The Friedkin Group has agreed on a deal to take over Everton owner Farhad Moshiri's 94.1% controlling stake, the club announced Monday.
The Texas-based firm is a consortium of investments in automotive, entertainment, hospitality and sports. It also owns Serie A club Roma.
The deal could signal an end to a tumultuous time at Goodison Park at the ownership level as British-Iranian billionaire Moshiri tried to sell his shares in the club.
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a £100m capital injection.
Last year, the Miami-based investment fund 777 Partners said it had signed an agreement to acquire his stake, but the deal fell through when the agreement expired amid delays in meeting the necessary conditions outlined by the Premier League.
The Friedkin Group reached an agreement in principle in June to buy Moshiri's stake in Everton, but talks were called off a month later.
Now the parties said in a short joint statement they have "reached agreement over the terms of the sale" of Moshiri's stake, adding that the deal is subject to approval from English authorities.
"We are pleased to have reached an agreement to become custodians of this iconic football club," a spokesperson for the Friedkin Group said.
"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."
Everton flirted with relegation last season after having points deducted twice for breaching the Premier League's Profitability and Sustainability Rules (PSR). This season, Sean Dyche's side are second-bottom of the table with one point after five games.
Information from The Associated Press and Reuters contributed to this story.