Everton have confirmed a new £30m naming rights option deal with the club’s current training ground sponsors USM.
The company, owned by Russian billionaire and former Arsenal shareholder Alisher Usmanov and which counts Everton majority shareholder Farhad Moshiri as Chairman of the Board of Directors, will have the option to purchase the naming rights for the club’s new Bramley-Moore Dock stadium at an agreed fixed rate when the stadium is completed - due to be in 2023.
The deal means that USM has the first option of taking the naming rights, though it doesn’t yet guarantee the new ground will bear its name.
Sasha Ryazantsev, Chief Finance and Commercial Officer, Everton, told the club’s AGM: “We have expanded into new partnership categories not available to us five years ago… our partnership with USM for the naming rights to Finch Farm training ground is perhaps the most notable one.
“During the 2018/19 financial year, we expanded our partnership with USM further by extending the tenor of the contract, increasing its value and offering USM an extended package of rights.
“Today, we are delighted to announce the club has entered into a £30m new arrangement with USM, in addition to our existing relationship.
“USM purchased an option that enables them to enter into a naming rights contract for our new stadium in Bramley-Moore Dock at a pre-agreed annual value and term.
“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 club’s further contribution to the project’s equity.”
The Premier League side have also confirmed losses of £119.9m for the year ending 30th June 2019, posting the figure on top of 2018 losses as well. A £30.6 million profit in 2017 means that the club has posted a cumulative loss of £94.3 million over the last three years. Financial regulations in the Premier League allow for a cumulative £105 million loss over a three-year period.
Denise Barrett-Baxendale, CEO, Everton, said of the figures: “The set of accounts released today reflect our ambition and position as a club in the early stages of an investment programme.
“We have been aware of and planned for the impact the investment would have on our short-term profitability and this is part of a long-term sustainable business plan that demonstrates our commitment to operating in a financially sustainable manner.”