LONDON (REUTERS) - The Premier League has approved the proposed investment into Everton by British-Iranian billionaire Farhad Moshiri, the Merseyside club said in a statement on Tuesday.
Moshiri, a former Arsenal shareholder, ended Everton's long search for investment when he bought a 49.9 per cent stake in the Goodison Park outfit last month.
His close relationship with Bill Kenwright and willingness to allow the chairman to remain in a position of power at the club, at least in the short term, was believed to be a factor in clinching the deal.
Kenwright, a leading film and theatre producer, had been looking for major investment for more than a decade, having bought a controlling stake in Everton from Peter Johnson for £20 million (S$39.4 million) in 1999.
The club have won the top-flight title nine times and the FA Cup on five occasions, albeit not since 1995 when they last lifted a major trophy.
Forbes estimated Moshiri's personal wealth at about £1.3 billion before he sold his Arsenal shares last month to Red and White Holdings partner Alisher Usmanov, the London club's second-largest shareholder.
Everton, who are 12th in the Premier League with 10 matches left this season, host Chelsea in the FA Cup quarter-final on Saturday.