Theo Walcott took a 50 per cent pay cut to seal his Everton exit, according to the Athletic.

They report that Walcott was earning a whopping £150,000-a-week at Goodison Park.

Those wages were being split 50-50 between the two clubs for the duration of his loan spell.

But now that Walcott has gone back to Southampton permanently, he will earn £75,000-a-week, all paid for by the Saints.

Everton could do with a reliable wideman and an alternative striking option in the summer transfer window.

Walcott can perform both roles but Carlo Ancelotti clearly feels he can get a better option.

Everton’s attempts to do that will be boosted by getting Walcott’s huge wages off their bill.

Walcott was one of two signings made by Sam Allardyce during his brief reign in charge.

Southampton Unveil New Signing Theo Walcott
Matt Watson/Southampton FC via Getty Images

Cenk Tosun was the other and neither worked out despite costing in the region of £45 million combined.

It speaks to Walcott’s keenness to leave that he apparently accepted the wage cut at the drop of a hat.

The onus is on Everton to do good business in the transfer market to replace Walcott and put that saving on wages to better use.