U.S. firm, Friedkin Group, is to take over Everton after reaching a full-scale agreement to purchase owner Farhad Moshiri’s 94.1 per cent stake.

The takeover is expected to be completed before the end of 2024 and will end Moshiri’s eight-year reign at Goodison Park. The British-Iranian businessman is understood to have reduced his asking price out of his belief that the American company, run by Dan Friedkin, represented the best owners for Everton.

Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a £100m capital injection.

Last year, the Miami-based investment fund 777 Partners said it had signed an agreement to acquire his stake, but the deal fell through when the agreement expired amid delays in meeting the necessary conditions outlined by the Premier League.

Now the parties said in a short joint statement they have “reached agreement over the terms of the sale” of Moshiri’s stake, adding that the deal was subject to approval from English authorities.

“We are pleased to have reached an agreement to become custodians of this iconic football club,” a spokesperson for the Friedkin Group said.

“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.”

Everton flirted with relegation last season after having points deducted twice for breaching the Premier League’s Profitability and Sustainability Rules (PSR). This season, Sean Dyche’s side were second-bottom of the table with one point after five games.

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