Everton announced Farhad Moshiri as the club's new major shareholder on Saturday, promising new investments in the process.
The Toffees confirmed the news via their official website. Chairman Bill Kenwright said the decision came after a long search for a new partner:
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.
The new major shareholder expressed his delight at becoming a part of the club:
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.
Per the Telegraph's Matt Law and Chris Bascombe, "Moshiri will prioritise plunging money to the club’s stadium project and gradually increase his stake in the club with a view to a full takeover."
Everton have endured an inconsistent 2015-16 Premier League campaign but have battled for a European ticket over the last few seasons. Moshiri will acquire 49.9 percent of the club's shares.
Per the Observer, Moshiri sold his stake in Arsenal on Friday, putting himself in a position to become Everton's new owner. Greg O'Keeffe of the Liverpool Echo reports Kenwright is expected to stay on as chairman of the club.
Per O'Keeffe and Phil Kirkbride of the Liverpool Echo, Moshiri is an Iranian billionaire who became an Arsenal shareholder in 2007. By selling his shares in the club to Alisher Usmanov, he immediately freed up the funds needed to end Everton's lengthy search for a new investor.
Per Kevin Palmer of the Sunday World, it's the start of a new era for the Toffees:
The sale is still subject to approval of the Premier League.
Combined with the Premier League's new television deal, which is set to greatly increase the budgets of the clubs, Everton suddenly find themselves flush with cash at a crucial time, per BBC Sport.
The promised investments will give the club the opportunity to ensure top players like Romelu Lukaku don't leave Goodison Park during the summer, while new arrivals are also expected.