Everton chief Robert Elstone insists they have plenty to show for their investments.
Toffees fans are unhappy with the lack of investment in the current squad.
But the Liverpool Daily Post says Elstone, blogging on the issue, wrote: "Whether we like it or not, it really is all about money. So where does our money go? The £50 million we get from Sky, or the £20 million we earn through gate receipts, or the new Kitbag deal?
"The simple facts are approaching 85p in every £1 we bring in, ends up one way or another at our training ground. From young prospects, to scouts, to medical support, to coaches and, of course to our first team squad, almost £70 million, out of our £80 million of income ends up at the Finch Farm complex. And quite right too. We wouldn't want it any other way.
"Of course, we've plenty to show for our money. We have a great Academy and, according to almost every Evertonian, as I said above, the best Blues' squad in years; a squad we all believe will see us in Europe next season.
"That investment, and most specifically a player wage bill that's increased significantly over the past three seasons demonstrates one thing above all else and that's ambition. It shows Everton has a Board of Directors that wants, and pushes hard for success on the pitch. Surviving on what's left? Well that's quite a challenge. The remaining 15p has to go a very long way, supporting the ground, the pitch, our matchday operation, our ticket office etc., etc., etc.
"Of course, fans want and deserve ambition. But, fans who are quick to criticise and look for failings are also quick to conveniently interpret ambition as financial mismanagement. If we don't invest, we lack ambition. When we do invest, we're putting the Club at risk!"
