Everton announced Farhad Moshiri as the club's new major shareholder on Saturday, promising new investments in the process.
The Toffees confirmed the news via their official website. Chairman Bill Kenwright said the decision came after a long search for a new partner:
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.