Everton have confirmed that Farhad Moshiri has become a new major shareholder in the club and has promised big investment.
Moshiri will acquire 49.9% of the club once the Premier League approves his investment, with Bill Kenwright retaining the other 50.1% of club shares.
In a statement released on Everton’s website, 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 deliver success for Everton in the future.”