Everton will submit their appeal against a 10-point deduction for breaching financial regulations on Friday.
The club said they were "both shocked and disappointed" by the unprecedented punishment and the PA news agency understands they will use the full allocation of the two-week window afforded to prepare their case against the extent of the sanction.
It is likely Everton will argue the harshness and severity of the punishment imposed by an independent commission is neither a fair nor a reasonable reflection of the evidence submitted.
Following a five-day hearing last month, the commission determined the calculation of Everton's PSR (profit and sustainability regulations) for the period ending 2021-22 resulted in a loss of £124.5million (€144m), exceeding the permitted threshold of £105m (€121.4m).
The club put forward various items they felt should be excluded from the PSR calculation: interest costs related to the construction of their new Bramley-Moore Dock stadium, £10m (€11.6m) lost on the decision not to seek damages against a player whose contract was terminated in 2021, a Covid-affected depressed 2020 summer transfer market and the government sanctioning of Russian billionaire Alisher Usmanov, whose companies were the club's biggest sponsors.
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