An Everton takeover deal could actually materialise far sooner than people realise.
The Miami-based group 777 Partners agreed a deal with Farhad Moshiri months ago but have been locked in a protracted battle to demonstrate that they can finance the club going forward.
The Premier League has refused to ratify the takeover amid ongoing financial and legal issues surrounding the investment firm, which have led to them losing control of other clubs in their football network.
And Moshiri has reportedly given 777 until 5.00 am tomorrow to prove that they can fund the deal – although it has long been known that is now a near impossibility.
However, a takeover could still be far closer than expected.
Non-exclusivity clause: is Everton takeover closer than we think?
It has been widely presumed that 777 have been in a period of exclusivity with Moshiri, essentially meaning the British-Iranian billionaire is unable to officially engage other takeover suitors for a set period of time.
However, specialist investigative outlet Josimar claim that there is in fact no exclusivity clause between the two parties.
If that is the case, Moshiri could have been talking to alternatives to 777 since it became apparent that they were going to be unable to get a deal over the line. That’s months ago.
It was always going to be very likely that the billionaire was in informal talks with other parties in any case.
However, the lack of exclusivity may mean the discussions are far more advanced that most have assumed.
MSP, Textor, Bell-Downing, Qatar: Who else could buy Everton?
At present, MSP Sports Capital looks like the most likely successor to Moshiri on Merseyside.
The investment group have an option to take full control of Everton as part of a pre-existing £160m loan to the club last year.
What’s more, they have previously shown interest in a full takeover independent of the debt-to-equity deal.
Crystal Palace co-owner John Textor, who is looking to sell his stake in the South London side, is also exploring a deal.
He could use his connections with MSP via fellow Palace co-owner David Blitzer to convince the investment group to take over the club as part of a bridging deal while he organises his finances to buy the club himself.
Andy Bell and George Downing, who already own small stakes in Everton, have publicly expressed their interest in part-ownership of the club meanwhile.
If the local businessmen do pursue a deal, however, it will have to be part of a larger syndicate.
A fourth option, perhaps the most appealing to many Evertonians, is a Middle Eastern sovereign wealth fund.
It has been reported elsewhere that Qatar have been contacted about the possibility of a deal, while groups from Kuwait and Bahrain are also believed to be keen to make their first football acquisition – although there is no specific indication that this would be Everton.