Everton chief Robert Elstone has defended their transfer policy.

Elstone was making his comments in the wake of landing Darron Gibson from Manchester United.

"Over five years, we have generated a £1million 'cash profit' to fund buying players," said Elstone.

"Of course, we've spent much more than this buying players: from June 2006 Everton paid out £94million (including agents' fees) on a stream of internationals like Andrew Johnson, Joleon Lescott, Tim Howard, Phil Jagielka, Leighton Baines, Yakubu, Marouane Fellaini, Diniyar Bilyaletdinov, Sylvain Distin and John Heitinga.

"The club sold Simon Davies, James Beattie, James McFadden, Johnson and Lescott and raised £59million.

"Accordingly, after all ins and outs, a net £35million has been spent buying new players.

"In the last 48 hours the question 'where has the Arteta money gone?' has been raised again.

"[The] first thing to repeat is the bank didn't force the sale. The £10million instantly became £9million when we paid sell-on fees to Real Sociedad.

"Sadly, and despite a lot of hard work, £9million could become £7.5million by the end of the year with gate revenues dropping below budget.

"And £7.5million may well become £5.5million as our live TV appearances drop below the budget we set based on previous seasons' appearances.

"Even if these attendances and TV appearances pick up, out of what's left, significant money has gone on new deals for Fellaini and Ross Barkley, we've brought in James McFadden, Marcus Hahnemann and Landon Donovan and our newest arrival, Darron Gibson.

"It feels like we're getting the most for our money and whatever money is left will be stretched, squeezed and re-invested.

"The chairman and the manager have spent the last two months looking at several more potential acquisitions and as always, on all football-based matters at Everton, it will be the manager making the decisions."