Moshiri, 60, has sold his stake in Premier League rival Arsenal to business partner Alisher Usmanov in order to complete the deal. He will pay about £87.5m (€111m/$121m) for the shareholding, valuing Everton at £175m.
Moshiri, who has a net worth of about £1.3bn, according to business magazine Forbes, will snap up Robert Earl’s 23-per-cent stake, whilst chairman Bill Kenwright and director Jon Woods will dilute their respective shareholdings to 26 per cent and 19 per cent, respectively. There is an agreement in place for the Monaco-based businessman to increase his stake over time and ultimately become the majority owner.
Moshiri will work alongside Kenwright, who will stay on at Everton for an interim period. He is expected to focus on exploring stadium renovation plans.
“After an exhaustive search I believe we have found the perfect partner to take the club forward,” Kenwright said. “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.”