Kenwright looks to have eased Everton's financial burden

On Friday, a statement from Kenwright confirmed "he has received the formal offer of new investment into the club via a new share issue".

Kenwright has been involved in a public battle with director Paul Gregg, who called for the Toffees chairman to raise some money or stand down.

Everton manager David Moyes will now be given new transfer cash to spend.

Moyes has struggled to attract targets this summer because of a shortage of money.

And the future of England superstar Wayne Rooney, who has been offered a new five-year �50,000-a-week contract, has been on hold while the boardroom wrangle went on.

Now Kenwright is likely to step up his efforts to seal the Rooney deal, while Moyes may make a renewed bid to sign West Ham's Michael Carrick.

Everton's troubles increased when Trevor Birch resigned as chief executive after only six weeks, but Keith Wyness, who has resigned the same post at Aberdeen, is likely to be appointed.

Gregg, an Oxford-based millionaire, had challenged Kenwright to match the �15m investment he was proposing, or resign.

With Everton between �30-40m in debt, attracting quality players to the club this summer has proved virtually impossible because of the financial uncertainty hanging over the Merseysiders.

Now Kenwright's camp claim that a vast amount of the money will go straight to Moyes.

�20m out of the blue? Someone pinch me From Shez Khan Have your say on 606

The remainder will be used to calm the club's bankers who have warned them they will not be allowed to extend their current �6m overdraft.

Gregg, who has �7m of his own family money in the club, issued his own statement which read: "I welcome new investment into the club.

"It is something I have been proposing for 12 months, not just the last three weeks.

"I am pleased that the club will have new funds and hopefully everybody can unite in time for the new season."