Everton are attempting to secure new financial backing to safeguard the club's future after the collapse of a takeover deal with U.S. private equity firm 777 Partners.
Farhad Moshiri, Everton's majority owner, had struck 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 Premier League in an attempt to prove it has the funds to complete the share purchase from Moshiri's Blue Heaven Holdings Ltd., 777 has now missed the deadline to finalise the deal.
The failure of 777's bid means Everton will seek a new buyer or financial partner as quickly as possible.
"Everton Football Club would like to provide the following update to all stakeholders, and particularly its supporters," the club said in a statement on Saturday.
"The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the Club expired today.
"The Club's Board of Directors recognises the considerable level of financial support 777 Partners has provided 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, while it works with Blue Heaven Holdings to assess all options for the Club's future ownership.
"The Board of Directors would like to thank everyone connected to Everton for their patience over recent months and reiterate its commitment to providing further updates when it is appropriate to do so 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.