Everton have announced that Farhad Moshiri will become the club's new major shareholder.

The 60-year-old British-Iranian businessman will purchase 49.9% of the club from current chairman Bill Kenwright, subject to approval from the Premier League.

Kenwright told the club website: "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."

Moshiri, who has an estimated wealth of £1.3 billion, sold his stake in Arsenal to the Gunners' second-largest shareholder Alisher Usmanov on Friday to secure the funds needed to invest in Everton.

He added: "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.

"There has never been a more level playing field in the Premier League than now. Bill Kenwright has taught me what it means to be an Evertonian and I look forward with excitement to working with him to help deliver success for Everton in the future."

Kenwright is expected to stay on as chairman for the time being.