Everton's interim chief executive Colin Chong has stated they will fight a Premier League punishment.
The Toffees have been deducted ten points by the top flight for financial rules breaches.
The deduction goes into effect immediately, putting the club second from bottom in the top flight.
The club will be appealing the decision by an independent commission, with Chong stating: Myself and everybody at the club are shocked and disappointed by the ruling of the Premier League commission. We believe the sanction is disproportionate and wholly unjust.
The club's view is that the harshness and severity of this punishment are neither a fair nor a reasonable reflection of the evidence that was submitted to the commission. For that reason, the club intends to appeal the outcome before the Premier League Appeals Board.
This is a sporting sanction that directly impacts supporters. The club, our players and staff and our fans will stick together in the face of what the club believes to be an unprecedented and disproportionate sanction.
As we enter the next phase of this legal process, there is no further comment we can or will make. But rest assured, we will be standing up for Evertonians and our great club."