Everton FC majority shareholder Farhad Moshiri has stepped down from the board of the company founded by his business associate Alisher Usmanov, media reports said on Thursday evening. Tony McDonough reports
Everton FC majority shareholder Farhad Moshiri has stepped down from the board of suspended club sponsor USM, owned by his friend and business associate Alisher Usmanov.
Uzbek billionaire Mr Usmanov is to face sanctions by the UK Government over his close ties to Russian President Vladimir Putin. The businessman, who sold a 30% stake in Arsenal FC in 2018, has already had his assets frozen by the EU.
Mr Usmanov has no stake in Everton but his long-time associate Mr Moshiri increased his stake in the Premier League club in January taking his shareholding to 94%. According to the Telegraph, Mr Moshiri has stepped down from the board of USM, a Russian-based holding business.
On Wednesday, Everton announced it was suspending sponsorship deals with three Russian businesses linked to Mr Usmanov. It said deals with USM, Megafon and Yota would be suspended “with immediate effect”.
USM sponsored Everton’s Finch Farm training complex, a deal believed to have been worth £6m a year and has an option on naming rights on the new £500m stadium being built at Bramley-Moore Dock. That deal was worth £30m to the club.
In October 2020, Everton Women secured a new commercial deal with MegaFon. The multi-year principal partnership agreement was the biggest commercial deal in the women’s team’s history.
As part of the agreement, MegaFon secured branding on the front of Everton Women’s shirt, while mobile virtual network operator Yota was added to the left shirt sleeve on the matchday kits.
In its statement Everton said: “The club can confirm that it has suspended with immediate effect all commercial sponsorship arrangements with the Russian companies USM, Megafon and Yota.”
Mr Moshiri, himself a billionaire, has spent more than £500m at Everton since he bought the club in 2016. He is funding the first phase of Everton’s new £500m stadium at Bramley-Moore Dock in Liverpool Waters. The entire project is expected to take three years to complete.
The fallout from the Russian invasion of Ukraine has also hit European Champions Chelsea. Although owner Russian owner Roman Abramovich is is currently not facing any sanctions, he has put Chelsea up for sale with a price tag of £3bn.