Everton are set to welcome the influence of Farhad Moshiri

Billionaire Farhad Moshiri's investment in Everton has been approved by the Premier League.

The 60-year-old, whose personal wealth is estimated at £1.3bn according to American business magazine Forbes, has been given the go-ahead to complete the purchase of a 49.9 per cent stake in the Merseyside club.

An Everton statement read: "Everton Football Club has received notification that the proposed investment into the club by Farhad Moshiri has been approved by the Premier League."

The Toffees announced the Iran-born Briton's new investment late last month and Sky Sports News HQ understands he will now attend Saturday's FA Cup quarter-final with Chelsea at Goodison Park.

When the news was first confirmed on February 28, chairman Bill Kenwright said: "After an exhaustive search I believe we have found the perfect partner to take the club forward."

While Moshiri added: "I am delighted to take this opportunity to become a shareholder in Everton, with its rich heritage as one of Europe's leading football clubs."