Everton are set to become the latest Premier League club to fall into American hands after Farhad Moshiri agreed a deal with investment firm 777 Partners for his 94 percent shareholding on Friday.
British-Iranian businessman Moshiri splashed over £500 million ($620 million) on new signings, since becoming majority shareholder in 2016, to little positive effect.
Moshiri had been seeking fresh investment to help complete the club's new 53,000 capacity stadium at Bramley-Moore Dock, which is due to open next season.
The 777 Football Group already owns or holds stakes in Sevilla, Genoa, Hertha Berlin, Standard Liege, France's Red Star and Melbourne Victory.
"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 (private equity) firms, specialist sports investors or state-backed companies and funds," said Moshiri.
"Through my lengthy discussions with 777... I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model."
Moshiri had stayed away from Goodison Park in recent months after the board members claimed there was a "real and credible threat to their safety and security" at home matches last season.
Should the ruling, which is expected later this year, go against the club they are likely to face a points deduction. Everton said the transaction is expected to be completed in the fourth quarter of this year, pending approval from the football and financial authorities.
If the deal is completed, 10 of the 20 Premier League clubs will be American owned.
"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," said Josh Wander, Founder and Managing Partner of 777 Partners.
"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."
Everton are one of England's most historic clubs and only Manchester United, Liverpool and Arsenal have won more top-flight titles than their nine.
But the last of those came in the 1986/1987 season and the club have not won a single trophy since 1995.
A 70-year stay in the English top-flight appears at risk this season, but manager Sean Dyche does not believe the takeover will have a major impact on the squad.
"There's no impact on me or the players other than the news," said Dyche at his pre-match press conference ahead of Sunday's visit of Arsenal.
"I know there are ongoing checks from the Premier League and the like so that will take some time.
"The noise has been there for a long time, I think people have got used to it. It's not that big a deal to myself or the players."