The Friedkin Group has reached an agreement to buy Farhad Moshiri’s majority 94% stake in Everton.

The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority.

It is believed to be worth in excess of £400m, leaving Moshiri with little return on his substantial investment.

The US-based group is led by chairman Dan Friedkin, who also owns Roma. He has a net worth of £5.7bn according to Forbes., external

Everton would become the 10th club in the Premier League under majority American ownership.

The deal would bring to a conclusion the turbulent Moshiri reign. The British-Iranian businessman has invested more than £750m in the club since 2016, but many supporters have been deeply unhappy about his ownership.

Everton, who have not played outside the top flight during the Premier League era, have been in the bottom half for the last three seasons, finishing 16th, 17th and 15th.

Last season they were deducted points twice – amounting to a total of eight after an appeals process – for breaching Premier League financial rules on the level of losses clubs are allowed to make.

A spokesperson for the Friedkin Group said in a statement on Monday: “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.”