Cape Town - Farhad Moshiri has become Everton's majority shareholder, the club have confirmed, after increasing his stake in the Premier League side to 68.6%.
The 63-year-old was a co-owner of Red and White Holdings, alongside Alisher Usmanov, when they owned 29.7% of Arsenal.
However, he sold his part of the holding to Usmanov in 2016 to purchase 49.9% of Everton.
Moshiri has now invested further in the Toffees to take his holding close to the 70% mark.
“Farhad Moshiri previously owned 49.9% of the club and in line with the agreement made at the time of his original investment, he has purchased 18.7% through Blue Heaven Holdings,” Everton said.
The British-Iranian businessman now holds 68.6% of the club and Everton also revealed that he “is expected to increase to 77.2% no later than July 2019.”