Bill Kenwright is selling half of his 26% stake in Everton to Farhad Moshiri, according to the Guardian.

Kenwright will receive £22.75million for the 13% stake he is selling, but the 70-year-old will remain as Everton chairman for the foreseeable future.

The theatre impresario, who paid £9million for his shareholding 16 years ago, repeatedly said he was looking to sell the club during his tenure and described Moshiri as the ‘perfect partner’.

American businessman Robert Earl is selling all of his 23% stake for £40.25million after buying it around a decade ago for £9million.

Earl, the founder of the Planet Hollywood chain, was rarely active during his spell as part of the Everton board and his exit will come as no great loss to the Goodison Park fanbase.

The other 13% is being sold to Moshiri by Jon Woods and another minority shareholder.

The 60-year-old Iranian has an option to increase his stake in the future and has agreed to give the Blues a large summer transfer kitty. Moshiri’s resources and contacts will also boost Everton as they look for a new stadium.

Moshiri’s 49.9% purchase of the Merseysiders is set to be passed by the Premier League next week.