Farhad Moshiri, Everton’s biggest stakeholder, may have gotten himself in hot water yet again after the discovery of “previously unreported financial records” that have raised suspicions about his fortune.
According to The Guardian (26 September), Moshiri got more than £400 million from Alisher Usmanov enterprises in the run-up to the Russian billionaire being sanctioned, calling into question Moshiri’s fortune as viewed in many documents.
Usmanov was barred from entering the UK after Russia invaded Ukraine in September 2021, according to a report in The Guardian on 3 May, despite his assets being frozen in the country.
The appointment of his nephew to the Everton board prompted the Premier League to investigate Usmanov’s ties. However, the Blues have stated that they were not aware of any Premier League directives involving Usmanov at the time, nor were they aware of the Home Office order.
According to The Guardian (26 September), documents reviewed by the report show that between 2018 and 2022, Moshiri sold almost £270 million in shares in a firm whose major stakeholder was Usmanov.
Moshiri’s agreement with Miami-based investment firm 777 Partners to sell his 94.1% stake in the club “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 critical in Everton’s auditors signing off its 2022 accounts this year,” according to papers.
According to Usmanov’s spokeswoman, if the takeover is successful, Moshiri may repay him with the proceeds: “Mr Moshiri and his companies are indeed indebted to Mr Usmanov and entities affiliated with him.” We hope that the debt will be reimbursed after Mr. Moshiri completes the sale of the Everton club, which is presently being widely publicized.”
Usmanov has “always insisted” that he has no direct or indirect ownership of Everton and that Moshiri “made all the decisions,” while the Russian has “consistently stated” that he has followed all Premier League rules and committed no laws.
Moshiri, for one, insists that the estimated £750 million he has invested in the club is his own money and that he has not misrepresented his relationship with Usmanov. These records clearly show that Usmanov had a hand in the Everton deal despite his UK sanctions.
“As the owner of Everton FC, Farhad Moshiri has always acted in the best interests of the club and its supporters,” a lawyer for Moshiri told The Guardian (26 September). He is not under Alisher Usmanov’s authority or operating on his behalf (or anybody else’s). Independent investigations have proven these erroneous assertions.”
Whatever image Moshiri paints of the Usmanov rumours, this latest discovery from the Guardian raises more questions about the majority shareholder’s management of Everton Football Club.
Moshiri appears to be never far from controversy, as evidenced by his handling of the recent Bill Kenwright leave crisis, which placed him in hot water with the Goodison Park chairman, who is a much-maligned figure among supporters.
The inevitable and long-awaited exit of Moshiri 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 saga continues and club manager Sean Dyche strives to steer the team back to where it belongs in the English top division, Moshiri continues to dominate the headlines, but he appears to have gotten himself in even more hot water. Let’s hoping the burns don’t hurt too much.
In other Everton news, the club is in a Premier League race to sign one of Brazil’s brightest young footballing talents, with a January exit now possible.
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