Everton's Farhad Moshiri increases ownership stake in Premier League club

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Everton majority shareholder Farhad Moshiri has increased his ownership stake in the club from 49.9 percent to 68.6 percent, the Premier League side announced on Tuesday.

Moshiri purchased the additional 18.7 percent through his Blue Heaven Holdings Ltd. and the club said the British-Iranian businessman's share should rise to 77.2 percent by July 2019.

"Everton today announces that major shareholder Farhad Moshiri has further committed to and increased his shareholding in the club," the club announced on their website.

Since taking over in February 2016, Moshiri has underlined his commitment to Everton by delivering on his promise of increased investment in the transfer market.

Everton spent more than £150 million before the start of last season but produced poor results. They struggled in the opening stages of the league campaign before finishing eighth under their second manager of the season Sam Allardyce, who took over from Ronald Koeman.

They continued their big spending this year with new coach Marco Silva, bringing in forward Richarlison from Watford for a reported £40 million and defender Lucas Digne from Barcelona for £18 million among other players.

The Merseyside club are seventh in the Premier League table with six points after four matches of the current campaign.

The 63-year-old Moshiri has also stated plans to help the club move into a new ground at Liverpool docks.