With a deal believed to be over £400million, it sees Everton become the 10th club in the Premier League under majority American ownership.

An agreement had been reached between the two parties in September, with the wait until now being down to awaiting regulatory approval from the Premier League.

The Friedkin Group is led by Dan Friedkin, who also owns Italian side Roma and, according to Forbes, has a net worth of £6.16billion.

He assumes control at Everton with the Toffees 16th in the Premier League, and just three points above the relegation zone.

Friedkin has been proposed to take over as the Everton chairman, with Marc Watts taking over as executive chairman and having responsibility for management of the club.

"I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group," Friedkin said in an open letter.

"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."