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A consortium of international investors, which involves a member of the Saudi royal family, has made a £400m offer to buy Premier League club Everton.

Farhad Moshiri agreed to sell his 94% stake to 777 Partners in September, but the investment firm could not complete the deal, opening the way for others to make a takeover bid.

Local businessmen Andy Bell and George Downing, as well as MSP Sports Capital - who have lent the Toffees around £158m - are also in the running for a period of exclusivity after lodging bids.

London-based businessman and lawyer Vatche Manoukian is leading a bid alongside an unnamed Saudi royal and families with a high-net worth from the United States.

Manoukian and his consortium have proposed an all-equity offer which would not take on additional debt and would aim to create a sustainable, long-term strategy.

They see Everton as a "sleeping giant" of English football with potential to secure a place "at the top of world football again" through the new stadium being built on Bramley-Moore Dock.

Manoukian, 45, is a partner at tech investment firm IMS Digital Ventures and is backed by Australia's Myer family.

Roma owner Dan Friedkin, Michael Dell of Dell Technologies and Kenneth King of investment firm A-Cap are understood to be interested too.

Saudi Arabia's Public Investment Fund, which lists the country's Crown Prince Mohammed bin Salman as chair, completed a £305m takeover of Newcastle in October 2021.

Everton's fan advisory board (FAB) has sent an to prospective buyers of the club, calling for "open, transparent and regular engagement" with supporters.

Following the protracted takeover attempt by 777 and seeing the sales and purchase agreement end on 31 May, the FAB is hoping any future process is concluded in a "much shorter timeframe".

The group added in a statement: "Now is the time for us to look forward and turn our attention to the parties who are in the process of bidding for our club.

"As one of the greatest sporting institutions in club football, we hope any new ownership will nurture, invest and most importantly acknowledge that their role as the steward of Everton FC is to run the club in partnership with its supporters in a way that recognises its heritage, sustainability, creativity and commercial potential."