Everton receive £30million cash boost from Alisher Usmanov amid record losses

Everton receive £30million cash boost from Alisher Usmanov amid record losses

An interesting AGM for Everton

Everton have received a £30million cash boost from ex-Arsenal shareholder Alisher Usmanov, after his company, USM, bought naming rights priority.

The Toffees are planning to build a new state of the art stadium down on the docks of the River Mersey.

Everton have recently submitted their planning application for the site, Bramley Moore Dock, and will likely find out in the next few months whether their plans can go ahead.

Though, as both Tottenham and West Ham have discovered, naming rights can be difficult to secure.

However, Everton’s plans for naming rights look to be off the ground before their stadium even is.

LIVERPOOL, ENGLAND – DECEMBER 21: Carlo Ancelotti, Manager of Everton is seen in the stands prior to the Premier League match between Everton FC and Arsenal FC at Goodison Park on December 21, 2019 in Liverpool, United Kingdom. (Photo by Alex Livesey/Getty Images)

Usmanov – Everton’s external investor?

As announced by Everton on Tuesday evening, Alisher Usmanov’s company, USM, have secured a priority deal for the new stadium naming rights

The deal will total a whopping £30million.

This simply means that USM will have first refusal on a naming rights deal when the time comes.

Simply put, that’s quite a lot of money just to jump the queue.

Usmanov recently raised the question of investment in Everton during an interview with the Financial Times.

The ex-Arsenal shareholder made his desire to join Everton known, while also hinting he could secure naming rights for the new stadium.

Toffees release record losses

While the deal with USM was a pretty big positive, there was some bad news.

Everton announced record losses of £111.8m for the year to June 2019, a pretty alarming result.

That comes after Farhad Moshiri’s spending spree of over £450million in the past four years.

Wages are now at £160million, which comes at a whopping 85% of Everton’s revenue.

Despite their huge spending and losses, Everton are within the financial fair play regulations.

FFP will only allow for a £105million in losses over a three year period.

Everton’s current losses stand at £94.3m over the past three years.