Billionaire who sold his Arsenal stake to Gunners’ owner secures naming rights to new Everton stadium

Russian billionaire Usmanov and Arsenal's US owner Stan Kroenke

Everton have agreed a 30-million pounds ($39 million) naming rights deal with Russian billionaire Alisher Usmanov for their proposed new Bramley-Moore Dock stadium, the club's chief executive said on Tuesday.

The Russian tycoon's holding company USM, which has sponsored Everton's Finch Farm training ground since 2017, has secured an option on the naming rights for the club's proposed new home, Chief Executive Officer Denise Barrett-Baxendale told the club's general meeting.

Usmanov said last week that he was eager to invest in the Premier League side, joining his friend and business partner Farhad Moshiri who is the club's majority shareholder.

Usmanov previously had a 30% stake in Arsenal but sold it to American Stan Kroenke in August 2018.

The club are still awaiting planning permission from the City of Liverpool for the stadium but Barrett-Baxendale said the construction project could add a billion pounds to the local economy and create 15,000 jobs.

"We have met a number of critical milestones and our project continues to gather substantial momentum as we move into 2020," she told the meeting.

Everton, who appointed Carlo Ancelotti as manager last month, are 11th in the league with 28 points from 22 games.