Confirmed: Blue Heaven Holdings and The Friedkin Group Reach Agreement for Majority Stake in Everton

Everton has announced that The Friedkin Group has reached an agreement to purchase a majority stake in the club.

The Friedkin Group, which also owns Roma and is led by American billionaire Dan Friedkin, was close to agreeing a deal to buy Everton a few months ago, only to announce it had pulled out due to concerns over loans which the club had taken up with other investors.

The deal struck between Blue Heaven Holdings - run by Farhad Moshiri - and The Friedkin Group is subject to regulatory approval, including from the Premier League, the Football Association and the Financial Conduct Authority.

The Friedkin Group said in a joint statement: "We are pleased to have reached an agreement to become custodians of this iconic football club.

"We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock."

The Friedkin Group suddenly re-entered the race to buy Everton despite American businessman John Textor, who has a 45 per cent share in Crystal Palace, believing he was close to acquiring a majority shareholding in the club

Textor's proposed deal to complete a takeover was reportedly "progressing well" up until last week, with Aliya Capital Partners, an investment firm based in Miami, already committing to joining Textor's bid to buy Everton.

In an exclusive interview with earlier this month, Textor said succeeding Moshiri at Everton would be akin to becoming President of the United States, adding he was confident of a deal being completed before the end of November.

How dramatic weekend unfolded - and what happens next

News' Alan Myers:

Remember that light at the end of the tunnel I spoke about on a number of occasions in the past? It seems now that it is as bright as it has been in what has been a prolonged, drawn-out and frustrating takeover saga at Everton.

Following a dramatic weekend of twists and turns, the Friedkin Group (TFG) has agreed a deal with Everton majority shareholder Farhad Moshiri to buy his 94.1 per cent stake in the club.

Up until Sunday evening, that didn't seem to be the case, as American businessman John Textor looked the most likely to succeed as the new owner of the Goodison Park club, having got as far up to the finish line as you could possibly imagine on Friday.

As Textor, a part-owner of Crystal Palace, told just a week or so ago that he appeared to have come up with a deal that, pending a number of issues being resolved - namely selling his shares in Palace - was almost done.

A late intervention from TFG, headed up by Roma owner Dan Friedkin, changed the landscape dramatically.

During an intense flurry of meetings during the weekend, Moshiri decided - I'm told at great cost to him personally - to go with Friedkin as it was "in the best interests of Everton Football Club".

There is no question that Moshiri's tenure has not been without its issues and that he has made mistakes, however he will make a huge loss on his investment into Everton, which was badly affected by the war in Ukraine and the subsequent sanctions on Alisher Usmanov, who had provided funds through significant sponsorship of the club.

His loss could reach £750m, but his legacy will be the brand new stadium on the banks of the river Mersey. After many years of failed stadium builds before him, he got it done.

That view, as I understand it, was arrived at because of the make-up of the TFG deal, which will mean up to £550m of equity investment by the group and would see Everton in a significantly better position financially then any other deal on offer.

It will mean the paying-off of a £200m loan from A-Cap (777), the previous would-be owners, which they provided for the stadium and working capital. It would also include them turning their own £200m loan to equity in the club, after they took over the funds provided by another proposed buyer, MSP.

There have been many false dawns for Evertonians with this takeover process, but this seems real and has every chance of progressing and getting done.

Friedkin had pulled out of a deal in July, with Moshiri saying there where concerns over the 777 loan agreement with the club and uncertainty around it. However, at the 11th hour - and when it seemed very likely that Textor would agree a deal with the Everton owner - they made their move and revived their agreement.

They will have to go through the necessary regulatory processes now, such as approval from the Financial Conduct Authority, the Football Association and the Premier League Owners' and Directors' Test. That is expected to be trouble-free and, as previously highlighted, they will need to satisfy the conditions of the sale agreement.

Friedkin himself is a colourful character. He is involved in the film, motor and luxury hotel industries and is also very active in conservation in Africa.

However, what Evertonians will crave is a period of stability and normality at a club which has been troubled for some time - and without a trophy for even longer.

Friedkin's admired business record, and the fact he has experience in the football world with his ownership of Roma, should give the fans that reassurance that this is the real deal and that they can cautiously hope for better days ahead.

Sean Dyche has been under pressure on the back of poor results this season and some may question what this takeover will mean for him. But TFG will not be focused on that at this point. The onus will be on completing the acquisition and they will leave all matters regarding the running of the club to the current regime, until such time that changes.

All could be completed within a couple of months, all being well. In the meantime, all concerned will hope that on the pitch the team' results improve and the new owners will walk into the new stadium as Premier League owners.