Everton chairman Bill Kenwright has warned new investors are needed so manager David Moyes can strengthen his squad.
Toffees' fans have called on Moyes to dip into the transfer market after a disappointing seventh-place finish last season but so far no new faces have arrived at Goodison Park.
With the transfer window closing on August 31, Moyes is running out of time to sign players but Kenwright admits the club is in a dire financial situation and only new investors will alleviate the burden.
When asked why the club has been quiet in the transfer market, Kenwright replied: "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.
"Two, we've come to a stage with our bank with our finance where we just can't borrow any more. You've been at the AGMs, EGMs, the shareholders' meeting 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," he told Sky Sports News.
Mikel Arteta would welcome any additions to the squad but he accepts the funds are not available to Moyes and he has urged fans to be patient.
"Do we need to buy players? Hopefully, by the end of August someone will come in who will help but if that is not the case then we know what we have got in the team and we will have to fight," he told BBC Sport.
"We know the situation at the moment. We cannot spend money like other clubs. That is sensible, even if it is not very popular.
"But at least we have been able to keep our best players. If we cannot sign new players we must keep the ones we have."
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