OLIGARCHS
THE papers raise questions about who controls Everton FC and whether Premier League rules have been broken.
Farhad Moshiri sold his stake in Arsenal FC in 2016 to buy nearly 50% of Everton.
But the leaks suggest the businessman’s original Arsenal stake was funded by a “gift” from Russian oligarch Alisher Usmanov, who owns 30.4% of Arsenal, raising the question of whether his money is now in Everton.
Premier League rules state anyone who owns a stake of 10% or more in one club cannot hold a share in another, to avoid any conflict of interest.
Mr Moshiri strenuously denied the money was a gift. Lawyers acting for him said any allegation rules had been violated were “wholly false”. They say Mr Moshiri is independently wealthy and funded it himself.
Mr Usmanov’s legal representatives said there were errors in the allegations.
Officially, Mr Usmanov and Mr Moshiri, the oligarch’s former accountant, bought a 14.58% stake in Arsenal together in 2007 through an offshore company called Red and White Holdings.
But the documents show all the funds for the purchase of the Arsenal shares came from a firm called Epion Holdings, wholly owned by Mr Usmanov.
Mr Moshiri’s lawyers said the Premier League had carried out checks and was satisfied he had complied with its Owners’ and Directors’ Test.