The US-based Friedkin Group has completed the takeover of Premier League strugglers Everton, ending a turbulent period for the club under the ownership of Farhad Moshiri.
Everton have been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group (TFG), the club announced on Thursday.
The Premier League said TFG had purchased a 98.8 percent stake in Everton, which becomes the 10th English top-flight club under majority American ownership – a list that includes Arsenal, Chelsea, Liverpool and Manchester United.
Everton said in September that TFG had agreed to buy Moshiri's majority stake subject to regulatory approval, which has now been granted by the Premier League, Women's Professional Leagues Limited, the Football Association and the Financial Conduct Authority.
The BBC reported that TFG's deal to buy Everton was worth more than US$500 million.
The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of US$7.7 billion, according to Forbes.
"I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group," Friedkin said in an open letter.
Incoming executive chairman Marc Watts said "providing immediate financial stability to the club has been a key priority".
"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey," he added.
British-Iranian businessman Moshiri bought a 49.9 percent stake in Everton in 2016, later substantially increasing his stake.
He welcomed the deal, saying: "I truly believe that the transaction with the Friedkin Group is the best outcome for the club and its future success."
American investment firm 777 Partners were unable to complete a deal earlier this year while John Textor, who has a share in Crystal Palace, had previously been in the frame.
The Liverpool-based club posted losses of just under £400 million for the four years between 2019 and 2023.
Everton have twice been sanctioned under the Premier League's profitability and sustainability rules in the past 13 months, and had eight points in total deducted last season.
The club have been ever present in the English top flight for the past 70 years but have flirted with relegation in recent seasons.
They are currently 16th in the Premier League table, just three points above the relegation zone.
Sean Dyche's side host second-placed Chelsea on Sunday. (AFP)