Farhad Moshiri's majority stake in Everton will be purchased by the Friedkin Group, after an agreement was reached between the two parties.
The group, led by the American billionaire Dan Friedkin, had entered a period of exclusivity to negotiate a possible purchase in June, before Everton in July said that no deal would be struck between the parties.
John Textor, who has a 45 per cent share in Crystal Palace, had then appeared to be in the frame, but a statement from Everton on Monday read: "Blue Heaven Holdings and The Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings' majority stake in Everton Football Club.
"The transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority."
A spokesperson for The Friedkin Group said: "We are pleased to have reached an agreement to become custodians of this iconic football club.
"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."
The Friedkin Group, holder of a controlling stake in Serie A side Roma, have been a lender to Everton, with an injection of £200million triggering its exclusivity period in the summer.
Prior to that, a deal for Miami-based firm 777 Partners to take over the Toffees had been agreed in September 2023 before collapsing in May.
After the July announcement that the Friedkin Group would not be progressing with a purchase, Everton had entered talks with Textor, who would have to offload his stake in their Premier League rivals Palace.
And two weeks ago the American had expressed his confidence that everything could be completed before his exclusivity agreement expired.
But Everton played down those comments, stressing that "there remains some work to be done", and it is now Friedkin that is set to take control.
The news comes with Sean Dyche's team lying 19th in the league after six games of the season, having only claimed their first point of the campaign with Saturday's 1-1 draw at Leicester.
They finished 15th in 2023-24, a season during which they were twice docked points for breaching profit and sustainability rules.
Everton are due to move from their Goodison Park home to a new stadium at Bramley-Moore Dock in time for the start of the 2025-26 campaign.
