- The war in Ukraine led Everton to severing financial ties with Alisher Usmanov's holding company USM. On top of the 15 commercial deals they had with USM, they lost a naming rights deal for the new stadium at Bramley Moore dock worth £200m. This would have been activated once planning permission was granted.
In fact, it was in the clubs mitigation;
- But the commission disagreed and did not accept the club's claim of mitigating factors such as compliance with the Premier League process over the past two years, the impact of the Russia-Ukraine war, which resulted in the loss of the lucrative USM sponsorship, and the impact of the Covid pandemic on the transfer market.
If the commission agreed with that mitigation - we'd have been cleared. They said we should have anticipated things like, war.
For clarity - I'm not saying we weren't in trouble. The warning lights were well flashing - but a £200m+ sponsorship and what would have been inevitable increases in sponsorship would have been a whopping sticking plaster to pull out of the arse pocket.