Everton cited a £200million financial black hole left by the collapse of a £200million naming rights deal for their new stadium as a mitigating factor in the profit and sustainability breach but the appeal board states that the club’s majority shareholder Farhad Moshiri did not sign any paperwork. The club had already, on 7 January 2020, entered into an option and naming rights agreement for the club’s training facility and new stadium with USM, Mr Usmanov’s company. We know that Russia invaded Ukraine on 24 February 2022 and sanctions were imposed shortly afterwards. “The naming agreement had not been concluded by then. The ECHO has been told by senior club staff that no documents were actually prepared and waiting for Moshiri to sign.

Source: Metro February 28, 2024 13:37 UTC