The planned takeover of Everton Football Club by the billionaire Friedkin family has fallen through, leaving one of England's oldest football teams with an uncertain future.

The Friedkin Group, which also owns the Italian club AS Roma, began exclusive takeover talks with current Everton owner Farhad Moshiri last month. However, on Friday, Everton and the Friedkin Group jointly announced that the negotiations had ended without an agreement.

The Friedkin Group will not pursue the purchase of the club any further," the statement read. "The parties agree that it is in their mutual interest for Everton to explore alternative options.

Dan Friedkin, whose family made their fortune selling Toyota cars in the southern part of the USA, has an estimated net worth of $6 billion according to Forbes. His potential involvement has been welcomed by Everton fans as an opportunity to get the club back on stable footing.

Instead, the failure of the takeover throws the Premier League club back into turmoil. The heavily indebted club was penalized with point deductions last season for violating spending rules and has been battling relegation for three years.

An earlier phase of significant spending on players troubled the club when the pandemic severely impacted football finances. Additionally, the Russian invasion of Ukraine forced the cancellation of several major sponsorship deals with companies linked to oligarch Alisher Usmanov.

Everton has not yet completed the construction of its new stadium at Bramley-Moore Dock in Liverpool. The construction costs for the project have risen significantly in recent years, further straining the club's finances.

In the joint statement on Friday, the two parties said that the Friedkin Group would remain the club's lender and 'had played a key role in facilitating the construction of the new stadium.'

Moshiri has been looking for a buyer for the club for more than two years. The British-Iranian businessman originally agreed last September to sell the club to the Miami-based investment firm 777 Partners, but that deal fell through last month.

The company, which was scrutinized for months due to its finances, lent money to the club during the process to cover operating costs, but did not receive Premier League approval for the purchase. Its takeover bid failed shortly after 777 had brought in restructuring experts to address the "operational challenges.

Some of the club's main creditors are also struggling for control.