Farhad Moshiri has sought to explain his impending Everton departure.
Moshiri struck an agreement with American investors 777 Partners for his 94.1% shareholding which will end a seven-year spell as de facto owner.
The British-Iranian billionaire’s Goodison Park premiership has been beset by problems on and off the pitch, culminating in successive relegation battles.
But in an open letter to shareholders, Moshiri outlined his reasons for agreeing to part with the Blues to the group that has a multi-club ownership model.
He wrote: “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.
“The agreement will see Everton become part of the 777 Football Group, which already includes Spain’s Sevilla, winners of the last UEFA Europa League, Genoa of Italy, Vasco de Gama of Brazil, and other storied clubs from across the world.
“Through that group, 777 is providing its clubs with access to world-class tools to support their football operations and global commercial opportunities. It is my belief that this expertise, combined with the collective strength of the clubs within the group, is what makes 777 the right fit for Everton.
“I say that knowing our club’s future is a positive one. The last few years have not been easy for Evertonians – and I am one of you. It has been tough to watch our struggles on the pitch, yet the foundations for a brighter future have been laid.
“In the case of the new stadium, we have made incredible progress over the last two years. We remain on track and on budget.
“Going forward, Everton will play in a stadium that will be the envy of the Premier League and beyond.
“A stadium that’s location will make it iconic throughout the game. A stadium that, most importantly, will give Everton a tremendous platform for growth and transform North Liverpool and the communities around it.
“I will forever be proud of what we have achieved.”