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Businessman Farhad Moshiri has insisted he purchased a major stake in Everton solely with his own funds after a BBC probe into his relationship with Alisher Usmanov, a shareholder in Premier League rivals Arsenal.
Sunday's (Nov 5) edition of the BBC's Panorama current affairs programme investigating the ownership of the Merseyside club was based on a huge new leak of financial documents dubbed the Paradise Papers.
Moshiri and Usmanov jointly held a 30 per cent stake in London club Arsenal before Moshiri sold his shares to Usmanov, Panorama said.
Moshiri insisted the money he used to buy his stake in Everton was his alone after Panorama asked him if it had originated from Usmanov.
"Of course it didn't," he said. "Not at all, no. It came from me. I had 10 per cent in a conglomerate way before I bought (into) Arsenal. That's my money."
He added: "A gift makes it yours. If it is a loan, you owe the money back to him; if it's a gift it is yours."
Iranian-born Moshiri said neither a loan nor a gift lay behind his purchase of the Everton holding.