Everton have announced a deal has been struck over the naming rights for their proposed new stadium at Bramley-Moore Dock.
The Blues revealed that Alisher Usmanov’s holding company, USM, will pay the club £30million this year for the option of becoming the grounds main sponsor.
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Usmanov, 66, who sold his shares in Arsenal for a reported £550million in the summer of 2018, is a long-time business partner of the Toffees’ majority shareholder Farhad Moshiri and has been linked with buying a stake in the club.
Usmanov’s holding company USM already sponsors the club’s Finch Farm training ground and the Russian tycoon has now ploughed in further money with an agreement in place for the naming rights for Bramley-Moore Dock, which is scheduled to be completed by 2023.
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A contract has already been agreed on a deal for the rights for the new ground and Usmanov’s £30million buys him first option of pursuing that at current market rates once the build is near completion.
Everton‘s chief finance and commercial officer Sasha Ryazantsev said: We feel it is a really important step in this project.
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The option is £30m and will be ring-fenced for the stadium development project going forward.
This innovative deal secures additional commercial revenue for the club and the option premium we are due to receive will be exclusively used as the clubs further contribution to the projects equity.