“Legal Battle with Uzbek Tycoon Plunges Everton and Farhad Moshiri into New Crisis Amid Struggling Takeover Bid”
An oligarch from Uzbekistan has reportedly created a new potential crisis for Everton by filing a lawsuit against the club’s owner, Farhad Moshiri.
Adding complexity to the situation is the fact that Alisher Usmanov’s company, USM Holdings, was once a key sponsor of Everton, contributing £12 million annually, and had purchased naming rights for the club’s new stadium.
Moshiri, who previously built much of his wealth as CEO of several of Usmanov’s companies, is now facing legal action from his former employer, as per reports from The Athletic.
This development occurs amidst ongoing problems for Everton, including a failed takeover attempt, the construction of their new stadium, and Usmanov’s close ties to Russian President Vladimir Putin.
Usmanov’s connection to Putin resulted in USM being sanctioned by the U.S., EU, and UK after Russia’s invasion of Ukraine. He has now taken legal action against Moshiri’s Cypriot-registered company, Somelior Holdings Limited, with court documents submitted in Moscow in September 2023.
A closed-door hearing is expected due to the presence of trade secrets in the documents to be examined, according to the court.
Meanwhile, Moshiri continues his efforts to sell Everton, but potential buyers are aware of the ongoing lawsuit, which has raised concerns. The outcome of the case remains unclear, but Moshiri may be ordered to pay damages, further complicating the situation given the existing financial sanctions.
Everton was previously close to being acquired by American investment group 777 Partners, but the deal fell through due to issues uncovered during Premier League approval tests.
Additionally, the club has had a poor start to the new Premier League season, sitting at the bottom of the table after losing their first three matches.