In the latest twist to this endless saga, the League was apparently ready to allow the deal before other events later in the year derailed the prospects of the Miami group to complete their attempted takeover.
Those issues have mushroomed with the group now facing court action in the US as well as seeing an Australian airline they own going into administration.
So, there are two possible ways to see this outcome of course. In one sense it could be seen as another example of how the football authorities actions have hampered the Blues stability and progress over the course of the current campaign.
This comes after all the aggravation that we saw with the breaches of the Profit and Sustainability Regulations leading to first ten points deducted in November - later reduced to six on appeal - then followed by another two points taken off the club in February.
On the other hand it could be considered to be a blessing in disguise given all the controversy and trouble the has enveloped 777 Partners!
While there is no way to say how things might have turned out in practice had they taken control, given current circumstances it doesn't look as though we are now going to find out.
Meanwhile, Richard Masters the chief executive of the Premier League who has been speaking again when before a Parliamentary Committee, has said that the ownership of Everton is up to Farhad Moshiri to decide, not the League.
As all this mess continues week after week as the Toffees are trying to sort out how they will approach a summer transfer window full of uncertainty again.
Financial problems abound with clarity over the exact situation regarding the club's debt and further PSR problems still not absolutely clear (at least to me!) and the ownership issue yet to be resolved.
Director of Football Kevin Thelwell and manager Sean Dyche will have to play a clever game in the transfer market as these problems hang over Everton.
There are a number of players available in the transfer market and we have identified some of those individuals. These or others like them could well end up at Goodison Park this summer.
But, we are unlikely to see much in the way of significant incoming talent without major player sales, especially in the first few weeks of the window.