Farhad Moshiri has denied claims he used funds gifted by Alisher Usmanov to buy Everton.
The British-Iranian billionaire had relinquished his shares at Arsenal in February 2016 prior to becoming the Blues’ majority investor.
But an investigation into the ‘Paradise Papers, which detail offshore financial dealings of numerous public figures, has cast doubts on Moshiri’s takeover.
BBC’s Panorama programme alleges that his current involvement in Everton may potentially breach the Premier League’s rules on multiple club ownership.
Moshiri’s shares in Arsenal were said to be a ‘gift’ from Usmanov, whose company Epion Fundings had purchased the 15 per cent stake in 2007.
The broadcaster also claimed that a company part-owned by the Russian investor, who owns 30% of Arsenal, also oversaw the purchase of Everton.
Usmanov’s company Bridgewater were allegedly named in the incorporation papers of Blue Heaven Holdings, who control Moshiri’s shareholding.
But when confronted by a Panorama reporter, the Everton chief denied all claims.
“Are you crazy? Have you seen a psychiatrist? It wasn’t a gift, where did you get this idea?”, said Moshiri.
“A gift makes it yours. Did he loan £100m to me? If it is a loan, I owe the money back. It’s neither because I paid for it.
“If I give my friend here a fiver, it’s his right? They [the Premier League] have all the information. Instead of asking me, ask them.”
Both Moshiri’s lawyers and Usmanov, the Gunners’ second largest stakeholder, strongly refuted suggestions of any financial impropriety.
Earlier this year, Everton struck a five-year naming rights deal with USM, a holding company of Usmanov, for their Finch Farm training ground.
Moshiri is also listed as the chairman on the company’s board of directors.
The Premier League, who ratified Moshiri’s takeover at Goodison Park after a period of due diligence, have also clarified their position on club ownership.
“We would not disclose confidential information about clubs or individuals but can explain our general rules and policies in this area,” read a statement.
“The Premier League has wide-ranging rules in the areas of club ownership and finance.
“These include prospective new owners having to meet the Premier League Board and provide extensive detail on the sources and sufficiency of funding they have in place.
“They must also submit information on the financial structure of any proposed investment, and a business plan demonstrating that all liabilities can be met for at least 12 months ahead.
“The League prohibits any club owner or director from having an interest in another club, or the ability to influence another club’s policies.
“Should a prospective club owner have previously held shares in a different club, they must provide evidence that they have been divested.
“Only when these and many other rules have been applied, and due diligence completed, will the Premier League Board allow an investment to proceed.”