Arsenal could have gone down the same path as Everton had it not been for Stan Kroenke.
Following a 2-1 defeat against Norwich City at the weekend, it was announced that the Toffees had parted ways with Rafa Benitez, despite only appointing the Spaniard last summer as a replacement for Carlo Ancelotti when he joined Real Madrid.
The former Liverpool and Chelsea boss ultimately paid the price for a poor run of form that has seen Everton hover dangerously close to the relegation zone after one win in 13 Premier League games - ironically that came against Arsenal last month.
As a result, the Merseyside outfit are now aiming to name their sixth permanent manager in the past five-and-a-half years.
It's hardly been a period of stability for Everton and it shines a not-so-pleasant light on majority owner Farhad Moshiri's time at the club.
The British-Iranian first bought 49.9 per cent of the club in March 2016, and now has a 77.2 per cent stake after increasing his total investment to £400m in December 2020, as per the BBC.
In the Moshiri era, Everton have spent over £500m on transfer fees, signing the likes of Alex Iwobi, Michael Keane, Yerry Mina, Jordan Pickford, Richarlison and Allan just to name a few.
Whilst some signings have been more successful than others, the Toffees' plan to spend big in an attempt to challenge at the top of the Premier League table has, so far, fallen flat.
Now, amid the threat of relegation and with his project failing, there are reports that Moshiri is debating whether to sell the club for £350m, thus taking a £100m loss having invested more than £450m since his involvement first began in 2016.
To put it bluntly, Everton currently find themselves in a mess and this could easily have been Arsenal's fate if things had panned out differently almost four years ago.
Moshiri will be a familiar name amongst many Gunners supporters as he and long-term business partner Alisher Usmanov were co-owners of Red & White Holdings who had shares in the club.
Up until February 2016, the pair jointly held a 30 per cent stake in Arsenal before Moshiri sold his shares to Usmanov and then subsequently purchased 49.9 per cent of Everton a few months later.
As a result, Usmanov - a Russian billionaire - valued at $16.8 billion as per Forbes - was formally the second-largest shareholder at Arsenal, having initially bought into the club with Moshiri in 2007.
But in August 2018 he accepted an offer of £550m from Kroenke for his shares and therefore, the American billionaire became the club's sole shareholder.
That decision appears to have been finally been vindicated with Usmanov and Moshiri working closely together again, potentially showing what could have been in store for Arsenal had they seized full control from Kroenke.
Since 2017, Usmanov's USM Holdings have sponsored the Everton training ground and an extension to the deal in the summer saw them become Everton's Official Matchday Presenting Partner, with the MegaFon logo appearing around Goodison Park and on the sleeve of the players' training kits.
Furthermore, Usmanov has gone on record stating he'd be open to increasing his involvement with Everton, hinting at striking a deal with Moshiri for the naming rights for the club's new stadium.
"Yes. With great pleasure, if he asks," he told the Financial Times, when asked if he would like to join Moshiri at Everton. "I am thinking about my investment in this club. I cannot reject Arsenal.
"I will not leave them as a fan. But if I join Everton, then I will wear an Everton shirt, because I am a professional.
"They are going to build a new stadium. Why not the USM Arena?
"It is not obligatory for me to participate myself. I could just sponsor them."
Whilst Moshiri deserves praise for selling his stake in Arsenal to invest in Everton with the hope of improving their fortunes on and off the pitch, persistent rumours that he is entertaining potential offers to sell the club show his plan could be on the verge of backfiring.
Furthermore, his continued connection to Usmanov proves Kroenke was right to make the £550m offer that the Russian couldn't refuse.
Kroenke being vindicated may come as music to the ears of many Gunners supporters who have witnessed a tumultuous series of events since he took full control of the club.
But one look at events during the Moshiri era at the Everton with Usmanov's USM Holdings a commercial partner of the club shows the American billionaire ultimately had Arsenal's best interest at heart.
