Everton chairman Bill Kenwright has blamed the club's non-existent transfer activity this summer on their inability to borrow money from the bank.
The Toffees, whose manager David Moyes in renowned for managing on a shoestring budget, finished seventh last season but have not added to their squad at all over the summer.
Moyes has been searching for a striker for over a year now, and some fans have become frustrated at the lack of movement, but Kenwright insists it is down to the banks not lending, rather than him not spending.
Speaking to Sky Sports News, he said: "Two things, one the world is in a recession and I don't know any business that isn't suffering at the moment and I include football in that, other than the financial elite.
"Two, we've come to a stage with our bank with our finance where we just can't borrow any more. You've been at the AGMs, EGMs, the shareholders' meeting when I've said year after year, what we do is we beg and borrow from the bank. That's what we've been doing.
"The banks are tightening in now. We just can't borrow any more money. A, to protect the football club and B, to protect the fans. I know the progress over the past decade has been phenomenal on and off the pitch."
Kenwright also suggested the club would have to sell players in order to buy new ones. Striker Jermaine Beckford was this week linked with a move to Championship big spenders Leicester.
"We knew this summer we were going to get to a point where things were going to get very, very tight. We knew we had to trade. There has not been a lot of trading in football itself this summer. We've not been able to trade yet and that's the reason that we've not bought in a new player."Reuse content