The exit of Alisher Usmanov isn’t the sole cause of Everton’s issues in recent years, far from of it. But the absence of the Uzbeki billionaire’s funding was arguably when they reached the point of no return.
Usmanov was never formally part of the ownership structure at Goodison Park, which will soon see Dan Friedkin installed as Farhad Moshiri’s successor at the top of the tree.
However, when the 71-year-old was sanctioned by the UK government for his links to the Russian state, it left Everton scrambling to make up for the shortfall left by his sponsorship deals.
(RUSSIA OUT) Russian billionaire and businessman Alisher Usmanov arrives to the openings of new monument to former Russian Prime Minister Yegeny Pr...
Photo by Mikhail Svetlov/Getty Images
Those deals, which included a first-refusal arrangement for the Bramley Moore Dock stadium’s naming rights and branding rights for the Finch Farm training complex, left a circa £20m-a-year blackhole.
Everton were subsequently consumed by Profit and Sustainability rules (PSR) issues which, with another hearing scheduled for some time this season, they are yet to escape.
Dan Friedkin’s imminent takeover will resolves the cash flow issues that Everton have encountered under Moshiri but will not absolve them for their previous overspending.
Profit and Sustainability Rules explained. PSR used to be known as FFP, or financial fair play.
Significantly, Everton will face a new PSR hearing at some point in 2025 relating to their capitalisation of interest on loans used to construct their new stadium.
If that interest is deemed unexempt from their PSR calculation, the Toffees could potentially be hit with multiple points deductions due to the retroactive effect on previous financial years.
Had Alisher Usmanov not remained in situ at Everton, the worst of their lawfare with the Premier League could potentially have been, at the very least, mitigated.
Everton fans therefore might be interested to hear that the same sanctions that saw him ousted from L4 appear no to have been sidestepped elsewhere in the world of sport.
Alisher Usmanov lands first sports role since Everton exit – with unexpected twist
It was March 2022 when, following Russia’s invasion of Ukraine, Usmanov had his assets frozen in the United Kingdom and European Union.
That saga, which also forced Roman Abramovich out of Chelsea, meant Everton lost their biggest external benefactor and a long-term ally of Farhad Moshiri.
Everton owner Farhad Moshiri applauds prior to the Premier League match between Everton FC and Liverpool FC at Goodison Park on March 03, 2019 in L...
Photo by Michael Regan/Getty Images
But a few days ago, Usanov re-entered the world of sport as the president of International Fencing Association.
However, in the last few hours, Usmanov has been forced to effectively step aside in the face of criticism from Ukraine’s fencing association.
As quoted by Reuters, a spokesperson for Usmanov said: “Following his indisputable victory in the FIE presidential election, Mr. Usmanov stated that, guided by the best interests of the FIE, he would take all necessary measures to prevent the legally unfounded restrictions imposed against him from being extended to the FIE and its activities.
“In this regard, he notified the FIE Executive Committee about the voluntary suspension of the exercise of his duties and powers as president. Everything should be resolved within the framework of law and justice.”
Dan Friedkin’s takeover: When will it be complete and what comes next for Everton?
When it first emerged that Dan Friedkin, the Hollywood financier turned football investor had agreed a deal to take over Everton, it was hoped that he would be in place by the turn of the year.
Several months later and a few bumps in the road have sprung up, most notably the case involving former takeover suitors 777 Partners, their creditors A-CAP, and Leadenhall.
However, despite the possibility that case won’t be resolved until February, it appears as though the Everton takeover timeline has not been drastically affected.
That is what the latest reliable reports suggest, anyway.
Indeed, when consulted by TBR Football, Liverpool University football finance lecturer Kieran Maguire said he expects Everton could be under new ownership by Christmas.
AS Roma President Dan Friedkin is seen during his arrival at Ciampino Airport on August 29, 2023 in Rome, Italy.
Photo by Luciano Rossi/AS Roma via Getty Images
Once the Leadenhall case is resolved to all parties’ satisfaction, Friedkin’s takeover will be subject to the final green light from the Premier League and Financial Conduct Authority.
Given The Friedkin Group’s involvement with AS Roma, he is expected to breeze through those checks.
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