However, the Premier League have not barred them from continuing to push to takeover the Goodison Park team.
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Per the Liverpool Echo, there is a deadline of May 31st for the group to seal the deal as per the share purchase agreement.
If they are unable to find a breakthrough and prove they have the money for the deal, it can be called off by Everton.
The issue for Everton is that they may not even have the finances to remain afloat, given they had been given loans by 777 Partners to continue operations this season.