Everton chairman Bill Kenwright defended his club's failure to enter the transfer marker on Thursday, claiming the Merseysiders were being denied funds from cash-strapped banks.
Everton fans have grown increasingly frustrated at the Toffees' inactivity in the transfer market this summer, with manager David Moyes once again forced to plan for the new season on a shoestring.
Kenwright told Sky Sports News the club's problems were linked to the global financial downturn and the unwillingness of banks to lend money to the club.
"There are two things. One the world is in a recession and I don't know any business that isn't suffering at the moment and I include football in that, other than the financial elite," Kenwright said.
"Two, we've come to a stage with our bank where we just can't borrow any more. You've been at the AGMs, EGMs, the shareholders' meetings when I've said year after year, what we do is we beg and borrow from the bank. That's what we've been doing.
"The banks are tightening in now. We just can't borrow any more money. A, to protect the football club and B, to protect the fans. I know the progress over the past decade has been phenomenal on and off the pitch."
Kenwright hinted Everton may be forced to sell players in order to bring in any new faces. "We knew this summer we were going to get to a point where things were going to get very, very tight. We knew we had to trade. We've not been able to trade yet and that's the reason that we've not bought in a new player," he added.