Everton majority shareholder Farhad Moshiri has apologised to the club's supporters for their disastrous 2021/22 season.
The Toffees battled relegation for the majority of the campaign, saving themselves from the drop with just one game to spare.
Moshiri has invested heavily in the squad in recent times, but his decision making has been widely criticised, with the Toffees making a string of missteps in the transfer market and also quickly cycling through managers.
In an open letter to Evertonians, the British-Iranian businessman apologised for the club's poor season and committed to delivering a new, fully-funded stadium over the coming years.
"Whilst there is no denying that it was an amazing night when we turned around a 2-0 half-time deficit to secure a sensational victory and guarantee a 69th successive season in the top tier of English football last season, it should not be allowed to disguise the fact that we have underperformed in what proved to be a very challenging campaign," the statement read.
"Mistakes have been made and for that I want to apologise to all of you. It has not been good enough and we need to do better. You have given us incredible support that helped us over the line when we most needed it, and we must repay that support and show that lessons have been learnt.
"More than any other club in England, Everton is the Club of its people, its community and its fans, and always will be.
"I am committed to securing the future success of the Club by delivering a fully-funded stadium that will underpin our status as a leading club. Our new stadium project at Bramley-Moore Dock has reached an exciting and landmark stage as it emerges from the ground, with the four main cores now in place."
Moshiri went on to reveal that the club underwent an extensive review of its operations during the 2021/22 campaign - the findings of which he claims have already been implemented at Goodison Park.
"The recruitment of Frank Lampard as our manager is one example," he wrote.
"He was the outstanding candidate at the end of a robust and clearly defined process, demonstrating an ability to marry his technical skills with passion, intelligence, humility and in alignment with the values of our Club.
"Other appointments such as Kevin Thelwell, our new Director of Football, Everton Women manager Brian Sørensen, Coach Educator Kevin Nicholson, the development of a technical board and the search for both a new Academy Director and an Under-23s Head Coach also reflect the implementation of findings from the strategic review."