainability rules (PSR) for permitted losses by £16.6 million ($20.7 million) for the assessment period ending with the 2022/23 season.

The punishment followed a previous six-point penalty imposed for the three-year period to 2021/22, reduced from 10 on appeal.

PSR permit clubs to lose £105 million over a rolling three-year period.

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