Everton have named Farhad Moshiri as their new major shareholder.
The British-Iranian businessman has acquired a 49.9 per cent stake in the club, subject to Premier League approval.
Everton had been in talks with a consortium led by former San Diego Padres owner John Jay Moores but Moshiri, a former Arsenal shareholder, has pipped them to taking a major stake in the Merseyside outfit.
Everton chairman Bill Kenwright said: “After an exhaustive search I believe we have found the perfect partner to take the club forward.
“I have got to know Farhad well over the last 18 months and his football knowledge, financial wherewithal and true blue spirit have convinced me that he is the right man to support Everton.”
Moshiri himself added: “I am delighted to take this opportunity to become a shareholder in Everton, with its rich heritage as one of Europe’s leading football clubs.
“There has never been a more level playing field in the Premier League than now. Bill Kenwright has taught me what it means to be an Evertonian and I look forward with excitement to working with him to help deliver success for Everton in the future.”