The Dallas Mavericks coach has joined the Friedkin Group's Roundhouse Capital Holdings, which is Everton's parent company.
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"I'm honoured to be joining Everton's ownership at such an important moment - with a new stadium on the horizon and a bright future ahead, it's a great moment to come on board," said Kidd, 52.
Everton executive chairman Marc Watts added: "As one of the NBA's greatest players and now a successful coach, his knowledge and winning mentality will be an incredible resource for Everton.
"He is a respected leader and household name for many sports fans and will bring a deeper understanding of high performance as we collectively strive to build a brighter future for this storied club."