Even by mid-afternoon on transfer deadline day, it had become quite clear Everton were not expecting to make any more new signings.

The noises coming from the club were that quality, affordable options were in short supply and, in any case, the money recouped from the departures of Alex Iwobi and Neal Maupay would come too late in the day to help.

It had been another immensely challenging window of penny pinching and cost cutting; one in which Everton battled to stabilise their FFP position and strengthen a threadbare squad on a shoestring budget.

Years of heavy losses and the absence of a complete funding package for their new stadium project had stacked up to create a bleak financial landscape. Money was strenuously tight, painting the picture of a club stretched close — perhaps beyond — its limits.

Had the investment deal with U.S. group MSP Sports Capital been completed earlier in the summer, as initially expected, it might have given the club’s recruitment team further wriggle room in the market. While predominantly seen as stadium financiers, MSP recognised that investment was needed to help the footballing side of Everton’s operation too, but confidence quickly started to dwindle internally that a deal would be wrapped up in time. If at all.

In an attempt to improve their profitability and sustainability position, academy graduates Ellis Simms and Ishe Samuels-Smith were sold close to the end of the last financial year (ending June 30) to Coventry and Chelsea respectively for combined fees in excess of £10million ($12.6m).

Everton had prepared for the worst in the final months of last season, with alternative player shortlists drawn up in case of relegation to the Championship. Thankfully those were not needed, but the recruitment department were still tasked with making scant resources stretch further.

Their brief was free transfers, loans and permanent transfers with favourable payment terms.

In press conferences, manager Sean Dyche would repeatedly talk of needing to find ways of “constructing” deals. That was a somewhat euphemistic way of saying they were looking for transfers with no or minimal initial downpayment.

Of the five new signings that arrived this summer, two were loans (Arnaut Danjuma and Jack Harrison) and one was a free agent (Ashley Young). Strikers Beto and Youssef Chermiti were signed for significant fees — a guaranteed €25million (£21.4m; $27m) and €12.5m (£10.7m; $13.5m) respectively — but, in both cases, Everton are not due to make a payment until the next fiscal year.

In total, the only fee they will spend on a new signing this year is the €3million owed to Villarreal for Danjuma.

Danjuma is on a season-long loan from Villarreal (Visionhaus/Getty Images)

Once again, the outgoings were far more significant in value. Due to the sale of Iwobi to Fulham for £22million ($27.8m) and the departures of high earners like Yerry Mina and Jean-Phillipe Gbamin, Everton took £40million ($50.5m) off the wage bill and generated £45million ($56.8m) in transfer fees. The decision to terminate Gbamin’s contract alone is worth in the region of £3million this year.

Including other departures like those of Richarlison, Anthony Gordon and Moise Kean, Everton stand to receive around £180million ($227.2m) in transfer fees from sales made in the last 12 months.

This is a club scrambling to cut its cloth accordingly, while also trying to avoid a third successive relegation battle.

It proved to be a frustrating, if not entirely unexpected, start to the summer.

By the time Everton played Stoke in late July, they had made just two signings in Young and Danjuma. After the game, Dyche said that the window had been “tough” and that “there have been situations where we thought we were going to get deals over the line and didn’t”.

Early targets had included Rodrigo, then of Leeds, Harrison and Nicolas Jackson.

Everton felt they had made decisive progress with club and player over a deal for Rodrigo until their wage offer was blown out of the water by Qatari club Al-Rayyan. Harrison had a release clause allowing him to leave on loan for free after Leeds’ relegation, but was months away from being available for selection due to a hip injury.

Jackson also went elsewhere, with Chelsea offering more favourable payment terms to clinch the deal. The west London club’s interest came as a surprise given many who had watched the player had expected him to take an interim step before heading to a top side.

Jackson, an early Everton target, moved to Chelsea (David Rogers/Getty Images)

Payment terms were a recurrent issue.

A deal to sign El-Bilal Toure from Almeria was thwarted when Atalanta agreed to pay a significant chunk of the transfer fee up front, having just sold Rasmus Hojlund to Manchester United for a guaranteed £64million ($80.8m). Anthony Elanga, another long-term target, headed to Nottingham Forest. Meanwhile, no English club came close to Saudi club Al-Ettifaq’s wage offer to Moussa Dembele, who had been on Everton’s radar for several years.

The pursuit of Danjuma proved to be more successful with the Netherlands international, who had spent the second half of last term on loan at Tottenham, keen to remain in the Premier League and crucial groundwork done in the final part of last season. Although he had snubbed Everton for Spurs after completing a medical in January, dialogue had continued and relationships — initially strained — were rebuilt.

Strengthening Dyche’s attack, both in central areas and out wide, remained a key priority.

Everton discussed a move for Che Adams with Southampton, but were keen to find a younger player with resale value.

In the end, they plumped for Beto of Udinese, whom they had tracked since his time playing in his native Portugal, paying significantly under his €35million (£29.9m; $37.8m) release clause.

The Lisbon-born striker had other offers, namely from Southampton in January and Zenit Saint-Petersburg this summer, but was swayed in part by Everton’s long-standing interest and pushed for the move.

Chermiti, at 19, is seen as a longer-term project. With valuations for strikers notoriously high, Everton’s aim was to find and develop talent early in the process to avoid big-money purchases in future.

Even after the arrivals of Harrison and Danjuma, Everton were keen to add another body out wide.

Their top target was Wilfried Gnonto. Unlike Harrison, the Italian did not have a release clause in his Leeds deal, and it was felt that the Yorkshire club’s new American owners were keen to use the situation as a show of strength. At no stage did they really appear willing to sanction the switch, particularly after they issued a public statement declaring him not for sale.

From the player’s side, there was a sense that the goalposts kept changing. There were times when it looked like Leeds might change their position, only for the situation to move again. Everton had neither the money nor the inclination to change Leeds’ mind and reports of a big deadline day bid were wide of the mark.

Everton had tracked PSV’s Johan Bakayoko throughout the summer, keeping abreast of his situation. Paris Saint-Germain and Burnley were among those interested, but Everton were never likely to get close to Brentford’s offer of €35million (£29.9m; $37.8m) plus bonuses. The Belgian would later reject a move to west London in favour of remaining at PSV.

Bakayoko will play in the Champions League with PSV this season (NESimages/Geert van Erven/DeFodi Images via Getty Images)

Kamaldeen Sulemana had admirers at Goodison Park but Southampton were keen to make a profit on their initial €25million (£21.4m; $27m) outlay and the numbers never stacked up.

That proved to be the story of the final throes of the window for Everton, with their only deadline day business the exits of Iwobi, Maupay and youngster Tom Cannon.

At one stage, it appeared as though Amadou Onana would be the high-profile departure from Goodison this summer.

The expectation at the end of last season was that the Belgian would leave, with both Chelsea and Arsenal having been interested in his services in January.

But this was a window in which clubs went big on defensive midfielders and at no stage did Onana ever appear first choice for any of them.

Arsenal went for Declan Rice, Chelsea signed Moises Caicedo and Southampton’s relegation made Romeo Lavia another attractive, attainable option.

Manchester United were among the clubs that showed interest but Sofyan Amrabat was their No 1 midfield target. There was also a question mark over whether they or any other club would be prepared to meet Everton’s asking price for Onana, with Goodison chiefs valuing him in excess of the £58million ($73m) Chelsea paid for Lavia.

At one stage, it was felt West Ham might come to the table as part of their attempts to replace Rice, but they instead pursued Ajax’s Edson Alvarez. There is also the belief at Everton that a positive season for Onana would result in a further significant appreciation in his value.

Onana remains at Goodison Park (Robbie Jay Barratt – AMA/Getty Images)

The big casualty of the window was instead Iwobi, who left for Fulham.

Everton had made securing the Nigerian on a new contract a top priority after Jordan Pickford signed his own extension in February, but could not reach an agreement on terms. The offer that was there went unsigned and they decided to cash in instead of letting him potentially go on a free in the summer of 2024. They are aware far too many big-money signings have departed for nothing at the end of their deals and are keen to change the record.

Nor were they really in a position to turn down such an offer.

With just 12 months left on his contract, Iwobi’s book value was relatively low. The £22million ($27.8m) fee received means Everton have made a sizeable profit in accounting terms — another important step in rectifying their FFP problems.

Demarai Gray, also in the final year of his deal, was close to joining Al Shabab, with a fee and personal terms agreed. When the Saudi club’s board was sacked just as he was about to travel, the move was shelved. Everton also rejected a late bid on deadline day from Al-Ettifaq and are keen to keep the Jamaica international having lost Iwobi and Maupay late in the window.

His future uncertain, Gray trained separately from the main group at Finch Farm with Mason Holgate, who himself went on loan to Southampton. With the Saudi window closing on September 7 and the player keen to move, Gray’s future is likely to be the source of repeated speculation this week. In true Everton fashion, the drama will continue for a while longer.

Gray has entered the last year of his contract (Jan Kruger/Getty Images)

This was another window in which the stark financial situation at Everton came home to roost. Once again, it was a far cry from the early excesses of the Farhad Moshiri years, where no expense was spared.

Everton are having to cut their cloth, reining in losses while also trying to keep the team competitive on the pitch. Balancing the two is difficult and has put their Premier League status at risk in each of the last two seasons.

The big question is why the Goodison hierarchy allowed it to reach the position where all of this was necessary. And whether those in recruitment have done enough to paper over the cracks that have emerged.



Bite, brawn and a focal point to an ailing attack - what Beto will provide for Everton

Everton transfers


Ashley Young — Aston Villa, free transfer
Arnaut Danjuma — Villarreal, loan
Youssef Chermiti — Sporting Lisbon, €12.5m (£10.7m; $13.5m)
Jack Harrison — Leeds, loan
Beto – Udinese, €25million (£21.4m; $27m)


Niels Nkounkou — Saint-Etienne, undisclosed
Alex Iwobi — Fulham, £22m ($27.8m)
Tom Cannon — Leicester City, £7m ($8.8m)
Yerry Mina — released
Andros Townsend — released
Asmir Begovic — released
Tom Davies — Sheffield United, free transfer
Einar Iversen — released
Isaac Price — Standard Liege, £400,000
Harry Tyrer — released
Ellis Simms — Coventry City, undisclosed
Ishe Samuels-Smith — Chelsea, £4m ($5.1m)
Neal Maupay — Brentford, loan
Lewis Warrington — Plymouth Argyle, loan
Stanley Mills — Oxford United, loan
Zan-Luk Leban – Farsley Celtic, loan
Reece Welch – Forest Green Rovers, loan
Mason Holgate, Southampton, loan

(Top photos: Getty Images)