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Iranian Businessman Buys Stake In English Soccer Team

Iranian-British businessman Farhad Moshiri has bought a 49.9 percent stake in English Premier League team Everton FC, subject to approval by the league.

Forbes, which estimates Moshiri's net worth at $1.79 billion, ranks him 894th among the world's billionaires.

Moshiri recently sold shares in Premier League team Arsenal FC to Russian billionaire Alisher Usmanov, a business partner.

Having purchased Moshiri's shares in Arsenal, Usmanov's investment vehicle Red and White Holdings issued a statement on February 26 saying the Russian billionaire now had 30.04 percent of the London club. Its majority shareholder is American sports billionaire Stan Kroenke.

The 61-year-old Uzbek-born oligarch has built his wealth through metal and mining operations and is currently ranked by Forbes magazine as the third richest person in Russia, with a net worth of $14.2 billion.

Based on reporting by AP and Reuters