In a statement released on Friday afternoon, the League confirmed that the alleged breach relates to the period ending with the 2021/22 season.
They added that the independent commission proceedings will be conducted in private after the appointment of its members led by the independent Chair of the Premier League Judicial Panel, with Everton facing possible sanctions if the alleged breach is proven.
The Premier League said: “In accordance with Premier League Rule W.82.1, the Premier League confirms that it has today referred an alleged breach of the League’s Profitability and Sustainability Rules by Everton Football Club to a Commission under Premier League Rule W.3.4. The assessment period for which it is alleged that the Club is in breach is the period ending Season 2021/22.
“Commissions are independent of the Premier League and member clubs. The members of the Commission will be appointed by the independent Chair of the Premier League Judicial Panel, in accordance with Premier League Rules W.19, W.20 and W.26.
“The proceedings before the Commission will, in accordance with Premier League Rule W.82, be confidential and heard in private. Under Premier League Rule W.82.2, the Commission’s final award will be published on the Premier League’s website. The League will be making no further comment until that time.”
Everton have been battling relegation once again this season amid fan anger directed at the board and currently sit 15th in the table and only two points above the drop zone with 10 more matches to play after a spirited 2-2 draw at Chelsea last time out, having appointed former Burnley boss Sean Dyche to replace the sacked Frank Lampard in January.
They return to action after the international break looking to continue a three-match unbeaten streak with a Monday night fixture against Tottenham at Goodison Park on April 3.
In a statement responding to the Premier League announcement, Everton said they were “disappointed” by the decision and “strongly contest the allegation of non-compliance”.
“Everton Football Club is disappointed to hear of the Premier League’s decision to refer an allegation of a breach of Profit & Sustainability regulations to an independent commission for review,” the Toffees said.
“The Club strongly contests the allegation of non-compliance and together with its independent team of experts is entirely confident that it remains compliant with all financial rules and regulations.
“Everton is prepared to robustly defend its position to the commission. The Club has, over several years, provided information to the Premier League in an open and transparent manner and has consciously chosen to act with the utmost good faith at all times.
“The Club will not be making any further comment at this time.”