Give a different view of Everton’s no. 1 punching his rival – penalty! (8)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

first/”no. 1″ letter of E-[verton] inside/”punching”: RED =”his rival” + FINE=”penalty” “punching” as in piercing into e.g. as in a hole punch tool Everton’s football rivals are Liverpool, known as ‘the Red s’