Everton’s new owner, the Friedkin Group, has warned “it will take time” to make them successful again after completing their long-awaited takeover.
The deal will bring stability to the nine-time English champions following years of financial distress, new executive chairman Marc Watts said.
But he added that turning Everton from relegation-threatened strugglers back into a team challenging for honours would be a long-term project.
“Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club,” said Watts.
“We are committed to leading Everton into an exciting new era both on and off the pitch.
“Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.
“While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey.”
Confirmation of the deal comes after aborted talks with now-collapsed American group 777 Partners and current Crystal Palace shareholder John Textor.
The Friedkin Group’s purchase of Everton from British-Iranian businessman Farhad Moshiri sees the Toffees join a multi-club network which also includes Italian giants AS Roma.
“I truly believe that the transaction with the Friedkin Group is the best outcome for the cClub and its future success,” said Moshiri.
“Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.
“I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve.”
Friedkin intends to act as chair of Everton but said he would appoint a new chief executive in due course.
“I take immense pride in welcoming one of England’s most historic football clubs to our global family, the Friedkin Group,” he said.
“Everton represents a proud legacy, and we are honoured to become custodians of this great institution.
“The Friedkin Group is a diverse family of companies with a global footprint spanning industries such as sports, automotive, entertainment, hospitality, and adventure.
“Across all our endeavours, we strive to deliver extraordinary experiences that ignite people’s passions. We are thrilled to bring this ethos to Everton and the Liverpool City Region.”