Farhad Moshiri cleared Everton’s debts with an interest-free loan, the club’s latest annual accounts have revealed.
Moshiri became the Blues’ largest shareholder in February and enabled an £80 million facility which has no agreed repayment date.
Everton announced a turnover for the 2015/16 campaign which exceeded £120 million but posted a post-tax loss of £24.3M due to their Europa League hangover.
Gate receipts were down by £300,000 with the club’s progress in the semi finals of both the FA and League Cups making up for their continental shortfall.
Chairman Bill Kenwright said: “I’m more positive now about the future of our great club than I’ve been during my time as chairman.
“Those who know me will appreciate how hard I’ve been looking for the right person to take our beloved club forward.
“I have absolutely no doubt that in Farhad Moshiri we have found someone not only with the wherewithal – and we all know how important that is these days – but also with a deep understanding of the game and a growing appreciation of all things Everton.”