Usmanov buys first option on naming rights for Everton stadium

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LIVERPOOL, England — Russian businessman Alisher Usmanov has paid Everton $39 million to secure an exclusive option on naming rights for the Premier League club’s proposed new stadium.

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The 66-year-old Usmanov, who sold his 30 percent stake in Arsenal for $715 million in August 2018, is a long-time business partner of Everton’s majority shareholder, Farhad Moshiri, and already sponsors the club’s training ground.

His holding company, USM, now has an agreement in place for first option of naming rights, at current market rates, once the venue at Bramley-Moore Dock is near completion. It is scheduled to be completed by 2023.

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The latest investment by Usmanov was announced by Everton as the club published its accounts for 2018-19, showing a loss of $145 million despite posting the second-highest revenues in its history, of $245 million.