Everton manager David Moyes has confirmed that all the proceeds from the surprise last-minute Mikel Arteta sale to Arsenal has went to the bank and will not be used to bolster the depleted squad in January.

The news will come as a surprise to many Evertonians after Everton chairman Bill Kenwright promised significant investment in the first team squad in November and both men claimed the Arteta sale was for footballing reasons.

The sale of Jermaine Beckford and Steven Pienaar were also for reasons related to Barclays bank, who insisted that Everton stay within a set overdraft limit.

Ahead of the game against Tamworth, a video from pressure group the Blue Union was circulated on the internet showing a group of fans confronting Kenwright over the “Arteta Money” amongst other issues.

David Moyes confirmed the monetary situation at a press conference ahead of the Tottenham game on Wednesday, and it will surely dismay Evertonians who are screaming out for reinforcements to a threadbare squad, whose leading goalscorer is left-back Leighton Baines.

“I think everybody knows that the bank wanted the money. I think you all knew that,” said Moyes.

Last year the club demanded and received an apology from local newspaper the Liverpool Echo after suggesting the sale was made to appease the banks, yet now that seems to be dead on the money.

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