Everton have announced that billionaire Farhad Moshiri is to become 'a new major shareholder' at the club and 'brings the promise of new investment'.
Sportsmail revealed the Moshiri, who has sold his shares in Arsenal to Alisher Usmanov, was behind the takeover earlier on Saturday.
The new owner will immediately have to deal with doubts about the future of the club's best players, especially John Stones – who is a target for Manchester City and could fetch around £45million in the summer transfer window.
Iranian businessman Farhad Moshiri is the new major shareholder at Everton
Everton have moved into a new era and confirmed the sale of shares on Saturday afternoon
Bill Kenwright (left, pictured with Wayne Rooney) will remain as chairman at Everton
Moshiri acquires 49.9 per cent of the club, conditional on the Premier League approving his investment.
Bill Kenwright, who will stay on as the club's chairman, said: 'After an exhaustive search I believe we have found the perfect partner to take the Club forward. I have got to know Farhad well over the last 18 months and his football knowledge, financial wherewithal and True Blue spirit have convinced me that he is the right man to support Everton.'
Moshiri added: 'I am delighted to take this opportunity to become a shareholder in Everton, with its rich heritage as one of Europe's leading football clubs. There has never been a more level playing field in the Premier League than now. Bill Kenwright has taught me what it means to be an Evertonian and I look forward with excitement to working with him to help deliver success for Everton in the future.'
Interest from America was strong. A group led by the former owner of the San Diego Padres baseball team, John Jay Moores, and fellow entrepreneur Charles Noell were in talks with Everton owner Kenwright.
Moores and Noell were also thought to be interested in Swansea but reached a point before Christmas where they were ready to perform due diligence on the accounts at Goodison Park.
They were actually among a number of interested parties from the US. In October a consortium with links to Major League Soccer side Sporting Kansas City had also considered an offer for the Premier League club.
While reports claimed Moores and Noell had been granted a period of exclusivity by Kenwright until the end of January to examine Everton's finances.
Earlier this month manager Roberto Martinez urged Kenwright to remain at the club as chairman.
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