Everton’s majority shareholder Farhad Moshiri marked two years in charge at Goodison Park this week, but he has more to ponder than celebrate on his anniversary.

A dilemma beckons as Moshiri must decide whether to stick or twist with Sam Allardyce going into next season despite the availability of his preferred choice to replace Ronald Koeman last October, the former Watford manager Marco Silva.

The whole footballing operation at Goodison Park is under scrutiny, director of football Steve Walsh culpable for multiple recruiting failures over the last 18 months. Moshiri must also determine if Walsh can be trusted with more funds after a dismal return on last summer's £150 million investment.

Allardyce will feel unfortunate if the Goodison job proves to be no more than short-term, but ongoing erratic results and performances do not bode well.

The former England manager argues his immediate task upon taking over was to secure Premier League status, fully assess the squad, and then use the club’s resources to create a more dynamic and consistent side next season. The swelling of expectation as Everton swiftly moved into the top half have proven as much a hindrance as help to Allardyce’s cause to extend his stay. There will be no credit afforded for mere survival from those Everton fans lukewarm about his appointment on day one, regardless of where the club stood when Koeman left.

Everton have barely improved under manager Allardyce credit: Getty Images

The dismal away record - typified in the latest grim defeat at Watford last weekend - is perceived by some to be the new manager’s responsibility as much as a symptom of the unbalanced squad he inherited.

Moshiri conceded ground to Allardyce during negotiations to appoint him in December, offering an 18-month deal having earlier sought only a six-month term. His description of Allardyce as ‘the most underrated manager in Britain’ underlined the scale of this conversion. Moshiri did not sound like he was appointing another caretaker.

But Moshiri’s reign to date has often resembled an exercise in appeasing irate supporters’ wishes and he will not be deaf to the ongoing concerns of the Gwladys Street. Silva’s availability feels like an elephant in the room at every Everton Press Conference. Despite his swift demise at Vicarage Road it is inconceivable the due diligence that prompted Moshiri to make an official approach has become outdated so soon.

No-one can doubt Moshiri’s good intentions since he became majority shareholder in February 2016 and his eagerness to douse rising flames of discontent have prompted action. He heeded fans’ call to dismiss Martinez after two years of regression, securing Koeman from Southampton and the man he regarded English football’s most coveted scout, Walsh, from Leicester City.

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He has indulged in a club record-spending spree and made a new stadium more likely.

He dismissed Koeman when the fans antipathy towards the Dutchman made his position untenable.

But the misuse of funds by those entrusted to build a new team means Everton are no closer to fulfilling Moshiri’s ambition of challenging for a Champions League position. It can not help the majority shareholder's mood that he was asked to spend another £27 million on Turkish striker Cenk Tosun in January, only to be told within weeks Oumar Niasse is a preferred option.

Moshiri inherited a period of relative serenity when he arrived, Everton having appointed just two managers in 14 years.

After Martinez, Koeman, the caretaker spell of David Unsworth and Allardyce, Moshiri must decide whether he will pursue his fifth manager in just over two years before the start of next season.