Everton owner Farhad Moshiri will convert his 451m loan into shares if the club isn't sold by January 11, due to new Premier League regulations.
From January 11, shareholder loans will require a fair market value test, adding complications for Everton's sale process to the Friedkin Group.
Everton's debts, combined with new league rules on shareholder loans, pose a risk of breaching profitability and sustainability regulations which could complicate the sale.
The Premier League's new rules treating shareholder loans as associated party transactions bring additional challenges to Everton's financial situation and pending sale negotiations.
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