Everton’s takeover by the Friedkin Group has been confirmed.

A statement issued by the club on Thursday morning said the Toffees had been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group.

The club said the deal had received the necessary regulatory approvals from the Premier League, Women’s Professional Leagues Limited, the Football Association and the Financial Conduct Authority.

The Premier League’s statement confirmed the Friedkin Group had purchased a 98.8 per cent stake in Everton.

It marks the end of a turbulent period for the club under the ownership of Farhad Moshiri.

The club have twice been sanctioned under the Premier League’s profitability and sustainability rules (PSR) in the last 13 months, and had eight points in total deducted last season.

American billionaire Dan Friedkin is proposed to be chairman of the club’s board, and has appointed Marc Watts as the club’s new executive chairman.

The Friedkin Group has promised “thoughtful and strategic investment” to strengthen the first team as one of its key priorities, as well as maximising the commercial value of the club’s new stadium at Bramley-Moore Dock, which they are due to move into in time for next season.

Outstanding debt owed to Moshiri’s Blue Heaven Holdings has been converted into equity by the Friedkin Group, ahead of a change in Premier League rules which will require shareholder loans to be assessed to determine if they represent fair market value.

That change came about after a legal challenge to the Premier League’s associated party transaction (APT) rules brought by Manchester City.

Leaving shareholder loans in place under the new rules could have had major cost implications for Everton in the form of higher loan fees and interests.

“With this acquisition, TFG is committed to delivering a strong and sustainable future for Everton Football Club, restoring its competitive stature and maintaining its deep connection with fans and the community,” the club statement concluded.

The PA news agency understands the Roundhouse stake is already up to 99.5 per cent after an additional equity investment was triggered upon completion of the deal.

The club’s new executive chairman Watts told the Everton website: “In the short term, we understand the club has faced significant challenges on and off the pitch for several years. That’s why our immediate priority is stabilising the club and improving results on the pitch.

“We have provided an injection of capital to ensure the completion of the new stadium. The transaction has seen most of Everton’s debt either converted to equity, repaid or refinanced on terms more favourable to the stability of the club.

“Whilst there is much work to be done, and PSR remains a limiting factor in the short term, the underlying financial position is now much stronger.”

Dan Friedkin said: “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.”

Everton fans have also had to contend with a previous failed takeover attempt by 777 Partners. A deal with that group of American investors collapsed when an exclusivity period ended on May 31 this year with no formal agreement reached.

Another American investor, John Textor, was also linked with a buyout.

The Everton Fan Advisory Board (FAB) said in a statement: “Notwithstanding the development of our exceptional new home on the banks of the Royal Blue Mersey, our recent history has been clouded by relegation battles, financial uncertainty, failed ownership bids, a leadership vacuum and unjust sporting sanctions.

“Today’s announcement provides the opportunity for Evertonians to once again look forward with hope and optimism.

“We are encouraged by the aims and ambitions that TFG have set out today and their stated core mission to go beyond the ordinary, lead through competence, innovation, teamwork and an eagerness to excel.

“Providing clarity and communicating about the road ahead will be essential. We recognise that change will not come overnight. We look forward to hearing more about their plans in the coming weeks and months and working alongside them to help achieve their aims of embracing the passion, creativity and values of Evertonians.

“Most of all, we look forward to getting back to winning ways both on and off the field.”