That is according to the League Two club's chief executive Gavin Baldwin.
"The finances are informally agreed," he said, according to The Star. “It would be structured over 12 months.
“There would be cash up front, cash after 12 months and other incentives such as promotion bonuses, win bonuses and sell-on clauses built into it.
“Everton are protecting themselves but it also means it's more affordable for us.
“Buying players from Premier League clubs is not cheap so if we can spread the cash, and back ourselves to do well and get good crowds, that pays for the deal and gives us some time to do it."