Everton chairman Bill Kenwright has revealed that attempts to keep the club from financial ruin is the reason behind the limited transfer activity at Goodison Park this summer.
The Toffees are yet to make a player purchase this summer, other than re-signing Sporting Lisbon youngster Eric Dier on loan.
And while stars such as Phil Jagielka, Jack Rodwell, Jermaine Beckford and Leighton Baines have had exit speculation surrounding them over the summer, Everton have so far held on to all of their top players.
And Kenwright insists that by keeping top players at Toffees, the club have been unable to pull together the cash to make big purchases.
“I think the progress, in fact I know the progress, over the last decade has just been phenomenal both on and off the pitch,” Kenwright told the official Everton website.
“But we knew this summer we were going to get to a point where things were going to be very, very tight and we knew we had to trade.
“There has not been a lot of trading in football itself this summer and we have not been able to trade yet and that is the reason we have not brought in a new player."
Kenwright also explained that for the sake of the financial future of the club, no more money can be borrowed.
He added: “The world is in a recession and I don’t know any business that is not suffering at the moment and I include football in that apart from the financial elite in football.
“We have come to a stage with our bank, with our finance where we just cannot borrow any more. You have been at the AGMs, the EGMs, the Shareholders’ meetings where I have said year after year, that what we do is we beg, we borrow, we don’t steal. But we beg and we borrow from the bank.
“That’s what we have been doing and the banks are tightening in now and we just cannot borrow any more money a) to protect the football club and b) to protect the fans.”