The Friedkin Group has agreed on a deal to take over Everton owner Farhad Moshiri's 94.1% controlling stake, the club announced Monday.
The Texas-based firm is a consortium of investments in automotive, entertainment, hospitality and sports. It also owns Serie A club Roma.
The deal could signal an end to a tumultuous time at Goodison Park at the ownership level as British-Iranian billionaire Moshiri tried to sell his shares in the club.
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a £100m capital injection.
Last year, the Miami-based investment fund 777 Partners said it had signed an agreement to acquire his stake, but the deal fell through when the agreement expired amid delays in meeting the necessary conditions outlined by the Premier League.
The Friedkin Group reached an agreement in principle in June to buy Moshiri's stake in Everton, but talks were called off a month later.
Now the parties said in a short joint statement they have "reached agreement over the terms of the sale" of Moshiri's stake, adding that the deal is subject to approval from English authorities.
"We are pleased to have reached an agreement to become custodians of this iconic football club," a spokesperson for the Friedkin Group said.
"We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock."
Everton flirted with relegation last season after having points deducted twice for breaching the Premier League's Profitability and Sustainability Rules (PSR). This season, Sean Dyche's side are second-bottom of the table with one point after five games.
Later on Monday, the Friedkin group issued a statement to reassure Roma fans after a turbulent week for the Italian club.
"We love the beautiful game. The potential addition of Everton to our portfolio does not alter our focus on AS Roma," the Friedkins said on the Roma website. "If anything, the multi-club symbiosis will only help Roma.
"Each club in our portfolio operates independently and AS Roma remains at the heart of our football ambitions. Rest assured, our commitment of time, resources, and energy to Roma will not be diminished."
Roma coach and former captain Daniele De Rossi was surprisingly fired on Wednesday, leading to outrage among fans.
There were protests on Sunday before and during Roma's first match under new coach Ivan Jurić. Roma beat Udinese 3-0 for its first win of the season.
"Let us say this; we have the utmost respect for Daniele and believe he will have a great career as a coach. Maybe even one day back at Roma," the statement added.
"The decision to part ways with him was incredibly difficult, but we made it with the belief that it gives us the best opportunity to compete for trophies this season."
Information from The Associated Press and Reuters contributed to this story.