BBC
Everton's punishment for breaching Premier League financial rules has been reduced from 10 points to six after an appeal.
The club were immediately docked 10 points in November for breaching profit and sustainability rules (PSR) in the three-year period to 2021-22.
The punishment - the biggest in Premier League history - took Everton from 14th to 19th in the table.
The reduction in the ban lifts them from 17th to 15th.
Everton, who admitted to the breach, said they are "satisfied" with the reduction.
A Premier League statement read: "Everton FC appealed the sanction imposed against it on nine grounds, each of which related to the sanction rather than the fact of the breach."
A three-person appeal board concluded that the independent commission which imposed the 10-point ban "made legal errors" on two grounds.
It said the commission was "wrong" to punish Everton for being "less than frank" over what it told the Premier League about its new stadium debt.
The appeal board also said the commission was "wrong not to take into account available benchmarks" and that a six-point sanction was "broadly in line" with English Football League guidelines.
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Everton are facing another possible points deduction after being charged with breaching rules for a second time in January, for the three seasons up to 2022-23.
That case could not be heard until their appeal against the 10-point deduction was competed.
Everton say they remain "fully committed to co-operating" with the Premier League over the second charge.
English top-flight clubs are permitted to lose a maximum of £105m in a three-year spell, or £35m per season. Everton recorded losses of £125m over three years.
Everton, who have not won in the league win since 16 December, are now five points clear of the relegation zone with 12 games remaining.
How did we get here?
PSR, aimed at promoting financial stability among clubs, were introduced in 2015-16.
The Premier League referred Everton to an independent commission in March 2023, a month during which they posted financial losses for the fifth successive year after reporting a £44.7m deficit in 2021-22.
Everton admitted the breach but said they were "shocked and disappointed" at the severity of the 10-point punishment and that a sporting penalty for breaking financial limits was unfair.
The commission said Everton's issues were overspending - largely on new players - an inability to sell players and a lower than expected 16th-place finish in 2021-22, which caused a loss of expected income of about £21m.
The commission found Everton's failure to comply with the Premier League's "generous threshold" was because of their own "mismanagement".
Thousands of Everton fans held anti-Premier League protests following the original deduction, while a several regional politicians raised concerns, including Mayor of Liverpool Steve Rotheram and Mayor for Greater Manchester Andy Burnham.
Everton manager Sean Dyche said on Friday that the wait for a verdict may have had a psychological effect on his players because of the uncertainty surrounding their league position.