Everton's transfer window ended in disarray on deadline day, triggering a wave of anger from supporters and placing owners The Friedkin Group and chief executive Angus Kinnear under intense scrutiny.
The collapse of a proposed £40m move for Folarin Balogun from AS Monaco was the flashpoint. The deal had initially been agreed and a deal sheet signed by the player and both clubs before Tuesday's 23:00 BST deadline, seemingly clearing the way for the American striker to complete his switch to Merseyside. Instead, the transfer unraveled in bizarre fashion in the early hours of Wednesday.
An 8am flight scheduled to bring Balogun to Everton was delayed, with the 25-year-old not arriving until later in the day. Complications also arose over paperwork from Monaco, and further issues emerged during his medical examination. Frustrated by the setbacks, Everton explored alternatives, attempting to secure a loan deal for Manchester United's Joshua Zirkzee - who was willing to join but was blocked from leaving Old Trafford - and making an approach for Aston Villa's Tammy Abraham, who preferred to stay at Villa Park.
With no alternative in place, Everton returned to Monaco and struck a revised agreement moments before the deadline, restructuring the fee into a smaller upfront payment with performance-related add-ons, while Balogun's personal terms stayed the same. It was at that point that the striker had a change of heart and left Everton's Finch Farm training complex without putting pen to paper.
Monaco's sporting director Thiago Scuro later told reporters that Balogun was "not comfortable" with how he had been treated by Everton during the medical process. The club maintain they supported the player throughout and were transparent about the issues that arose, insisting they offered to work with Monaco to find a resolution that would still allow the deal to go through.
The failed signing came on the same day Everton sold striker Beto to Fiorentina for £15.5m and saw playmaker Iliman Ndiaye complete a £65m move to Manchester City - leaving manager David Moyes with a threadbare squad. The Toffees now have just one senior striker, Thierno Barry, only 18 senior outfield players, and a single fit right-back and left-back after Adam Aznou departed on loan to Malaga.
The farcical end to the window followed days of unrest sparked by a controversial attempt to sell academy talent Harrison Armstrong to Nottingham Forest, a deal the board ultimately blocked following furious backlash from fans.
The turmoil has fueled open rebellion among supporters. The Everton Fans' Forum issued a scathing statement, saying the squad had been left "dangerously short" and demanding "competence, preparation and accountability" rather than reckless spending. A petition calling for Kinnear's resignation has also gathered momentum.
The influential supporter group The 1878s, known for their elaborate stadium displays, announced they are "standing down for the foreseeable future" in protest, stating they were "utterly disappointed and disgusted" with how the window concluded.
The criticism follows recent comments from Kinnear, who told BBC Radio Merseyside the squad was "in a good place" and relayed the owners' view that missing out on European football last season was regarded as "failure" - a stance Moyes admitted came as a "surprise" at the time.
Despite deadline-day additions Jack Grealish, on loan, and right-back Ashley Maitland-Niles from Lyon for £3m - confirmed only after a £9.4m deal for Fulham's Kenny Tete collapsed - as well as earlier signings including Hayden Hackney, Christian Norgaard, Merlin Rohl, Tyrique George and Brennan Johnson, the overall outcome has been branded an embarrassment for the club's hierarchy.
Speaking after Everton's Carabao Cup win at Preston North End, Moyes said: "I still think we have got a lot of work to do. We need more players. Our squad is not big enough and we need to get more quality in some areas if we can do."
Everton have not yet issued a public statement addressing the fallout, leaving supporters demanding answers and accountability from an ownership group now facing a serious credibility crisis.
Based on reporting from BBC Sport Football.