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Everton have a “new major shareholder" in the form of Farhad Moshiri, who has bought a 49.9 per cent stake in the club.
The Iranian businessman sold his stake in Arsenal to business partner Alisher Usmanov on Friday, allowing him to purchase his share in Everton, although the deal still needs to be approved by the Premier League.
Toffees chairman Bill Kenwright said: "After an exhaustive search, I believe we have found the perfect partner to take the club forward.
"I have gotten 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 commented: "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."
There has been significant and widespread financial interest in Everton, including from the United States through San Diego Padres owner John Jay Moores and fellow entrepreneur Charles Noell, but Kenwright and his colleagues appear to have decided that selling a major to stake to Moshiri was the preferable option.
The London-based businessman brings with him the promise of investment in both the first-team squad and a new stadium.