Everton owner Farhad Moshiri has agreed to sell his majority shareholding in the Premier League club to American investor Dan Friedkin, it has been confirmed.
Friedkin, who already owns Italian club AS Roma, revived talks over a deal expected to be worth between £400m and £500m earlier this month.
“Blue Heaven Holdings and The Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club,” a joint statement added.
“The transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.”
A spokesperson for The Friedkin Group said: “We are pleased to have reached an agreement to become custodians of this iconic football club.
“We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
Friedkin had already loaned money to cash-strapped Everton but faced competition from fellow American John Textor, who is the biggest shareholder in Crystal Palace.
A previous deal between Moshiri and Miami-based investors 777 Partners collapsed earlier this year as the company’s business interests – including in British basketball – unravelled.