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Everton have withdrawn their appeal against a two-point deduction for a breach of the Premier League's Profitability and Sustainability Rules (PSR), the club said on Friday, with the team now safe from relegation.
The penalty was imposed last month -- Everton's second deduction this season. The Merseyside club were deducted 10 points in November for another breach, although that was reduced to six on appeal in February.
As a result, Everton were docked eight points in total and were in danger of being relegated at one stage of the season.
However, Sean Dyche's side picked up 14 points from their last seven matches to sit in 15th place -- 11 points clear of the relegation zone with two games left in the season.
"A hearing, scheduled for later this month will now not proceed and the club will conclude the 2023/24 Premier League season with the two-point deduction remaining in place," Everton said in a statement.
The second points deduction was for a breach of PSR for the accounting period ending in June 2023, with the league saying the club admitted to a breach of 16.6 million pounds (Rs 173.81 crore).
The first deduction was over their finances in the 2020-21 season where their PSR calculation for the relevant period resulted in a loss of 124.5 million pounds (Rs 1303 crore). That amount exceeded the threshold of 105 million pounds (Rs 1099 crore) permitted under the PSRs.