Dec 19 (Reuters) - Everton's takeover by the Texas-based Friedkin Group has been completed with Farhad Moshiri's Blue Heaven Holdings selling its majority stake, the Premier League club said on Thursday.

The Friedkin Group, which also owns Serie A club AS Roma, had reached an agreement over the sale terms in September.

"Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch," Marc Watts, the club's incoming Executive Chairman, said on the club's website.

The Premier League said its board had ratified The Friedkin Group's 98.8% acquisition of Everton following the completion of the League's Owners' and Directors' Test.

Everton fans will welcome the news that the turbulent tenure of Moshiri has come to an end and will hope that the club's new Texas-based owners can deliver an upturn in the team's fortunes as they prepare to move into a new stadium.

Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016 and by January 2022 had increased his stake to 94.1% with a 100 million pounds ($126.42 million)capital injection.

Last year, Miami-based investment fund 777 Partners said it had signed an agreement with Moshiri to acquire his majority stake in the club in a deal reported to be worth more than 550 million pounds.

However, the deal was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete their purchase and it fell through in June when the takeover agreement expired.

Everton flirted with relegation last season after having points deducted twice for breaching the Premier League's Profitability and Sustainability Rules $(PSR)$.

But they finished 15th after winning five of their last eight games to secure their top-flight status. This season they are 16th after 15 games, three points above the relegation zone.

In an open letter, Friedkin Group chairman Dan Friedkin, said he was immensely proud to have completed the purchase of the Merseyside club who have won nine league titles plus five FA Cups and have been in the top flight since 1954.

"Everton represents a proud legacy, and we are honoured to become custodians of this great institution," he said.

"We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city."

Everton, managed by Sean Dyche, face second-placed Chelsea at Goodison Park on Sunday.

($1 = 0.7910 pounds)

(Reporting by Chiranjit Ojha in Bengaluru; Editing by David Goodman and Ken Ferris)

((chiranjit.ojha@thomsonreuters.com;))