Everton are to be taken over by a US investment giant after an agreement was reached to buy Farhad Moshiri's full stake in the Premier League club.
777 Partners will taken on 94.1% of the club's shares from the businessman who first invested in 2016 and took on a majority stake two years later.
A deal was reported to be close earlier this week with the Miami-based group.
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Mr Moshiri said: "The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
"The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state-backed companies and funds.
"I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date.
"I have spoken to a number of parties and considered some strong potential opportunities.
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"However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model.
"As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton.
"Today is an important next step in the successful development of Everton and I look forward to closely following as our club goes from strength to strength.
"Of course, none of this could have been achieved without the hard work of everyone at the club.
"From our team at the training ground, our commercial and support teams through to matchday employees, I extend my sincerest gratitude.
"And to our fans, the last few years have been challenging but you have supported the club through it all and consistently been our twelfth man. You are the best fans and deserve success."
777 Partners was founded in 2015 by Steven Pasko and Josh Wander after a management buyout of SuttonPark Capital from PennantPark.
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Its first investment in football was to purchase a minority stake in Spanish La Liga club Sevilla FC in 2018.
In 2019, 777 Partners bought the London Lions and then invested £7m for 45% of the British Basketball League.
In September 2021, the company bought Italian Serie A side Genoa C.F.C., which is the country's oldest club.
In February 2022, 777 Partners bought 70% of CR Vasco da Gama, a Campeonato Brasileiro Série A club from Rio de Janeiro for R$700 million, valuing the club at R$1.7bn. The deal was the biggest in the history of Brazilian football.
A month later, the firm bought Standard Liège in the Belgian Pro League for €55m.
That deal came before it bought Red Star FC of the French third-tier Championnat National.
In October 2022, 777 Partners bought a minority stake in Melbourne Victory FC of the Australian A-League Men while in March this year, the company took a 64.7% stake in Hertha BSC of the German Bundesliga.
Outside of sport, the business owns Canadian company Flair Airlines and Australian-based Bonza.
In 2022, the firm invested in STX Entertainment, a global film studio known for producing films such as Molly's Game, The Irishman, and Ferrari.
Josh Wander, founder and managing partner of 777 Partners, added: "We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values.
"Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters.
"As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside."
The deal is expected to be completed in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.