The Usmanov Question - why he won't be buying into Everton
The Premier League is real estate with a limited number of properties (clubs). Few investors can access this market, and most of the desirable properties have already been acquired. Clearly Usmanov is a big fan of the Premier League, has committed resources to it and wishes to increase that exposure. Similarly Moshiri is of the same opinion.
How do they both achieve their aims of increasing their investment exposure to the Premier League? Arguably a week ago the answer was to hope for Kroenke to sell his majority holding in Arsenal to Red and White Holdings, however given this is unlikely to happen in the near time, and the desire is to increase exposure now hoe do they achieve this?
Red and White holdings provides Usmanov and Moshiri with approximately £400 million worth of exposure to the Premier League between them. By Moshiri selling to Usmanov, Usmanov increases his exposure to £400 million. Moshiri in the meantime switches his exposure from Arsenal to a more risky but with higher growth potential investment in Everton.
Result - their combined exposure (I'm not saying they're working together, far from it, just from an asset allocation position) has increased by 50%, Usmanov now has a larger interest in his beloved Arsenal and Moshiri has a higher growth potential investment in Everton and he's running the show.
So, for Usmanov to buy Everton he would now have to sell his enlarged position in Arsenal, and reduce his exposure to the Premier League and Moshiri would lose control of his own football club, something we believe has been an ambition for a long time.