Everton's interim CEO Colin Chong released this statement on X \ @Everton
The Toffees have dropped to 19th in the table after the deduction by an independent commission for an alleged violation of its profitability and sustainability rules in the 2021-22 season.
Clubs are allowed to lose a maximum £105 million over a three-year period, according to the rules.
Everton have confirmed their intend on appealing against the sanction.
Colin Chong, interim CEO of Everton FC, said: "Myself and everybody at the club are shocked and disappointed by the ruling.
"We believe the sanction is disproportionate and wholly unjust.
"The club's view is that the harshness and the severity of this punishment are neither fair or a reasonable reflection of the evidence that was submitted to the commission."
Colin Chong confirms "the club intends to appeal the outcome" for the sanction that "directly impacts supporters".
"The club and 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", he says.
"As we enter the next phase of this legal process, there is no further comment we can or will make."
"Rest assured we will be standing up for evertonians and our great club."
The club released the statement on X following the announcement earlier today.
Everton alum Neville Southall has urged the club to accept the deduction and "move on as quickly as possible".
The goalkeeper said: "All we've got to do is galvanise the players, the manager and the fans into one, which will be a good thing for them.
"They must appeal because that's what everyone does. It will go on until after Christmas, which will just push it further down the road."
"If I was them now I would go 'fair enough, let's take it now and let's finish with it'", Southall said.
"It sounds harsh and it sounds horrendous, but if you broke the rules you broke the rules and you've got to suck it up and say 'fair enough'.
"You can look at the argument about other clubs, but at the end of the day you look after your own business and if you've done it you've done it."
Culture, Media and Sport Committee chair Dame Caroline Dinenage said: "Today's announcement will be deeply disappointing for Everton fans and for everyone who wants to see the English game thrive in a fair and sustainable way.
"It is clear that the status quo cannot continue and so I repeat my call for the Government to urgently introduce the Football Governance Bill, as announced in the King's Speech, to enable a statutory independent regulator to be in place as soon as possible."
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