Friedkin has been proposed as the chairman of Everton's board, with Marc Watts serving as executive chairman.

Watts, the president of the Friedkin Group, 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.

Everton have been acquired by Roundhouse Capital Holdings, an entity within the Friedkin Group, which has bought Moshiri's 94% stake in the club held through Blue Heaven Holdings. Through further debt-to-equity conversions, Roundhouse will increase its holding in the club to 99.5%.

The Friedkin Group has outlined a vision for a "sustainable and successful" future which includes strengthening the men's first team, cultivating home-grown players through the academy and a distinct on-pitch and commercial strategy for the women's team, as well as maximising the potential of the new stadium.

Everton are due to move from their Goodison Park home to a 52,888-capacity stadium at Bramley-Moore Dock from the beginning of next season.

The Friedkin Group's chief financial officer Ana Dunkel will join the board, while Colin Chong will remain as interim chief executive until a permanent appointment is made.

Incoming executive chairman Watts said: "Today marks a momentous and proud occasion for the Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch.

"Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.

"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."

Watts said the immediate priority is to stabilise Everton and improve performances on the pitch, adding that most of the club's debt has been turned into equity, repaid or refinanced on more favourable terms.