Russian billionaire Alisher Usmanov secured an exclusive option on naming rights by putting forward £30 million. Meanwhile Everton plunge into £111.8 million loss for the last fiscal year.
On Tuesday evening Everton FC revealed financial numbers during the club's annual general meeting. It's not great as the Toffees hit a record loss of £111.8 million, putting the team near the verge of Premier League sustainability rules (no more than £105m for any 3-year period).
The club’s chief executive, Denise Barrett-Baxendale, said: “The accounts released today reflect our ambition and position as a club in the early stages of an investment programme. We have been aware of and planned for the impact the investment would have on our short-term profitability but this is part of a long-term business plan that demonstrates our commitment to operating in a financially sustainable manner.”
Farhad Moshiri, the club's majority shareholder, wasn't able to attend the AGM due to 'advanced negotiations' with a potential investor of the Bramley-Moore Dock Stadium project. Expected to consume £500 million, it would be the largest single project in Everton's history.
As the stadium plan hains shape, Moshiri's friend and known football investor Alisher Usmanov has agreed to pay £30 million upfront for exclusivity in securing naming rights. Usmanov’s holding company USM already sponsors Everton’s training ground.