Premier League Everton are 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.
“The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors or state-backed companies and funds.”
777 founder Josh Wander said: “We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values.
“Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters.”