Everton: Farhad Moshiri lands himself in hot water yet again as £400m+ Alisher Usmanov loan news emerge
Everton majority shareholder Farhad Moshiri may have landed himself in hot water yet again with the discovery of “previously unreported financial records” which has raised questions over his wealth.
According to a report from The Guardian (26 September), Moshiri received more than £400m from Alisher Usmanov companies in the run-up to the Russian billionaire being placed under sanctions which calls into question Moshiri’s wealth as viewed in several documents.
Usmanov was banned from the UK after Russia invaded Ukraine in September 2021, with a report from The Guardian on 3 May claiming the Oligarch continued to fund Everton despite his assets being frozen in this country.
The appointment of his nephew to the Everton board led the Premier League board to look into Usmanov’s connections. However, the Blues have said that they were unaware of any Premier League instructions regarding Usmanov, nor knew of the Home Office order at the time.
According to The Guardian (26 September), papers seen by the report set out that, between 2018 and 2022, Moshiri sold about £270m of shares in a company whose largest shareholder was Usmanov.
With an agreement reached between Moshiri and Miami-based investment firm 777 Partners to sell his 94.1% stake in the club, papers “appear to misalign with Moshiri’s previous statements about how he could continue to fund the Premier League club himself, as well as his promise to provide ongoing financial backing that was crucial in Everton’s auditors signing off its 2022 accounts this year”.
A spokesperson for Usmanov says that should the takeover be completed, it could see him paid back by Moshiri with the proceeds, saying: “Mr Moshiri and his companies are indeed indebted to Mr Usmanov and entities affiliated with him. We hope that the debt will be repaid after Mr Moshiri closes the sale of the Everton club, which is now being actively announced in the press.”
Usmanov has “always insisted” he owns none of Everton directly or indirectly, and that Moshiri “made all the decisions”, while the Russian has “consistently stated” he has followed all Premier League rules and broken no laws.
Moshiri for his part maintains the estimated £750m he has invested into the club is his own money and he hasn’t misrepresented his relationship with Usmanov. These documents certainly reveal that Usmanov has had some hand in the Everton pie despite his UK sanctions.
However, a lawyer for Moshiri told The Guardian (26 September): “As the owner of Everton FC, Farhad Moshiri has always acted in the best interests of the club and its supporters. He is not controlled by or acting on behalf of Alisher Usmanov (or anyone else). These false claims have been disproved by independent investigations.”
Whatever picture Moshiri is painting in regard to the Usmanov rumours, this latest development from the Guardian certainly throws up more questions involving the majority shareholder’s handling of Everton football club.
It seems Moshiri is never too far from controversy as his recent handling of the recent Bill Kenwright exit saga which landed him in plenty of hot water with the Goodison Park chairman such a much-maligned figure amongst supporters.
There is a burning anticipation of Moshiri’s inevitable and long-awaited exit but whether 777 Partners will be the ones to take the club off Moshiri’s hands appears to now be up to the independent regulators, with a long wait now expected on any potential takeover and controversy and questions raised over Josh Wander’s company, which Liverpool City Region mayor Steve Rotherham is now rightfully scrutinising (26 September).
While the 777 Partners talk rambles on and club manager Sean Dyche’s attempts to navigate the club back to where it belongs in the English top-flight, Moshiri is still grabbing much of the headlines but again he’s landed himself in more hot water it seems. Let’s hope those several burns don’t sting too much.
In other Everton news, the Toffees are locked in a Premier League battle to sign one of the hottest teenage footballing talents in Brazil with a January exit now possible.