Everton 'takeover' Q&A: What is the latest on investment in the club?
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Farhad Moshiri (right) first bought a stake in Everton in 2016
More than £430m of losses in five years, major funding required for their new stadium, and the threat of relegation - the immediate future of Everton Football Club feels bleak.
The Toffees, who teeter one point above the Premier League relegation zone, have two games remaining to secure their top-flight status, and there have even been suggestions they would have to go into administration if they went down to the Championship.
But despite another miserable season against a backdrop of warring fans and the board, parties remain interested in investing in the historic Merseyside club, ranging from a minority stake to a full takeover from owner Farhad Moshiri.
When asked on Thursday about any potential investment in the club, manager Sean Dyche said: "I don't need to be kept up to date with anything at this stage.
"Mr Moshiri said a while ago he was looking for further investment. At the moment, I don't need to know more about it."
A report, external on Wednesday suggested Everton were close to being sold in a deal worth about £600m that could even be concluded by next week. But sources have told BBC Sport nothing is imminent and any deal is highly unlikely to happen before the end of the season.
We take a look at what lies ahead for the Toffees.
Does Moshiri need to sell?
Can Everton ever be great again?
Since first buying a 49.9% stake in 2016, then going on to become majority shareholder, British-Iranian businessman Moshiri has invested about £750m on his own money into Everton, and the club has about £225m in external debt., external
In their latest accounts, Everton posted financial losses for a fifth successive year. Their losses have totalled more than £430m over that period.
Despite that, Everton chief executive Denise Barrett-Baxendale said the club remained "in a secure financial position" because of Moshiri's "continued support and commitment".
After Russia's invasion of Ukraine in February 2022, Moshiri stepped down, external from the board of directors at Russian-owned USM Holdings - which sponsored Everton's training ground - and cut ties with Alisher Usmanov, who part owned the company.
In February, Moshiri told the fans' advisory board, external the club was "not for sale" but he had been talking to "top investors of real quality".
What are the key considerations for investors?
There are three main factors for potential investors to examine:
The building of the new stadium at Bramley Moore Dock is well under way but not yet finished and requires funding.
The carousel of managers in recent years and the threat of relegation for a second successive season points to a struggling side in need of significant investment in the playing squad.
The referral to an independent commission by the Premier League over an alleged breach of financial fair play rules, so any possible sanctions that may be imposed.
Everton, denied any wrongdoing and said they were "prepared to robustly defend" their position.
What is happening about any investment?
BBC Sport reported earlier this month that Everton were in talks over new investment. They are continuing.
Multiple parties have been speaking to the club, but it appears two main contenders from the US are most interested - Miami-based 777 Partners and MSP Sports Capital from New York.
It is believed 777 are in pole position as they are interested in a full takeover and have access to the 'data room' (financial accounts), but are not prepared to pay a 'significant' price as they have looked at the debt on the balance sheet - which stood at £141.7m in the latest accounts., external
They would also need to take on more debt for funding the new stadium, with costs increasing from £500m originally to about £760m.
MSP, meanwhile, are believed to be looking for a 25% stake with a preferential share, external structure, not equity in the club, so would be paid back in interest.
Last year, Everton began investment talks with Maciek Kaminski. He was granted a period of exclusivity, but the American/Polish real estate tycoon stepped back from discussions in January, external and BBC Sport understands he was unable to provide proof of funds.
Analysis - Could Everton go into administration?
Dr Dan Plumley, principal lecturer in sport finance at Sheffield Hallam:
"I don't see it that way, even though it has been talked about. What tends to happen from an investment point of view is if a full takeover of Everton were to happen they would be a cheaper acquisition as a Championship club. Maybe an investor would then pick them up for a cheaper price, so that would be in the mix.
"Based on the overarching figures, the financial performance and position of the club is not great and relegation would be a significant blow, but I don't see an administration problem rearing its head in the immediate term.
"They would need to look at investment to strengthen their position but despite some of the numbers in the accounts, there is optimism on that front."
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