Everton fans have the same problem that Newcastle fans have, which is that they are attached to an institution that is of huge (often overwhelmingly huge) significance in their home city, but is not relevant at all to the wider world. As such the club finds itself clawing at thin air, and lacks the clout and strength to deliver on what the people need it to be. The only way out is what may or may not happen to Newcastle, i.e. forcing your way via outside finances into outside relevance.
London teams don't suffer from this at all - you could disband Arsenal, Spurs, Chelsea, any or all of them, and the city would shrug its shoulders and carry on as before. Even in Birmingham, I don't think 'the Villa' looms quite as large.