EVERTON FC does not have to sell star players like Marouane Fellaini or Jack Rodwell to balance its books, chief executive Robert Elstone said today.

Mr Elstone spoke as the club’s latest accounts revealed rising debts, a soaring wage bill and a pre-tax loss of £3.1m.

But the chief executive told the ECHO the club’s finances were "healthy" and it would continue to remain ambitious for success on the field.

Everton’s latest accounts up to May, 2010, revealed:

Debt up by £7m to £44.9m;

The Blues’ wage bill increased to £54.3m, 69% of turnover;

The club’s overdraft facility ends in 20 days, but the bank has indicated it will be extended;

The £8m sale of the Bellefield training ground was used to pay off previous loans.

Turnover at the Blues remained fairly static for the year ended May, 2010, down £600,000 to £79.1m.

The club recorded a pre-tax loss of £3.1m, with £4.5m paid in interest charges.

Speaking to the ECHO amid internet rumours of a financial crisis at Everton, Mr Elstone said the accounts made clear the club’s finances were solid.

"In essence, what we are looking at is a pretty good set of accounts based on turnover holding up and looking solid in tough economic times.

"It is a healthy set of accounts, but like the vast majority of football clubs and businesses today money is tight.

"It will not stop us being ambitious and we will continue doing that."