Everton risk being plunged into administration if they do not control their finances.
That's the verdict from football finance expert Kieran Maguire, who believes Everton Bidders could be deterred by the club's huge debt.
The Toffees have accumulated around £600m in debt under Farhad Moshiriwhile he is interested in selling the club.
But potential buyers could be happy to let Everton fall into administration if they remain in the Premier League, even after potential points deductions.
Speaking on The Price Of Football podcast on Friday, Maguire said: “We are aware of other bidders. I think it's also fair to say that those other bidders are based in the United States.
“It is also fair to say that bidders will take into account what they are inheriting.
“Suppose Farhad Moshiri leaves with nothing. The club still has debts of around £500m.
“There is at least another £100 million to complete the Bramley-Moore dock.
“It's going to cost the new owners at least £600m just for that.
“The club is probably not worth it. Trying to value a football club is an absolute nightmare.
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“Could these other potential bidders be considering: why not let Everton go into administration? Take another points deduction.
“If Everton get a couple of decent results then let the club go into administration and deduct points for as long as they stay in the Premier League. “People play 4D chess here.”
New buyers have been following Everton in recent months amid delays surrounding the 777 Partners bid.
If the 777 deal falls through, there is a chance the Toffees could fall into administration, which could mean further points deductions.
Everton were awarded a 10-point deduction earlier this season for breaching PSR rules, although this was reduced to six on appeal.
However, another breach of the PSR rule could result in another deduction, while entering administration would see another nine deducted.
With so much uncertainty surrounding the club, it wouldn't be surprising to see potential buyers take a step back before making any kind of offer.
