Everton have announced that billionaire Farhad Moshiri is to become “a new major shareholder” at the club and “brings the promise of new investment”.
Moshiri will acquire 49.9 per cent of the Merseyside club, conditional on the Premier League approving his investment.
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 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.”