The US-based Friedkin Group have completed the takeover of Everton, the Premier League club announced Thursday.
Everton said the club had been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group.
The Premier League said the Friedkin Group had purchased a 98.8 per cent stake in Everton, which becomes the 10th English top-flight club under majority American ownership – a list that includes Arsenal, Chelsea, Liverpool and Manchester United.
Thursday's announcement came after Everton said in September the Friedkin Group had agreed to buy Farhad Moshiri's majority stake in the struggling side subject to regulatory approval – which has now been granted by the Premier League, Women's Professional Leagues Limited, the Football Association and the Financial Conduct Authority.
The BBC reported the Friedkin Group's deal to buy Everton was worth in excess of £400 million ($506 million).
The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of £6.16 billion, according to Forbes.
Everton have twice been sanctioned under the Premier League's profitability and sustainability rules (PSR) in the last 13 months, and had eight points in total deducted last season.
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 before Everton confirmed they were entering into an agreement with the Friedkin Group.
Everton 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.
They are currently 16th in the Premier League table, just three points above the relegation zone.
Everton have remained in the English top flight for the last 70 years but have survived several battles to avoid relegation in recent seasons.
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.
'GREAT INSTITUTION'
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.
Friedkin, in an open letter, said: "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."
Incoming executive chairman Marc Watts said: "Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.
Everton were last crowned champions of England in the 1986/87 season and have not won a major trophy since 1995.
But Watts added: "While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."
Moshiri welcomed the deal by saying: "I truly believe that the transaction with The Friedkin Group is the best outcome for the club and its future success."
Everton, managed by Sean Dyche, are at home to second-placed Chelsea in the Premier League on Sunday with Friedkin Group representatives expected to be in attendance at Goodison Park.