Dan Friedkin, the owner of Serie A giants Roma, has reportedly agreed a deal with Everton majority shareholder Farhad Moshiri to buy the Premier League club.
Back in September 2023, Moshiri agreed to sell his 94.1% stake to Miami-based investment fund 777 Partners, but the deal faced persistent delays as they failed to meet the Premier League's required conditions.
The proposed takeover of the Toffees by the troubled US group eventually fell through last month, but Moshiri was tied into a period of exclusivity until May 31, meaning that he was unable to engage in alternative discussions.
However, a host of interested suitors have since come forward to Moshiri with a view to buying his majority stake in Everton, and one name has emerged as the new frontrunner.
According to multiple reports, including one from Sky Sports News, Moshiri is expected to grant exclusivity to American billionaire Friedkin within the next 48 hours.
Friedkin, chairman and CEO of the Friedkin Group who purchased Roma in 2020, has an estimated worth of $6.1bn (£4.8bn), and BBC Sport claims that he wants both the Italian club and Everton to 'sit at the top of a multi-club model'.
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Friedkin 'the strong favourite' to buy Everton, moves ahead of rival bidders
Friedkin is said to have moved ahead of four rival bidders in the race to purchase Everton, including UK-based investment firm Vici Private Finance, MSP Sports Capital, local businessmen Andy Bell and George Downing, and a consortium involving a Saudi Arabian royal.
The latter, led by London-based businessman and lawyer Vatche Manoukian alongside the unnamed Saudi royal, now seem to have withdrawn from the bidding process following the news of Friedkin's offer.
In a statement to BBC Sport, the Manoukian-led consortium said: "Everton fans deserve to be competing for trophies once again and we hope this deal delivers success for the club on and off the pitch.
"I want to thank our world-class investors for their support and we are excited to turn our focus to new opportunities to take great clubs to the next level."
Any deal to buy Everton, subject to Premier League approval, would end several months of speculation amid the club's well-documented financial concerns.
The Toffees were hit with two separate points deductions (losing eight points in total) last season for breaching the Premier League's Profit and Sustainability Rules, but they avoided relegation as Sean Dyche managed to steer his side to a 15th-placed finish.
