Everton Chief Finance and Commercial Officer, Sasha Ryazantsev, announced on Tuesday the Club has “entered into a new £30m arrangement” with current training ground sponsors USM.

Ryazantsev, speaking at Everton’s General Meeting at the Philharmonic Hall, outlined a deal which allows USM to enter into a naming rights contract for the Club’s new stadium at Bramley-Moore Dock.

He also revealed Everton posted a revenue figure in 2018/19 of £188m, the second highest in the Club’s history.

Everton’s net debt reduced from £47.4m to £9.2m in the same period. The Club’s total revenue has climbed 49% from its £126m total in 2014/15.

Everton’s number of official partners has doubled in the past five years.

Addressing Shareholders after Chief Executive Officer, Professor Denise Barrett-Baxendale, revealed outline details of Everton’s renewed agreement with USM, Ryazantsev said: “We have expanded into new partnership categories not available to us five years ago… our partnership with USM for the naming rights to Finch Farm training ground is perhaps the most notable one.

“During the 2018/19 financial year, we expanded our partnership with USM further by extending the tenor of the contract, increasing its value and offering USM an extended package of rights.

“Today, we are delighted to announce the Club has entered into a £30m new arrangement with USM, in addition to our existing relationship.

“USM purchased an option that enables them to enter into a naming rights contract for our new stadium in Bramley-Moore Dock at a pre-agreed annual value and term.

“This innovative deal secures additional commercial revenue for the Club and the option premium we are due to receive will be exclusively used as the Club’s further contribution to the project’s equity.”

Ryazantsev also underlined the imperative of Majority Shareholder Farhad Moshiri’s ongoing investment in the Club.

“Mr Moshiri demonstrated his continued financial commitment to the Club through the shareholder loan which now totals £350m and has been used to invest in players and facilities,” said Ryazantsev.

“The Club’s net debt reduced by £56.6m to £9.2m in 2018/19 thanks largely to the continued substantial support of the Majority Shareholder.”

He continued: “We posted our second highest revenues of £188m [in 2018/19] compared with the Club’s record of £189m in the previous year, despite the Club benefiting from participation in the Europa League in 2018.

“Commercial revenue has been the key factor here, as it grew by 32 per cent, excluding the impact of the Europa League, such growth underpinned by our key commercial partnerships with SportPesa, USM and Angry Birds.”

On Everton’s five-year revenue trend, Ryazantsev added: “Over the past four years, total revenue has grown 49 per cent from £126m in 2014/15 to £188m in 2018/19.

“This was driven primarily by the growth in broadcast income, with the latest cycle generating £8.3bn over a three-year period, 58 per cent more than the previous cycle.

“It was supplemented by a 57 per cent growth in commercial income from £26m in 2014/15 to £41m in 2018/19.”