What next for Everton after latest takeover collapse?

Everton are back to square one on the takeover front after the latest proposed acquisition of the club fell through.

The Friedkin Group, who also own Serie A side Roma, had undertaken four weeks of due diligence on the Toffees during their period of exclusivity but decided not to go ahead with their purchase.

The club has been left in limbo again but sources insist Everton as a business is "absolutely not in a precarious position".

So what happened with the latest takeover bid and what does the future hold?

Everton were preparing for their first pre-season friendly of the summer against Sligo Rovers in Ireland when the news broke on Friday morning that the Friedkin Group had called off the deal.

BBC Sport understands the major stumbling block was a situation involving previous prospective buyer 777 Partners, whose proposed takeover plan had been backed by funding from financial insurers A-Cap.

The 777 group loaned Everton £200m during their takeover attempt and the issue was not paying that off, but the legal action that 777 faces in the US.

In May, 777 and the firm's co-owner Josh Wander were accused of a "fraudulent scheme" by a lender in a civil court filing in New York.

Friedkin Group did not know how long this would last for, was unclear about who was in charge of the loan, and was wary of any potential risk, so decided to walk away rather than wait for the issues to be resolved.

It is understood the loan from the Friedkin Group is a 'stable' one which means the group is not looking to call it in immediately.

The group could return for talks in the unlikely scenario that 777's litigation case is settled quickly and without further issues or delays such as an appeal.

Everton are back on the market again and the Friedkin Group were the fourth party over the past two years to be granted exclusivity by owner Farhad Moshiri without completing a takeover, after 777 Partners, Maciek Kaminski and MSP Sports Capital.

They had agreed a deal in principle on 14 June, leapfrogging five other rival bidders for a detailed survey of the club's books.

A consortium led by Kevin Malone, former general manager of American baseball club the LA Dodgers, made a takeover offer and was willing to commit more than £78m for football operations this year.

The complications surrounding the debt is a major concern and BBC Sport has been told by Malone his group is "seriously evaluating the opportunity" before deciding whether to reignite their interest.

A consortium of international investors, which involved a member of the Saudi royal family, made a £400m offer and a UK-based investment firm, backed by two 'western billionaires', also made a bid.

It remains to be seen whether either of these parties will return to the table.

Meanwhile, a £200m loan provided by the Friedkin Group paid off a £158m loan to the club from MSP Sports Capital and local businessmen Andy Bell and George Downing, with the remainder covering the costs for the new stadium at Bramley-Moore Dock.

The club's cash flow will also soon be improved by receiving - if they haven't already - the next portion of Premier League broadcasting revenue which is worth around £30-40m.

The financial situation was strengthened by selling forward Lewis Dobbin to Aston Villa and defender Ben Godfrey to Atalanta for a combined £20m before the 2023-24 profit and sustainability deadline on 30 June, while midfielder Amadou Onana also left for Villa in a £50m deal earlier this week.

There was an air of positivity around the squad during their pre-season camp in Ireland last week, with players in jovial spirits despite being put through double training sessions on some days by boss Sean Dyche.

During down time, players had the choice of playing golf, table tennis, padel, going fishing or relaxing in the spa, while there was also a quiz night among the squad and staff.

That togetherness was fostered by securing their Premier League status with three games remaining last season, and Ashley Young told BBC Sport they are aiming for a top-10 finish this term, as new signings Iliman Ndiaye, Tim Ireogbunam and the returning Jack Harrison settle in.

Although the latest takeover attempt fell through, club sources have said there won't be a fire sale and the wider transfer plans remain the same.

More arrivals are expected with firm interest in both Napoli winger Jesper Lindstrom and Leeds United forward Wilfried Gnonto.

Keeping hold of prized asset Jarrad Branthwaite would be a huge boost going into the new campaign and the Toffees have already rebuffed two offers from Manchester United.

BBC Sport was told on 10 June Everton would need a 'mega' offer to even consider selling the player and that stance remains the same.

Everton also have a new stadium to look forward to, which remains on track to open for the start of the 2025-26 season, highlighting signs of positivity amid the ongoing takeover uncertainty.