Farhad Moshiri – a British-Iranian businessman and former Arsenal Football Club shareholder – has purchased a 49.9 per cent stake of Everton Football Club.

A statement on the club’s website said that the new shareholder “brings the promise of new investment”.

“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,” said 60-year-old Moshiri, who becomes the club's majority shareholder. “There has never been a more level playing field in the Premier League than now.

“Bill Kenwright [Everton’s current chair] 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.”

Moshiri sold his 14.65 per cent stake in Arsenal – which he acquired in 2007 – to business partner Alisher Usmanov in order to purchase the Everton equity. In December last year, the club was reportedly close to a £200m (US$297m, €271.9m) takeover by US entrepreneur John Jay Moores, but talks did not result in a deal.

Kenwright said finding an investor proved to be an “exhaustive search”, but added the club had found the “perfect partner to take it 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,” he added.

The investment is subject to Premier League approval.