Premier League Everton is set to have new owners after Farhad Moshiri agreed to sell his 94% stake in the club to American investment fund 777 Partners.
The takeover would bring to an end the tumultuous tenure of British-Iranian Moshiri, who first invested in 2016.
The sale is expected to be completed by the end of 2023, subject to Premier League, Football Association, and Financial Conduct Authority approval.
The takeover would mean half of the 20 top-flight clubs are American-owned.
Moshiri said in a statement: “The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
Everton lie 18th in the Premier League after picking up just one point from their opening four games this season.
They are in disarray both on and off the pitch, narrowly escaping relegation in the past two seasons, including staying up with victory on the final day last term.
Next month the club will go before an independent commission for an alleged breach of the Premier League’s Financial Fair Play rules, but Everton have denied wrongdoing and said they were “prepared to robustly defend” their position.
In March, the club posted financial losses for the fifth successive year, taking their cumulative losses over that period to more than £430m.
They are also in the process of building a new stadium on Bramley-Moore Dock, and costs could reach £760m, a £260m increase on figures quoted by the club last year.
