As the structure of Everton's future home continues to rise from Bramley-Moore Dock, what it will be officially known as remains an unknown.
The project is simply being referred to as Everton Stadium, the 52,888-seater development that will sit proudly against the Liverpool waterfront now having its own designated website where fans will be kept updated as to its progress.
The largest single site development under construction in the UK, Everton Stadium has already been branded as something that will be a 'game changer' for the Toffees - a venue that will allow them to unlock their commercial potential and maximise revenue streams thanks to the increased capacity, the location and its modern nature. Its design from scratch means that Everton have been able to shape a development that will most benefit their needs.
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Last month the Blues announced they had partnered with US-based firm Elevate Sports Ventures to help them in their search for a naming rights partner for the stadium.
In January of 2020 the club entered into an exclusivity deal with former club partners USM Holdings where the Alisher Usmanov-owned firm would pay £30m for first refusal on the naming rights for the Bramley-Moore Dock build.
Earlier this year, as Russia's military invasion of Ukraine saw sanctions placed on those with historic ties to Russian president Vladmir Putin, the relationship between USM and Everton was ended, as Usmanov one of those to be sanctioned. In response to the sanctions, Toffees owner Farhad Moshiri stepped down from his role as chairman of the board at USM as all ties were cut.
Everton were able to bank that £30m, but the move to appoint Elevate to lead the search for a new naming rights partner effectively draws the final line under the USM relationship; there never really being any kind of way back for it regardless if sanctions were to be lifted.
The Blues have moved in a new direction. Earlier this year, as the steel structure grew, so did the determination to find a partner that could put the club in the best position to maximise the value proposition of the new stadium. Elevate, having done similar work to match blue chip companies with the naming rights of sports stadia in North America and Europe, were approached and eventually chosen to lead the project, something that will be done with the input of Everton's existing commercial team that is already working on two fronts over the commercial aspects of the club in the here and now, at Goodison Park, and what may happen in the future with regards to partnerships that can be struck at the new stadium, of which there are plenty of new avenues.
Elevate last year partnered with the Oak View Group on the premium hospitality at Co-Op Live, the new music arena built next to Manchester City's Etihad Stadium campus, a project done in collaboration between Manchester City Council and Manchester City owners City Football Group. Over the past 18 months Elevate have delivered stadium naming rights success in the US, landing a 10-year deal for the San Jose Earthquakes MLS side for their home to be known as PayPal Park, while the Pittsburgh Steelers NFL team landed a new stadium naming rights deal over 15 years with financial technology firm Acrisure.
New stadiums in the Premier League, with a location that Everton's new home will enjoy, have a scarcity value. For a stadium that will be state of the art and be able to host other events aside from Premier League football and welcome more footfall, it was important that the club knew the strength of the market for such deals, with Toffees sources informing the ECHO that there is a belief that a link-up with Elevate will allow them greater insight into the true value of the stadium naming rights deal.
Getting a good deal is vitally important for Everton. The stadium build itself, set to cost around £500m, was to be financed through Moshiri himself, debt and sponsor partners. While the USM deal that paid £30m formed part of that, there is the requirement for a chunk of the stadium financing to still be secured, with the ECHO understanding that dialogue between Moshiri and the US property tycoon Maciek Kaminski's KAM Sports LLC had continued throughout the summer, as per a report in the Financial Times last week, although it is understood that discussions had centred around investment as opposed to a takeover bid and nothing had 'materially changed' since the exclusivity period between the two parties ended in early July.
Everton haven't placed a timescale on getting a stadium naming rights partner sorted, but the ball has now started rolling on trying to secure one, with a better deal not only able to potentially aid the ability to finance the stadium but also to significantly enhance commercial revenues. The trend in the US has tended to be for longer deals when it comes to stadium naming rights, and the Blues will assess the potential partnerships and their benefits before deciding on how long to engage for.
Tottenham Hotspur have yet to acquire a name for their £1bn stadium that was opened in 2019, chairman Daniel Levy not satisfied with the valuation of partnerships that had been presented. At the start of the 2021/22 campaign, Brighton & Hove Albion started the extension to their stadium naming rights deal with American Express, the AMEX Stadium rights paying a reported £100m over the decade. That deal also includes shirt sponsorship.
Speaking last month on the announcement of the partnership, Everton chief commercial officer Richard Kenyon said: "It is important that the club capitalises on the many commercial opportunities presented to us by what will be a world-class stadium on a world-famous waterfront. To do this, we needed to find the right partner to ensure we maximised these opportunities, particularly in respect of commercial partnerships.
"Following an extensive process, we were pleased to appoint Elevate as our partner - and from our work with them to date it seems we have made a great choice. We’re excited by the opportunities ahead of us – and to be working with Elevate to deliver them."
*A previous version of this article said Al Guido was president of San Francisco 49ers Enterprises, but he is president of the San Francisco 49ers. 49ers Enterprises is a subsidiary of the San Francisco 49ers, it does not own the team. The president of 49ers Enterprises is Paraag Marathe, who leads the company’s minority investment in Leeds United and serves as the club’s vice-chairman. Al Guido has no role within 49ers Enterprises and Paraag Marathe has no role within Elevate Sports Ventures.
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