Everton chairman Kenwright: Cahill sale good business
The transfer represents a good move for Everton also as it gets the 32-year-old, who was one of the club's highest earners on £55,000-a-week, off the wage bill.
That should and should pave the way for the club to step up their efforts to re-sign Tottenham midfielder Steven Pienaar.
"We accepted this offer for Tim with a heavy heart but it is a great way for him to end his Everton career," Kenwright added on evertonfc.com.
"The transfer salutes Tim's unswerving commitment to our cause over the last eight years and also respects his desire never to play against Everton."