Everton have announced that Farhad Moshiri has reiterated his commitment to the club by increasing his stake to become the majority shareholder.

Moshiri, who had previously held a 49.9% stake in the club, made an agreement at the time of his initial investment to increase his stake by purchasing a further 18.7% through Blue Heaven Holdings Ltd, meaning that he will now own 68.6% of club shares.

This will further increase to 77.2% no later than July 2019, according to an ​Everton club statement.

Moshiri and his business partner Alisher Usmanov were co-founders of Red & White Holdings, which bought shares in Arsenal in 2007. Moshiri sold his stake in Arsenal back to Usmanov in 2016 to fund a takeover bid at ​Everton, which was accepted and ratified two weeks later.

Usmanov has recently sold his shares in Arsenal to Stan Kroenke, fuelling speculation that he could reunite with Moshiri at Everton.

Moshiri had laid out of his vision for Everton to become Champions League contenders, but so far there has been little progress in that respect.

This fresh investment will assure Everton fans that Moshiri is still fully committed to the project, and thoughts will now turn to the delivery of a new stadium on Liverpool docks.