Goodison Park chairman hits back at transfer criticisms.
Everton chairman Bill Kenwright claims he cannot sign any new players because the banks will not give him the money to do so.
The Toffee supporters are concerned by the club’s transfer inactivity over the last few years, with manager David Moyes working on a shoestring.
It has now been one year, eleven months and 17 days since Everton last spent money on a new signing, according to EvertonTime.com.
The club may be forced to sell some of their current stars to finance any new arrivals or work in the loan and free agent market.
Kenwright, who is looking for new investors in the club, says the problems are linked to the global financial downturn and the unwillingness of banks to lend money.
“Two things – one the world is in a recession and I don’t know any business that isn’t suffering at the moment and I include football in that, other than the financial elite,” he told Sky Sports.
“Two, we’ve come to a stage with our bank, with our finance, where we just can’t borrow any more.
“You’ve been at the AGMs, EGMs, the shareholders’ meeting when I’ve said year after year, what we do is we beg and borrow from the bank. That’s what we’ve been doing.
“The banks are tightening in now. We just can’t borrow any more money. A, to protect the football club and B, to protect the fans.
“I know the progress over the past decade has been phenomenal on and off the pitch.
“We knew this summer we were going to get to a point where things were going to get very, very tight. We knew we had to trade.
“We’ve not been able to trade yet and that’s the reason that we’ve not bought in a new player.”