Everton's financial problems in the transfer market have been exposed again as they reportedly failed to match Leeds United's offer of just £150,000 for Preston goalkeeper Andy Lonergan.
Everton boss David Moyes wanted to sign the player as back up for number one keeper Tim Howard and Lonergan was even training with the Toffees for "a number of months."
However, Leeds managed to sign the keeper for the undisclosed fee, believed to be £150,000 because, the paper claims, "Moyes was unable to put in a counter-offer."
Earlier this month Everton's chief executive Robert Elstone urged the club's fans to be patient and insisted there is no lack of ambition at Goodison Park.
"The squeeze on money is harder than ever (this summer). Despite that, there isn't a day that goes by without the manager and chairman discussing players coming and, yes, players going," he said.
"At the same time, there isn't a day that goes by without discussions of how we can sell more season tickets, do new sponsorship deals or get better terms, or loan more money from our bank.
"Everybody is 'flat to the floor' looking for improvements, looking for money, looking for players.
"There's a lot of hard work behind the scenes, not being played out in public. The focus of all that hard work is the first-team squad.
"And, whilst we are not blessed with a transfer 'war chest', and we're acutely aware, as custodians, that the long-term security of the club is paramount, there is no lack of ambition nor endeavour anywhere in the club."
Lonergan, who made over 200 appearances for North End in an 11-year spell, has signed a three-year deal at Elland Road and acts as a replacement for the departed Kasper Schmeichel.
Eurosport
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