Toffees capture Pienaar

Everton have made their second signing of the summer by securing the services of South Africa midfielder Steven Pienaar on a 12-month loan deal from Borussia Dortmund, subject to a work permit.

Pienaar, 25, moved to the Bundesliga from Ajax in 2006 and has made 25 appearances for the club.

Pienaar will follow £4m midfielder Phil Jagielka in moving to Goodison Park should his work permit be approved.

Everton intend to remain prudent in the transfer market in a summer of big spending.

Chief executive Keith Wyness, like manager David Moyes, is concerned at the high fees that are being paid by some clubs this summer.

Wyness said: “I totally agree with David, there has been an inflated value on some of the transfers.

“I believe we have a value of a good player, what we consider a fair value and we will not go above that.

“There is no doubt new stores of cash (from Sky TV) has made inflation happen.

“There has also been a rush of blood from new owners but I am sure things will settle back down.”

Wyness, however, believes it is imperative the club move to a 50,000 all-seater stadium in Kirkby if they are to compete at the top.

A ballot is being held among supporters regarding the proposal with concerns already being raised about the club leaving Goodison Park and away from Liverpool.

Wyness insists that their new home – which could be ready by 2010 – will bring in much-needed additional revenue.

A significant proportion of those funds, he promises, will go into manager Moyes’ transfer budget.

Wyness said: “Premiership pounds do equate to points.

“It is very important to maximise revenue streams in every possible way.

“Apart from television revenue, number two is stadium revenue and that is where we are sadly lacking.

“The competitive nature of the Premier League means we were falling far behind.

“A new stadium gives you new revenue strings. It could be up to £10million a year the revenue at Kirkby.

“Whatever we can give back to the manager, we do. That is the whole point of the exercise.

“David knows he needs the spending power to remain competitive. Obviously this new stadium is a key revenue source.”

Everton have released images of the new stadium and Wyness is adamant Kirkby is the best option.

He said: “The key thing is that this project is deliverable.

“There are very few other projects that could be delivered in the same way.

“The unique package of funding, a new stadium and new transportation links makes this a very compelling project.

“A decision has to be made and it is one that could impact on the next 100 years as to where this club is going to be playing.

“That’s why we’ve asked the supporters for their input.

“Hopefully they will be as excited at these images of the proposed new stadium as we are.”

Wyness believes the argument about leaving Liverpool is a red herring.

He said: “I do believe this arbitrary administrative boundary between Knowsley and the City of Liverpool is just that.

“We are looking at the whole of Merseyside and what will become a Liverpool city region in just a few years.

“This stadium is in the middle of the whole region and is a high quality project which should be supported.”