Everton secure last-minute deal for Arsenal's Iwobi

Better late than never.

Hours after the Premier League transfer window closed, Everton announced the signing of Alex Iwobi from Arsenal on a five-year deal for an undisclosed fee.

BBC Sport's David Ornstein reports that Everton have shelled out an initial £28 million, with the deal potentially hitting £34 million with add-ons.

The Toffees submitted a deal sheet ahead of the 5 p.m. BST (12 p.m. ET) deadline to get the transfer over the line, according to the Guardian's Andy Hunter.

Iwobi is Everton's seventh signing of the summer and takes the club's total spending above the £100-million mark.

Everton turned to Iwobi after failing to land Crystal Palace winger Wilfried Zaha, who tried to force a move by handing in a transfer request. Palace were reportedly demanding £80 million for the Ivory Coast international.

Iwobi, 23, joined the Gunners when he was eight and earned his first-team debut under Arsene Wenger in the 2015-16 season. His stock rose quickly but his development lagged in recent campaigns. He scored just 11 goals in 100 Premier League appearances with the north London side.