Everton's long-running ownership saga has ended after a takeover from U.S. firm the Friedkin Group was completed on Thursday, the club announced.

The American ownership group takes over British-Iranian billionaire Farhad Moshiri's 94.1% majority share of the club, which will move next season from its long-term home, Goodison Park, to a new riverfront stadium.

Everton becomes the 10th club in the Premier League to be under American ownership.

"Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club," Marc Watts, the club's incoming executive chairman, said in a statement. "We are committed to leading Everton into an exciting new era both on and off the pitch."

The Friedkin Group also owns Serie A club AS Roma.

The Premier League said the group had passed its league owners' and directors' test, adding: "Having been agreed by the [Premier League] board, the takeover has now been ratified by an Independent Oversight Panel."

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.

However, the club's men's side has been on a tumultuous journey in recent seasons which saw them dramatically survive relegation on the final day in 2023.

The club repeated the feat last season despite being deducted a total of eight points across two separate penalties for Profitability and Sustainability Rules (PSR) infringements.

Everton's women's side, which the American ownership will also control, has also been stuck in the bottom half of the table in recent seasons.

"I truly believe that the transaction with the Friedkin Group is the best outcome for the club and its future success," Moshiri said.

"Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium," he added.

"I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve."

Everton are 16th in the Premier League with 15 points after 15 games. They next host Chelsea on Sunday.