The Friedkin Group, also known as TFG has agreed to complete the takeover of the English Premier League side, Everton, after the necessary paperwork is done. 

According to local reports from England on Monday, TFG is close to finalizing a deal to buy out Farhad Moshiri’s ninety-four percent stake in the Merseyside outfit.

A joint statement from Moshiri’s company and TFG revealed on Monday that The Friedkin Group and Blue Heaven Holdings have reached an agreement on the terms of the sale of the majority stake of the Toffees, which currently belongs to Farhad Moshiri’s Blue Heaven Holdings.

This latest development represents a twist in a long-running takeover saga of Everton which began a year ago, during which Everton’s external debt rose to around £600million ($798m, €718m) as they have sought ways to finance everyday running costs and their new stadium project.

Meanwhile, £200m ($266m, €239m) of the quoted figure is owed to TFG, a group that also doubles as the owner of Italian outfit AS Roma and had been around the periphery of the Everton takeover since June after the potential takeovers of MSP Sports Capital and, most controversially Miami’s 777 Partners collapsed.

It was reported in the summer that the owner of the French club side, Lyon-Textor, entered into exclusive negotiations with Moshiri over a deal. 

However, the talks never yielded anything as a result of the forty-five percent stake in Crystal Palace by Textor’s Eagle Football Group – a practice that Premier League rules forbid. 

The Friedkin Group will now hope to have a breakthrough where other bidders have failed in completing a takeover of the Merseyside club, which has had an underwhelming start to the season.

Any deal for TFG to buy Everton remains subject to regulatory approval, which would usually be expected before the end of the year.