Gregg gives up stake in Everton

Gregg originally paid £7.2m for his stake in the club

Everton director Paul Gregg has sold his 23% stake in the club to BCR Sports, marking the end of a power struggle with chairman Bill Kenwright.

Gregg and Kenwright formed True Blue Holdings to run the club but fell out in July 2004.

Gregg and his wife Anita have resigned from the board.

Everton have not revealed who is behind BCR Sports, but BBC Sport understands that it is Robert Earl, founder of the Planet Hollywood restaurant chain.

The English-born businessman, who lives in Florida, has done a deal with the Greggs that values the Goodison Park club at between £80m and £100m.

But the Press Association, quoting sources at Goodison Park, report that Earl will not be providing extra funds for David Moyes to use in the transfer market.

Nor is his involvement linked to the club's search for a new stadium.

Rather it is reported that Earl came on board to help his friend Kenwright oust Gregg.

The feud between Gregg and Kenwright over the future of the club erupted in the summer of 2004.

Gregg had wanted to take control of the club and called on Kenwright to resign.

Since then, an uneasy truce has existed with Kenwright and fellow director John Woods, who between them owned over 50% of the shares, always able to outvote Gregg on the board.

Gregg made his fortune with Apollo Leisure, which he built up into the country's biggest theatre owners before selling the company for £129m in 1999.

He was introduced to the club by Kenwright - the pair had originally planned to build a new stadium and entertainment arena on the Mersey river front but the scheme collapsed.