Everton have been sold to 777 Partners,in a deal worth more than 550 million pounds ($685 million), according to reports.
The deal is expected to be closed by the end of the year, a statement by Everton said.
The firm 777 Partners has a number of clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege.
They also have stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016.
But despite investing nearly 750 million euros ($799.65 million) in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table to fight relegation battles in recent seasons.
Everton’s most recent figures showed a fifth straight year of losses — 44.7 million pounds for the 2021-22 season — with their total loss over that period amounting to over 430 million pounds .
Under Premier League rules, teams can make a maximum loss of 105 million pounds over three years, although special allowances were made for the COVID-19 pandemic.
Everton are also in the midst of an investigation into alleged breaches of Premier League financial fair play rules, but chairman Bill Kenwright said in April they were confident the Merseyside club were compliant of all financial rules.
The club is set to go before an independent commission next month over the alleged breaches.
They have also invested in building a new stadium on Bramley Moore-Dock in Liverpool’s Vauxhall area, with Moshiri saying it would cost 760 million pounds.
“We are committed to partnering with the local community over the long term, working on important projects such as the development of Bramley-Moore Dock as a world-class stadium venue,” Wander added.
Everton narrowly avoided relegation from the top flight in each of the last two seasons and are currently 18th in the standings without a win in four games this season.
“It is through my lengthy discussions with 777 that I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model,” Moshiri said.
“Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.”