It wouldn't be sidestepping FFP at all. FFP doesn't include stadium spending.
This is why it baffles me that he's apparently willing to indulge in a massively above market rate naming rights deal, which could genuinely get the club into hot water with UEFA. Why not just become part owner and spend the money direct on the stadium? Maybe I'm missing something complex and clever that they're doing (wouldn't be surprised ) but it seems way too convoluted when FFP already allows for as much stadium spending as you like.
Wasn't Daniel Levy complaining about Usmanov sponsoring our stadium though mate ? What was it a measly 200/300m fee being mentioned. Have you any knowledge about this, serious question.