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As one of the most valuable soccer clubs in the world, Everton has certainly made a name for itself. The Premier League club is worth an estimated $940 million. And is currently in the process of constructing a new $694 million stadium for their home games.
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However, the naming rights deal for its new stadium has been put on hold. The Liverpool-based club announced that it had suspended its sponsorship agreement with USM, a Russian conglomerate, in May 2022. The move came as tensions between Russia and Ukraine spiraled into a full-blown crisis.
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The decision to cut ties with USM came as a significant financial blow for Everton. Also, the Russian company had agreed to pay around $36 million for the stadium naming rights. The money was already put into the construction of the new stadium.
Everton will have a new home field before the 2024-25 season, but the Premier League club is putting a naming rights deal on hold.
Our story in The Leadoff » https://t.co/HFGJOSJSsE
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— Front Office Sports (@FOS) December 30, 2022
Unable to pay the money back, Everton has been left with the search for a new naming rights partner for its new stadium. With their naming rights on hold and their sponsorship agreement severed, Everton is facing an uncertain future. However, the Premier League club is still one of the most valuable soccer clubs in the world. And it is sure to bounce back from this setback.
Everton suspended their sponsorship agreement with USM, a Russian company, after Russia’s invasion of Ukraine. After being sanctioned by the UK government, USM and its owner Alisher Usmanov, who is known to have ties with Putin, were forced to sever all ties with Everton.
The Club, players and fans are together in standing with Ukraine.
💙💛 pic.twitter.com/7v0xXYF8Iu
— Everton (@Everton) February 26, 2022
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Everton’s official statement read- “Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine. This tragic situation must end as soon as possible, and any further loss of life must be avoided.”
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Everton also showed support for their Ukrainian player Vitalii Mykolenko. “The players, coaching staff and everyone working at Everton are providing full support to our player Vitalii Mykolenko and his family and will continue to do so.” The statement mentioned. “The Club can confirm that it has suspended with immediate effect all commercial sponsorship arrangements with the Russian companies USM, Megafon and Yota.”
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Saransh Chauhan
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