When Everton were taken over by the Friedkin Group, it was supposed to herald a new dawn for one of the Premier League’s sleeping giants.

But depending on how the final few hours of this transfer window unfold, the club’s long-suffering fans could be forgiven for wondering if the US group’s much-heralded December 2024 takeover was a false dawn instead.

Everton’s owners are facing the first big test of their commitment after a turbulent week which saw them forced to pull the plug on the £40m sale of 19-year-old Harrison Armstrong to Nottingham Forest on Sunday after a backlash from supporters, furious the Friedkins would even consider selling the most promising homegrown youngster the club has produced in years.

The jury is out on Everton’s transfer window so far.

Hayden Hackney, Christian Norgaard, Tyrique George, Merlin Rohl and Brennan Johnson all look positive, if cost-efficient, signings.

But unrest has been brewing behind the scenes for some time.

Manager David Moyes signalled that all was not well when he ended a summer of silence by expressing his frustration about a lack of signings and the possibility of players leaving before the deadline.

That frustration could spread. Iliman Ndiaye is now expected to complete a £60m transfer to Tottenham.

Injury-prone cult hero Richarlison could move in the other direction for around £35m.

But the club’s long search for a right-back – a key priority – may now rest on a £9m deal for Fulham’s Kenny Tete, a player who turned them down 12 months ago.

It wasn’t supposed to be like this.

Everton chief executive Angus Kinnear confidently predicted recently that the club’s financial concerns were a thing of the past and the aim for this season was a push for Europe.

Yet Everton’s rivals are still outspending them, while billionaire chairman Dan Friedkin – who has yet to watch a match at Bramley-Moore Dock – seems more concerned with goings-on at his other club AS Roma, who are in the Champions League this season.

John Blain, chairman of the Everton Football Club Shareholders’ Association, told The i Paper: “Last summer’s window was highlighted by complaints from the manager. This window was supposed to be better, about learning from that.

“The CEO has said we will spend more money than our competitors, that we want to make the squad stronger. But then we have Groundhog Day with the manager saying he is frustrated with a lack of progress.

“This isn’t over just because they cancelled the sale of Harrison Armstrong. They got it wrong. They need to understand why they got it wrong or they will just get it wrong again. Even though they’ve listened to the fans, it’s exposed concerns with the process.

“There are a host of fans out there who question the commitment of the owners. We seem to have a brand spanking new stadium, uplifts in commercial revenue, but a general opinion that the owners are less committed than Everton fans want them to be. I think that is a fair opinion.”

The Friedkins have transformed Everton’s balance sheet, completed the club’s stunning new stadium and modernised the way it is run.

Yet insiders speak of a power vacuum inside the club and of a lack of communication between the owners and the executive.

Decision-making is often slow and indecisive.

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Sources have also told The i Paper that whoever did due diligence for the Friedkins prior to the takeover may have overestimated the club’s ability to bring in revenue and compete in the Premier League.

Some fear the Friedkins would now be willing to sell.

“If they want to sell to make a profit then they should be doing the things the fans want them to do to increase the value of the business,” Blain said.

“I think there would be blood on the streets if they tried to do an asset-stripping exercise and sell players.

“They could build a football club with the intention of one day selling some or all of it, and meet our fan aspirations for success at the same time. I don’t think the two are mutually exclusive.”