Everton majority shareholder Farhad Moshiri has apologised to fans after a season which saw them almost relegated.
Moshiri hired and fired Rafa Benitez before bringing in Frank Lampard as Everton beat the drop with the penultimate round of the season.
"It has not been good enough and we need to do better," Moshiri wrote in an open letter to Everton supporters.
"Mistakes have been made and for that I want to apologise to all of you."
Moshiri also reaffirmed his commitment to deliver a "fully funded" new stadium at Bramley Moore Dock, which is currently under construction, while pledging to not make the same mistakes in the transfer market that led to the club posting combined losses of £372m over three seasons.
"The stadium alone will not help us achieve our objectives and we are committed to not making the same mistakes again - including how we have not always spent significant amounts of money wisely," he said.
"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 learned."
