The Premier League has referred Everton to an independent commission for an alleged breach of financial fair play rules last season, it said on Friday without elaborating.
Everton said in a statement that the club was disappointed by the decision.
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“The club vigorously contests the allegation of non-compliance and, together with its independent team of experts, is fully confident that it continues to comply with all financial rules and regulations,” it said.
“Everton are prepared to vigorously defend their position before the commission.
“For several years, the club has provided information to the Premier League in an open and transparent manner and has consciously chosen to act in the utmost good faith at all times.”
Everton narrowly avoided relegation from the league last season, finishing 16th. They are fighting again this season and are 15th in the table, just three points behind bottom club Southampton.
Sean Dyche took over as manager in January following the sacking of former England international Frank Lampard.
Under Premier League rules, teams can have a maximum loss of £105m over three years, although special allowances have been made for the COVID-19 pandemic.
Everton posted a total loss of almost £372m in the last three years.
The club, owned by Farhad Moshiri, has attributed at least £170m to the impact of the pandemic.
The financial fair play rules are designed to prevent clubs from incurring huge losses through spending on players, as well as to ensure that sponsorship deals are genuine commercial deals.
Champions Manchester City was remanded last month for more than 100 alleged breaches of financial rules since the club was taken over by Abu Dhabi-based City Football Group.
Clubs found to have broken the rules risk receiving point deductions, fines or reprimands.
Everton have played every season since 1954-55 in the top flight.
