Everton are trying to secure new financial backing to safeguard the club's future following the collapse of a takeover deal with US private equity firm 777 Partners.
Farhad Moshiri, Everton's majority owner, had reached an agreement with 777 last September to sell his 94.1% stake in the club.
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But after lengthy negotiations with the club and the Premier League in a bid to prove it has the funds to complete its purchase of shares in Moshiri's Blue Heaven Holdings Ltd., 777 missed a deadline to finalize the deal.
The failure of the 777 bid means Everton will look for a new buyer or financial partner as quickly as possible.
“Everton Football Club would like to provide the following update to all interested parties, and in particular its supporters,” the club said in a statement on Saturday.
“The agreement between 777 Partners and Blue Heaven Holdings Limited for the purchase and sale of the majority interest in the Club expired today.
“The Club's Board of Directors recognizes the considerable level of financial support that 777 Partners has provided to the Club over recent months and would like to take this opportunity to thank them for this.
“The Club will continue to operate as usual, whilst working with Blue Heaven Holdings to evaluate all options for the future ownership of the Club.
“The Board would like to thank everyone associated with Everton for their patience over the past few months and reiterate their commitment to providing further updates where appropriate through the Club's official communication channels.”
Everton avoided relegation to the EFL Championship this season, despite two separate points deductions by the Premier League for breaching profit and sustainability rules.
