An interesting AGM for Everton
Everton have received a £30 million 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.
As both Tottenham and West Ham have discovered, though, 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.
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 £30 million.
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 that he could secure naming rights for the new stadium.
| Breaking news regarding our new stadium from tonight’s General Meeting! #EFC
— Everton (@Everton) January 14, 2020
Toffees release record losses
While the deal with USM was a pretty big positive, there was also 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 £450 million in the past four years.
Wages are now at £160 million, 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 £105 million in losses over a three year period.
Everton’s current losses stand at £94.3m over the past three years.
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