Talks between cash-strapped Everton and potential investment from MSP Sports Capital have collapsed, in a huge blow to the beleaguered Toffees.
Everton and New York-based company MSP had reached an agreement over exclusivity in May, which is now over.
BBC Sport understands Everton remain in discussions with other parties over potential investment in the club.
However, it is not known who or how many parties with whom the Blues are in discussions, because of confidentiality.
MSP failed to respond when asked for comment by BBC Sport.
Speaking in his pre-match news conference before facing Wolves on Saturday, manager Sean Dyche said: “It doesn’t really impact [us] in the sense that I know [what] the realities of the parameters are from a player point of view, signing them and working in the market.
“There are so many checks for deals at Premier League clubs or any company and investor – they don’t get done in a day or week. That is an ongoing view from the the business side and I don’t get involved.
“We know we have to work hard in the market, find ways of creating deals because we don’t have a pot of gold. I knew that from when I got the job and have been working diligently with [Director of Football] Kevin Thelwell, scouts and various contacts to try and find the right players that can fit in and make us stronger.”
MSP was believed to be looking for a 25% stake with a preferential share structure, not equity in the club, so would be paid back in interest.
They had jumped ahead of fellow American investment group 777 Partners, who had been given access to the “data room” [financial accounts].
However, talks with 777 did not progress as the company was not prepared to pay a “significant” price owing to the debt on the balance sheet – which stood at £141.7m in the latest club accounts.
In February, owner Farhad Moshiri told the fans’ advisory board the club was “not for sale” but he had been talking to “top investors of real quality”.
British-Iranian businessman Moshiri has invested more than £750m since 2016, but some supporters are deeply unhappy about his ownership of the club.
Toffees fans held protests before some home games last season and called for Moshiri and the board to leave the club.
Chief executive Denise Barrett-Baxendale, chief finance and strategy officer Grant Ingles and non-executive director Graeme Sharp have all since left their boardroom roles, but chairman Bill Kenwright remains in his post.
Everton are currently bottom of the Premier League after losing their opening two games without scoring, and face winless Wolves at Goodison Park this weekend.
Striker Dominic Calvert-Lewin is out of the game after suffering a facial injury and will see a specialist about the issue on Friday, while winger Alex Iwobi has been ruled out for a few weeks with a hamstring problem.
