The Friedkin Group has completed its majority takeover of Everton, ending the turbulent tenure of Farhad Moshiri.

The deal is believed to be worth in excess of £400m and the Toffees become the 10th club in the Premier League under majority American ownership.

The group reached an agreement with Moshiri on 23 September and were awaiting regulatory approval, with the Premier League having the final say on the deal, and this has now been granted.

The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of £6.16bn, according to Forbes.

Friedkin has been proposed as the chairman of Everton's board, with Marc Watts serving as executive chairman. Watts will be responsible for the management of the club.

Friedkin said in an open letter: "I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution.

"Whilst we are new to the club, we fully understand the vital role Everton plays in local culture, history, and the lives of Evertonians here and around the world.

"We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city."

British-Iranian businessman Moshiri first bought a 49.9% stake in Everton in 2016, before increasing his holding to 94.1% in 2022.

Everton, who have not played outside the top flight since 1953–54, have been in the bottom half of the Premier League for the past three seasons - finishing 16th, 17th and 15th - and are at the wrong end again in 16th.

Sean Dyche's team play second-placed Chelsea at Goodison Park on Sunday (14:00 GMT) and representatives of the Friedkin Group are expected to be at the game.