Billionaire Farhad Moshiri's investment in Everton has been approved by the Premier League.
The Premier League has approved billionaire Farhad Moshiri's proposed investment in Everton, the club announced Tuesday.
Moshiri, who has an estimated personal wealth of 1.3 billion pounds ($1.9B) according to American business magazine Forbes, will hold a 49.9 percent stake in the Merseyside club.
"Everton Football Club has received notification that the proposed investment into the club by Farhad Moshiri has been approved by the Premier League," read a club statement.
Speaking after his investment was initially announced Feb. 27, Moshiri said: "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.