Last updated on .From the section Everton
In a letter to the club's fans, Farhad Moshiri apologized for the mistakes made during the difficult season.
Despite the club spending more than half a billion dollars on new players.
It has not been good enough and we need to do better.
I would like to apologize to all of you for the mistakes that have been made.
The way in which the club is run has come under fire from fans this season, including the appointment of a former boss.
After a difficult start to the season, which saw them win just one game in their first 16 games, FrankLampard took over as manager and led them to safety.
The board's determination to learn from past mistakes is shown in the appointments of Kevin Thelwell and FrankLampard.
The British-Iranian businessman pledged to deliver a fully funded new stadium and to not make the same mistakes in the transfer market that led to the club posting losses over three seasons.
He said that the stadium alone won't help them achieve their objectives and that they are committed to not making the same mistakes again.
"You have given us incredible support that helped us over the line when we most needed it, and we need to repay that support and show that lessons have been learned."
In order to raise funds for Ukrainians during the ongoing conflict in the country, Moshiri said that Goodison Park would be the site of a friendly match between the two clubs.
Vitaliy Mykolenko was a full-back for the Toffees.