Everton have announced that Farhad Moshiri will become the majority shareholder at the Merseyside club.
The British-Iranian businessman purchased a 49.9% stake in the Premier League club and the deal was confirmed by Everton this weekend.
Chairman Bill Kenwright finally brought an end to the decade-long search for investment. Moshiri is valued at £1.3bn by Forbes. The former Arsenal shareholder decided to sell his stake at the London club to his business partner, Alisher Usmanov, on Friday.
He then went on to pay around £87.5m for the Everton shares. It is understood that Everton are valued at around £175m.
The report states that there is an agreement for Moshiri to purchase more shares in future and become the majority owner of Everton football club. The deal is a mere formality now, subject to Premier League approval.
Moshiri will own Robert Earl’s stake in Everton, along with that of Kenwright and the director Jon Woods.
Kenwright will remain as Everton’s chairman for an interim period and will work with Moshiri during this period.
The major advantage of getting the deal done early will be the extra funds for transfers next summer. The Toffees have been promised considerable transfer funds by their new shareholder.
Earlier it seemed that the likes of Stones, Lukaku and Barkley might be headed towards the exit. However, Everton’s elevated status in the transfer market now will help them keep their stars as well as strengthen the spine of their side.
The likes of Manchester United and Chelsea are thought to be interested in Lukaku and Stones.
Furthermore, the likes of Barkley and Stones are set to be offered better contracts this summer.
The British-Iranian businessman is also keen to work on Everton’s stadium plans and will help them relocate in near future.