Despite the impact of the coronavirus pandemic, Premier League clubs shelled out a total of £1.1bn in transfer fees during the summer window, more than four times the amount spent in La Liga.
Of that £1.1bn there were major deals for the likes of Jack Grealish to Manchester City, Romelu Lukaku to Chelsea and Jadon Sancho to Manchester United, those three deals alone worth in excess of £275m.
But of that £1.1bn, just 0.15 per cent was spent by Everton on transfer fees, with the Blues' transfer business consisting of a £1.6m deal for Demarai Gray from Bayer Leverkusen and free transfer moves for Andros Townsend and Salomon Rondon.
New manager Rafael Benitez would have know the extent of the challenge when he arrived at Goodison Park earlier in the summer, the Spaniard tasked with picking up the pieces following the expensive but ultimately failed project with Carlo Ancelotti, who departed for Real Madrid on June 1, the Italian resigning from his position to make a return to the Santiago Bernabeu.
Three games into the new Premier League season and it has been a case of so far, so good for Benitez, with Gray already looking like the bargain of the window after making a superb return to English football's top flight after a spell in Germany.
But this season will be about managing a situation that has come to a head, a situation that is the reason why Everton, who have invested so heavily in the playing squad in recent seasons since the arrival of Farhad Moshiri as owner back in 2015, are having to cut their cloth accordingly while the rest of the Premier League appear to have been able to spend with freedom.
When Financial Fair Play was first introduced back in 2011 it was designed to stop clubs getting themselves into financial trouble by chasing a dream. And while it has had some success on that front, with UEFA stating that the picture would have been worse for European clubs had it not been in place in the years leading up to the pandemic, what it has done is hamstrung clubs like Everton, who wish to bridge that gap between the so called 'big six' and the rest.
Clubs who had the money pre-FFP still have the money and the power due to their consistent participation in European football, something that results in higher prize money, better broadcasting revenues and enhanced commercial activity. For Everton they have been forced to try and play catch up without having all those things in place. Achieving European football for clubs outside the traditional six is now more difficult that it ever has been, and Benitez will attempt to do it having spent the same amount as it cost to bring in John Oster from Grimsby Town back in 1997.
Must-read Everton FC news
Most Read
It's not that Everton don't have the money to spend, if anything Moshiri is one of the most willing spenders among Premier League ownership. It is that they have recorded significant losses consistently in recent years in their bid to chase success, being able to fly under the FFP radar thus far thanks to some generous sponsorship deals that have arrived through the Alisher Usmanov owned businesses such as USM and Megafon.
Investing in the playing staff has seen the likes of Richarlison arrive for £50m, James Rodriguez arrive on a free but with a healthy wage packet, while the appointment of Ancelotti was one that was more in line with making a statement that strategic planning.
The Bramley Moore Dock stadium development will be massive for Everton. The proposed 53,000 seater stadium will be, Moshiri hopes, a game changer for Everton, one that allows them to maximise revenues that have been limited at Goodison Park. The more Everton can make from their new home the easier it is for them to fall within FFP, which will be undergoing a revamp in the coming seasons, which means that there is more chance for Everton to bridge the gap.
When Moshiri took over his initial spend was widely welcomed after Toffees fans had so long had to make do with a lack of investment in first team affairs when compared to some of their Premier League rivals. But six years on it is hard to make the case that it has been a success on the field, with Everton having finished seventh once, eighth twice, 12th and 10th. They have made European competition, the Europa League, just once.
No silverware has arrived and the club have, despite the investment, treaded water on the field, although the wheels put in motion for Bramley Moore Dock do point to strides made off it.
The on-pitch strategy hasn't really worked. Roberto Martinez, Ronald Koeman, Sam Allardyce, Marco Silva and Ancelotti have all departed under Moshiri, with the contrasting styles of some of the managers on that list making it hard to make the case that a defined strategy was being put in place on the football side from the top.
Marcel Brands' arrival has aimed to put that kind of strategy in place when it comes to bringing players in, but Everton still feel like they are trying to land on finding their identity, something that they will be hoping Benitez gives them. But with limited funds he will have to do it with one arm tied behind his back.
Don’t miss
Owing to the pandemic UEFA have relaxed the rules around FFP, discounting 2020 and rolling two years into one when the 2021 accounts are released.
UEFA have confirmed that losses will be allowed greater than the current €30m and that the overage can be covered by owners - provided there is proof that the losses were as a result of the pandemic.
For some clubs it has provided them with a chance to spend. For those who had a relatively quiet summer the season before, or those who had faired well with net spend, it provided a chance to invest. In terms of net spend for last summer, Manchester City's was £46.6m while Everton's was £56m after being unable to make any sizeable sales.
This summer they have made some moves to address the next stage. Moise Kean's time at Everton is at an end after the Toffees were able to negotiate a return for the Italian to Juventus for a two-year loan with a fee of £6m before the Serie A giants are obliged to pay £24m for him after that deal expires. That is a mark up of £5m for Everton and revenues that they can book in future accounting periods.
The UEFA relaxation has provided no open window for Everton, only the chance for some self examination about how they move forward from this point.
Gaining European football is the key to unlock the riches of the game, but the top four seems a stretch for Everton this season, although nothing can be written off in football.
Leicester City's remarkable Premier League win in 2016 and subsequent involvement in the Champions League allowed the Foxes to force their way into the conversation when it came to European qualification, but having a strategy and the right man at the helm in Brendan Rodgers has certainly aided that process.
Leicester recruit well, they maximise their resources and reinvest, but even they have now found that wage spend outstrips revenues, something that owners will cover in the short term but that is unstainable as a model moving forward, with UEFA's recommendation that clubs do not spend more than 70 per cent of wages in relation to turnover. Everton, according to the most recent set of club accounts that showed a near £140m loss for the 2019/2020 period, had an 85 per cent ratio.
Sign up to our free EFC email newsletter
Get all the latest match reaction, stadium news, transfer talk and more.
We'll have all the latest Everton updates as well as comment and analysis straight to your inbox every day with our FREE email newsletter.
Moshiri and Everton did not make a snap decision on who replaced Ancelotti, whose presence in the Toffees' dugout may have raised the profile but really did little to raise the on-field performance.
The club were willing to take the heat in appointing Benitez, with his obviously strong Liverpool connections, which suggests that they felt he was the kind of man needed to take charge of this next stage. It is a crucial stage, too. Everton want European football by the time that they make their Bramley Moore Dock move, planned for 2024, but given their heavy investment against limited revenue streams they have been forced to think smarter about how they do that.
Player trading will be key, as well as seeking value in markets where others may pass on. It is a strange situation. There is an owner willing to spend to achieve success but hampered by rules and regulations which ultimately protect those who they are wishing to catch. Austerity for a club willing to spend is odd, but if they can successfully manage the next couple of windows and turn around their balance sheet then it is likely they will try and make a real play in the market before their stadium move.
For now, though, they will have to reap what they have sown.