Everton owner Bill Kenwright accepts the club needs to find a billionaire if they're to stay competitive in the Premiership.

Kenwright said the massive riches available to Manchester City, who are set to be taken over by the Abu Dhabi United Group, highlighted the need.

"I'm a pauper when it comes to other chairmen," said Kenwright. "I want Everton to have a billionaire, but it is not me. My shares have been for sale from the day I bought in."

Everton paid a club record fee of £15m for Standard Liege midfielder Marouane Fellaini just before the transfer window closed earlier this week, but the club struggled to attract players over the summer.

"Now Arabs have bought Man City, making it even more difficult for Everton," said Kenwright, speaking at the club's extraordinary general meeting (EGM).

"I cannot go on like this, we need a new owner and we will continue to try to find one.

"I cannot see an alternative. This summer's transfer window has been the worst and most difficult I can remember.

"Every year it becomes more difficult to find the money. It is impossible to continue in the financial way we are at the moment."