Last November, the Toffees were hit with a 10-point deduction for breaching the competition's financial rules during a four-year assessment period ending in 2021-2022, but that penalty was reduced to six points after an appeal.

They were then, along with Nottingham Forest, charged with breaching again in the period culminating in the end of last season.

An independent commission found Everton had exceeded the maximum loss limit of £105 million ($199 million) by £16.6 million ($31.5 million) during that latter period, issuing a further two-point deduction, which the club pledged to appeal.

However, Everton has since secured safety with relative ease, winning four straight home games against Burnley, Nottingham Forest, Liverpool and Brentford last month.

It now sits 11 points clear of the bottom three with just two games remaining ahead of this weekend's meeting with already-relegated Sheffield United.

Having seen Forest fail in an attempt to overturn or reduce a four-point penalty for its breach, Everton has opted to let its own punishment stand.

A club statement read: "Everton Football Club has withdrawn its appeal of the decision by a Premier League independent commission to impose a two-point penalty for a breach of profit and sustainability rules for the accounting period ending in June 2023.

"A hearing, scheduled for later this month, will now not proceed and the club will conclude the 2023-24 season with the two-point deduction remaining in place."

While Everton has confirmed its top-flight status for next season, uncertainty continues to surround the club, with a prospective takeover by Miami-based investment group 777 Partners yet to be ratified, despite the deal being agreed in September.

The Everton Shareholders' Association (EFCSA) has called for majority shareholder Farhad Moshiri to cancel the deal amid continued doubts regarding 777's ability to fund the club.