Everton shareholder Farhad Moshiri has said that he and the board have cleared the substantial debt that the club were burdened with over the last 15 years.

The Blues had a long term mortgage with Prudential based on season ticket sales and the land which houses the car-park at the rear of the Park End which was set to run for another 11 years as well as several loans secured against future TV revenue.

However, speaking on TalkSport radio today, Moshiri said that the club were “free to do what we want” and had the finances to move forward both with investment in the squad and a new stadium.

He said, “The fans must know we have done the hard bit. We have paid the debts, we are free to do what we want, we have the finances.

“It is not the same as when Chelsea and Manchester City began their projects, which was before Financial Fair Play.

“We can only invest what we made last season, plus £7million. The way to compete is to build a big stadium, to increase our merchandising and commercial income. That is what we will do.

“We have paid the debts, we have a very strong balance sheet and we need a big stadium.