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The Merseysiders are hopeful that Iranian billionaire Farhad Moshiri, who was previously an Arsenal shareholder, can take them to the next level with fresh funds

The Premier League has approved billionaire Farhad Moshiri's proposed investment in Everton, the club announced on Tuesday. 

Moshiri, who has an estimated personal wealth of £1.3billion according to American business magazine Forbes, will hold a 49.9 per cent stake in the Merseyside club.  

"Everton Football Club has received notification that the proposed investment into the club by Farhad Moshiri has been approved by the Premier League," read a short club statement.

Moshiri, a former shareholder in Arsenal, will work alongside long-time chairman Bill Kenwright and Jon Woods as part of a three-man hierarchy at Everton. 

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Speaking after his investment was initially announced on February 27, Moshiri said: "I am delighted to take this opportunity to become a shareholder in Everton, with its rich heritage as one of Europe's leading football clubs.

"There has never been a more level playing field in the Premier League than now.  

"[Everton chairman] Bill Kenwright has taught me what it means to be an Evertonian and I look forward with excitement to working with him to help deliver success for Everton in the future."