Everton announced on Monday that the US-based Friedkin Group has reached an agreement to buy Farhad Moshiri's majority stake in the struggling Premier League club.
The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority.
The group, led by American billionaire Dan Friedkin, had entered a period of exclusivity to negotiate a possible purchase in June, before Everton announced the following month that no deal would be struck between the parties.
American investment firm 777 Partners were unable to complete a deal earlier this year.
John Textor, who has a 45 per cent share in Crystal Palace, had appeared to be in the frame, but Everton's statement on Monday confirmed an agreement had been reached with Friedkin.
"Blue Heaven Holdings and the Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings' majority stake in Everton Football Club," the club said.
A spokesman for The Friedkin Group said: "We are pleased to have reached an agreement to become custodians of this iconic football club.
"We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock."
The club are putting the finishing touches to a new stadium and are preparing to leave Goodison Park, which has been the club's home since 1892.
Friedkin, who also owns Serie A side Roma, has a net worth of $7.6 billion, according to Forbes.
"The potential addition of Everton to our portfolio does not alter our focus on AS Roma. If anything, the multi-club symbiosis will only help Roma," Friedkin said in a statement published on the Roma website.
— Everton (@Everton) September 23, 2024
Sean Dyche's side are second from bottom of the Premier League after four defeats in their opening five matches.
Everton have remained in the English top flight for the last 70 years but have survived a number of battles to avoid relegation in recent seasons.
Last season they were docked a total of eight points for breaching Premier League financial rules.
The Liverpool-based club posted losses of just under £400 million ($534 million) for the four years between 2019 and 2023.
British-Iranian businessman Moshiri first bought a 49.9 per cent stake in Everton in 2016, before increasing his holding to 94.1 per cent in 2022.
Despite their recent struggles, Everton are one of England's most historic clubs. Only Manchester United, Liverpool, Arsenal and Manchester City have won more top-flight titles than their total of nine.
But the last of those came in the 1986/1987 season and the club have not won a trophy since 1995.