Maybe it's the PL saying to the club, look, they have "passed" the tests but in our opinion they are big trouble and we're advising you not to do this? Actually trying to protect the club and eventually basically saying, ok we've tried everything to get you to see what this lot is like, away you go
Problem is with an independent regulator on their back, 777 would be used as a stick to beat the PL with if they buy Everton, but if they turn it down then Everton in administration will be a stick to beat them with because it should never get to that stage with a Premier League club.
Premier League in a no win situation of their own making. Everton should have been dealt with years ago and the league shouldn't have signed off on fraudulent accounts.