Lord Grantchester, the man said to be providing the funding for Paul Gregg's attempted takeover of Everton, has distanced himself from the proposal.
Everton director Gregg had named multimillionaire Grantchester as his main backer as he battled to take control from chairman Bill Kenwright.
"It is not the case that I am behind Mr Gregg's proposals to underwrite funds for the club," said Grantchester.
"Indeed I have not seen Mr Gregg's proposals for the board."
Everton are currently £30m in debt and experiencing turmoil in the boardroom, with chief executive Michael Dunford, chairman Sir Philip Carter, vice-president Keith Tamlin and director Arthur Abercromby and new chief executive Trevor Birch all walking out.
Gregg had been putting together a takeover bid to buy out chairman Bill Kenwright, but, with Grantchester's withdrawal, it remains to be seen if he will proceed.
Grantchester added: "I'm a lifelong fan and I share in all Evertonians' disappointment and frustration at seeing our great club failing to compete at the highest level.
"I understand the desire for change and with this in mind I have had preliminary discussions to see how the present difficulties could be put in the context of a long-term solution for stability.
"Any solution needs to underpin the future of the club. A short-term measure, while providing temporary respite, must not be burdensome to the future.
"The present circumstances can't be helpful to David Moyes as he prepares a team for the start of the season.
"I look forward to the board's proposal to make progress with a clear vision for the development of Everton and my family will continue to have the best interests of Everton at heart."
Kenwright said he had seen no concrete evidence of Gregg's proposals.
"I repeat that my myself and our other director Jon Woods have a huge responsibility to Evertonians. We are still waiting for a formal proposal and evidence of finance."