Ambitious Farhad Moshiri increases stake in Everton

Published Sep. 11, 2018 7:11 a.m. ET

LIVERPOOL, England (AP) — Iranian-British businessman Farhad Moshiri has increased his stake in Everton to 68.6 percent in a sign of his long-term commitment to a team seeking to regain its place in the Premier League's elite.

Moshiri sold his stake in Arsenal to become Everton's major shareholder in early 2016, securing 49.9 percent of the northwest club.

Everton says Moshiri has purchased another 18.7 percent of the shareholding and "is expected to increase to 77.2 percent no later than July 2019."

Moshiri has invested heavily in the playing squad in his two-year tenure and is funding the building of a new 300 million pound ($385 million) stadium on the Mersey waterfront, replacing Goodison Park.

Everton, a nine-time English league champion, hasn't won a major trophy since 1995. It is seventh in the Premier League after four games.