Farhad Moshiri has agreed to sell his shares in Everton to 777 Partners.
The British-Iranian billionare is set to part with his 94.1% controlling stake in the Goodison Park club after seven-and-a-half years as majority shareholder.
Miami-based 777 own a portfolio of clubs worldwide including La Liga outfit Sevilla, German second-tier side Hertha Berlin and Brazil’s Vasco da Gama.
But the group has found itself embroiled in a series of controversies since being co-founded by American duo Josh Wander and Steven Pasko in 2015.
Most notably 777 were accused of fraud but have vehemently denied those claims while Wander also pleaded no contest to a drugs charge in 2003.
The takeover remains subject to approval by the Premier League, Football Association and Financial Conduct Authority and is expected later this year.
“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” said Moshiri.
“The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE (private equity) firms, specialist sports investors or state backed companies and funds.
“I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date.
“I have spoken to a number of parties and considered some strong potential opportunities.
“However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model.
“As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton.
“Today is an important next step in the successful development of Everton and I look forward to closely following as our club goes from strength to strength.”
777’s potential deal will herald an end to Moshiri’s chaotic premiership which saw the Blues endure back-to-back relegation battles in successive seasons.