Everton have been taken over by former Arsenal shareholder Farhad Moshiri, the club have announced.

The Toffees have been looking for investment for 10 years and have now found it in billionaire Moshiri. It had been reported on Friday evening that the club had reached an agreement with a ‘mystery buyer’ by several publications before the club announcing the deal through social media on Saturday afternoon.

It is thought that the deal in place will keep Bill Kenwright at the forefront of the club while Farhad looks to pump money into the club, with his first test to keep Everton’s best players at the club and to put a plan in place for a new stadium.

Moshiri sold all his Arsenal stake to business partner and friend Alisher Usmanov, in a deal confirmed yesterday due to Premier League rules that you can not be a shareholder of more than one club in the league. This deal was thought to be worth £200million which was the asking price that Everton had in place for any deal to be completed. It is thought that Moshiri used this money to purchase the club.

Speaking on the deal Bill Kenwright explained:

After an exhaustive search I believe we have found the perfect partner to take the Club forward.

Farhad Moshiri also explained that:

Bill Kenwright has taught me what it means to be an Evertonian and I look forward with excitement to working with him.

Moshiri now holds 49.9% of the club.