“I understand the frustration felt by everybody who loves Everton because of our inconsistent form in recent seasons, despite significant investment in the playing squad,” writes Moshiri.

However, Moshiri – who has already spent an estimated £500 million since his purchase of the club in 2016 – vowed to continue to pump funds to revive them.

“The money that has been spent since 2016, not just on the playing squad but also on key projects including our new stadium, demonstrates my commitment to Everton,” he writes.

“I write to you to assure you that my commitment remains strong and focused. The club has announced today the conversion of a £100m loan to the club into equity which is a clear demonstration of my commitment and greatly strengthens the balance sheet.

“I promise you that my determination to deliver for Everton will not waiver.”

The investment will enable the next manager, whoever it is, to rebuild the squad, as well as assist the funding of Everton’s new stadium on Liverpool’s dockside.

Moshiri’s latest investment is a consequence of him acquiring a further 33,333 shares in the club, through Blue Heaven Holdings Limited.