A financial group inextricably linked with failed Everton buyer 777 Partners is regarded by Farhad Moshiri as a serious takeover contender, Telegraph Sport understands.

A-Cap is attempting to convince Moshiri it can take control at the club despite apparent pressure from US authorities to cut its exposure to troubled 777.

Early interest from Kenneth King, A-Cap’s New York-based chief executive, was initially dismissed as 777 descended into legal turmoil in recent weeks.

However, Moshiri is now in active talks with King, who has some clout as he appears to have helped fund operational costs provided by 777 in recent months before the Miami-group’s takeover collapsed. Some sources close to talks say A-Cap is now in the driving seat, although other sides of a proposed deal play down his prospects.

All insiders agree, however, that King is fiercely motivated to secure an agreement, with money already tied up inside Everton.

Although Moshiri is refusing to rush into any decision, there are broad agreement terms that must be signed before the start of the new season. The club faces major outgoings to keep its impressive stadium development on track. Outgoings next week alone are estimated at up to £40 million, which accounts for player and staff wages and Bramley Moore Dock payments, including a significant chunk to Laing O’Rourke. Those specific numbers are denied by club sources who maintain there are no issues clearing any immediate payments.

However, several interested parties have signalled willingness to pay operational costs immediately in their pursuit of exclusive terms with Moshiri.

A-Cap are by far the most controversial takeover option in an increasingly busy bidding race, with two multimillionaire lifelong fans Andy Bell and George Downing also in serious contention.

A consortium of Saudi, Australian and US investors led by London-based Armenian Vatche Manoukian also tabled what he claimed is a £400 million “all equity” offer on Friday at midnight.

MSP Sports Capital has a separate proposal to take control via equity and debt. Roma owner Dan Friedkin is monitoring talks while John Textor, who is currently trying to sell his stake in Crystal Palace, has walked away from negotiations.

In terms of Premier League directors and owners’ test, the A-Cap and Manoukian approach would present the most obvious hurdles to overcome. The Saudi royal connections to the Manoukian offer would be an immediate point of interrogation after the fraught Newcastle takeover in 2021.

Everton is worth in excess of £400 million but any potential deal is complicated by club debt paying for the new stadium. Telegraph Sport is aware of multiple parties planning for the eventuality that a full takeover may not be complete, with directors and owners’ test approval, until October.

Despite ongoing talks with Moshiri, there remains significant doubt among other financial experts that an A-Cap takeover is possible while it addresses major financial uncertainties.

Prior to the collapse of the 777 takeover at Everton, the Financial Times reported regulators in the US states of Utah and South Carolina were moving to force five insurers owned by A-Cap to cut their exposure to 777. The five insurers and reinsurers held a total $11.5 billion [£9 billion] of assets at year’s end, of which $2.9 billion was invested in entities related to 777, according to documents seen by the FT.

A person close to A-Cap said partners had already been found to take on its 777 exposure, which it said the memo “grossly overstated”, and it expected a rapid resolution of the process.

Earlier this year King announced plans to raise up to $400 million of new capital following a credit rating downgrade by AM Best. Prior to the 777 takeover collapse, the Miami firm had provided at least £180 million of loans to the club since September.

Another complicating factor for bidders in the process is that some suitors believe existing lenders are considering triggering a “right to veto clause” as soon as this weekend ahead of various club transactions next week.

One source close to the process described this as a potential “poison pill” in the process.

Years of overspending cost Everton points deductions on two occasions during the 2023-24 season and another charge is to be dealt with pending further investigation.

Everton’s director of football Kevin Thelwell and manager Sean Dyche are on record admitting they may have to sell at least one of their most-prized assets in the summer transfer window to ensure Everton do not face further sanctions.

US-based King is understood to be in London this week pursuing the deal as well as other outstanding issues.