"The economics of the Premier League are becoming more and more demanding," he told the club's official website.

"It's important Everton keeps pace with the spending powers of our peer group and our rivals in the league.

"To do that, a new stadium is critical and the strongest option available to the club - in terms of affordability and what it can do for us in a business sense - is the one at Kirkby.

"While Goodison is a wonderful old stadium, it does constrain the club financially.

"This is the single biggest opportunity which the club faces and I recognise it's a hugely emotive issue," he admitted.

"We are still awaiting a decision from the Government on the call-in, which will trigger two different approaches depending on the outcome of that decision.

"Our advisers are telling us the decision is imminent, but we genuinely don't know what it will be and will just have to wait and see. It's frustrating, but that's where we are."