EVERTON FC chief executive Robert Elstone has defended the club’s transfer activity over the last five years, insisting there has been a net spend on new players of £35million.

The club, who are still searching for a buyer to provide the next level of investment, have come under increasing criticism in recent months for a lack of progress on and off the pitch.

Supporters formed the pressure group Blue Union, who are campaigning for chairman Bill Kenwright to sell the club and step aside, and they have raised questions about the lack of investment in players among other issues over failed ground moved and an inability to find new investment.

In August Everton sold Mikel Arteta to Arsenal for £10million and also brought in around £5million from Jermaine Beckford’s move to Leicester and Ayegbeni Yakubu’s switch to Blackburn.

Manager David Moyes brought in loan players Royston Drenthe and Denis Stracqualursi and yesterdayay signed Daron Gibson from Manchester United in a deal which could cost them up to £2million.

Supporters have been demanding to know why the proceeds from Arteta’s sale have not been re-invested in the squad and Elstone had attempted to answer those questions in a blog on the club’s website.

“Over five years, we have generated a £1million ’cash profit’ to fund buying players,” said Elstone.

“Of course, we’ve spent much more than this buying players: From June 2006 Everton paid out £94million (including agents’ fees) on a stream of internationals like Andrew Johnson, Joleon Lescott, Tim Howard, Phil Jagielka, Leighton Baines, Yakubu, Marouane Fellaini, Diniyar Bilyaletdinov, Sylvain Distin and John Heitinga.

“The club sold Simon Davies, James Beattie, James McFadden, Johnson and Lescott and raised £59million.