The Friedkin Group has completed its takeover of Everton, ending the turbulent tenure of Farhad Moshiri.

The deal for 99.5% of the club is believed to be worth in excess of £400m and the Toffees become the 10th club in the Premier League under majority American control.

The group reached an agreement with Moshiri on 23 September and were awaiting regulatory approval, with the Premier League having the final say on the deal, and this has now been granted.

The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of £6.16bn, according to Forbes., external

Friedkin has been proposed as the chairman of Everton's board, with Marc Watts serving as executive chairman.

Watts, the president of the Friedkin Group, will be responsible for the management of the club.

Friedkin said in an open letter: "I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution.

"Whilst we are new to the club, we fully understand the vital role Everton plays in local culture, history, and the lives of Evertonians here and around the world.

"We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city."

British-Iranian businessman Moshiri first bought a 49.9% stake in Everton in 2016, before increasing his holding to 94.1% in 2022.

Everton, who have not played outside the top flight since 1953–54, have been in the bottom half of the Premier League for the past three seasons - finishing 16th, 17th and 15th - and are at the wrong end again in 16th.

Sean Dyche's team play second-placed Chelsea at Goodison Park on Sunday (14:00 GMT) and representatives of the Friedkin Group are expected to be at the game.

Everton have been acquired by Roundhouse Capital Holdings, an entity within the Friedkin Group, which has bought Moshiri's 94% stake in the club held through Blue Heaven Holdings. Through further debt-to-equity conversions, Roundhouse will increase its holding in the club to 99.5%.

The Friedkin Group has outlined a vision for a "sustainable and successful" future which includes strengthening the men's first team, cultivating home-grown players through the academy and a distinct on-pitch and commercial strategy for the women's team, as well as maximising the potential of the new stadium.

Everton are due to move from their Goodison Park home to a 52,888-capacity stadium at Bramley-Moore Dock from the beginning of next season.

The Friedkin Group's chief financial officer Ana Dunkel will join the board, while Colin Chong will remain as interim chief executive until a permanent appointment is made.

Incoming executive chairman Watts said: "Today marks a momentous and proud occasion for the Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch.

"Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.

"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."

Watts said the immediate priority is to stabilise Everton and improve performances on the pitch, adding that most of the club's debt has been turned into equity, repaid or refinanced on more favourable terms.

The Friedkin Group had agreed a deal in principle to purchase Moshiri's 94% stake in June.

But talks were called off a month later after the two parties failed to finalise an agreement. That followed Miami-based 777 Partners being unable to a complete a deal earlier this year.

In a complex saga surrounding the takeover, American businessman and Crystal Palace co-owner John Textor was then granted a period of exclusivity in August but could not finalise a deal because Premier League rules prohibit individuals from owning more than one team.

In June, it was said that Friedkin wanted Roma and Everton to sit at the top of "a multi-club model".

Everton's appeal to the Friedkin Group was said to be based on the club's history, fanbase and the new stadium at Bramley-Moore Dock, which is close to completion.

The deal brings to a conclusion the turmoil of Moshiri's reign.

During his tenure, Everton have had eight permanent managers and two caretakers in charge of the team, with the past three seasons all featuring battles against relegation.

Many supporters became deeply unhappy and protested about his ownership, with Moshiri mostly absent from matches at Goodison Park since October 2021.

He and the club were hit hard by Russia’s invasion of Ukraine with Everton suspending commercial sponsorships with USM Holdings, which was part-owned by Alisher Usmanov.

The billionaire had his assets frozen by the European Union and Moshiri resigned from his role as chairman in the company when Usmanov was sanctioned.

Moshiri had been looking for a buyer and agreed to sell his stake to 777 Partners in September 2023, but eight months later it missed a deadline to complete the takeover.

Last season, Everton were deducted points twice - amounting to a total of eight after an appeals process - for breaching Premier League profit and sustainability rules.

"I truly believe that the transaction with the Friedkin Group is the best outcome for the club and its future success," said Moshiri.

"Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.

"I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve."