What happened: Everton allowed a pre-agreed £25 million buy option on teenage attacker Tyrique George to expire rather than trigger it, choosing instead to keep negotiating with Chelsea. A restructured package worth roughly £20 million, weighted heavily toward performance-based add-ons, is now on the table. The Merseyside club are betting that Chelsea's need to clear financial regulatory hurdles this week forces a compromise.

Why it matters: The standoff is a test of nerve against the calendar: Chelsea face a fast-approaching accounting deadline and may accept less to book the sale in time, which is why a permanent move remains likely. For Everton, the risk is paying millions for potential at a moment the squad needs proven, ready-made reinforcement, particularly at right-back.

What to watch: Watch whether Chelsea blink before their regulatory deadline and finalize the reduced fee, or whether Everton pivot to a more established attacking target.