Alisher Usmanov, the sanctioned Russian metals magnate who suspended his Everton ties in March 2022, is exploring paths to reinvest in the club as The Friedkin Group advances plans to sell the Premier League side barely eighteen months after acquiring it. Two people briefed on preliminary discussions said Usmanov's advisors have begun mapping scenarios that would satisfy UK sanctions architecture while restoring his indirect influence at Goodison Park. The timing coincides with Friedkin's $777 million takeover entering a disposition phase no one forecast when the deal closed in December 2023.
Usmanov once held naming rights to Everton's training ground through his USM Holdings vehicle and sponsored the club through Megafon and Yota, both companies he controlled. He formally severed those arrangements 48 hours after UK sanctions landed in February 2022, ahead of the formal freeze. His net worth—estimated at $18.4 billion before sanctions—has since proven resilient; metals prices and Russian state contracts kept cash flowing to his Metalloinvest empire even as European exposure evaporated. Now his team is examining whether a post-sanction investment structure, routed through non-UK jurisdictions or third-party trusts, could survive regulatory scrutiny. One advisor said the goal is "technical compliance without optical suicide," a phrase that captures the political tightrope any returning oligarch capital must walk.
The Friedkin Group's willingness to entertain a sale surprised the market. Dan Friedkin paid $591 million in equity to Farhad Moshiri, Usmanov's former business partner, and assumed $186 million in seller debt. Friedkin also committed $407 million toward the new Bramley-Moore Dock stadium, a waterfront project that has become both competitive necessity and balance-sheet anchor. Sources close to the sale process said Friedkin now views Everton as a distraction from his core automotive and hospitality portfolio; the club posted £89.1 million in losses for the year ending June 2023, and revenue growth has stalled near £172 million annually. Friedkin's advisors at Raine Group have begun quiet outreach to Gulf sovereign funds and North American family offices, though no formal process has launched. The presence of Usmanov's name in early conversations suggests someone is testing whether controversial capital might price at a discount steep enough to justify reputational friction.
Usmanov's return would force Premier League officials into an uncomfortable position. The league's Owners' and Directors' Test bars individuals subject to UK sanctions, but creative structuring has historically allowed borderline cases to pass. If Usmanov routes investment through a Cayman trust or a Cyprus holding company controlled by a non-sanctioned nominee, the league must decide whether substance or form governs. UEFA's recent handling of oligarch-linked clubs offers little precedent; Roman Abramovich was forced to sell Chelsea outright, but lesser-known Russians have maintained stakes in lower-profile teams through offshore vehicles. One compliance attorney said the Premier League's appetite for that fight depends entirely on media heat, which means Everton's mid-table irrelevance might paradoxically ease Usmanov's path.
Friedkin's exit timeline remains uncertain, but two factors are accelerating it. First, Everton faces a June 2025 deadline to secure additional stadium financing or risk construction delays that would push opening day into 2026, missing a critical Premier League broadcast cycle. Second, the club's £19.5 million profit-and-sustainability penalty—levied in November 2024 for breaching spending rules—remains under appeal, and a final ruling could trigger further point deductions that doom any season-ticket renewal push. Friedkin's team has privately acknowledged that solving both problems requires either a £200 million capital injection or a sale to someone willing to absorb the risk. Usmanov, who once described Everton as "a club with soul," has the balance sheet; the question is whether UK authorities will let him deploy it.
Watch for three near-term signals. First, whether Raine Group files a formal sale memorandum by March 2025, which would indicate Friedkin's exit is active rather than exploratory. Second, whether Usmanov's legal team approaches the UK Treasury's Office of Financial Sanctions Implementation for a license carve-out, a rare but not unprecedented move. Third, whether Everton's board announces a stadium financing partner in the next 90 days—if no partner emerges, the Friedkin sale rationale strengthens and Usmanov's window widens.
The broader implication is that Premier League ownership now operates in a permanent gray zone where political sanctions and commercial desperation intersect. Usmanov's possible return tells every sanctioned billionaire that patience and opacity eventually create openings.
The takeaway
Usmanov's Everton re-entry bid tests whether UK sanctions enforcement bends under financial pressure as Friedkin seeks exit.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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