Everton owner Farhad Mashiri has cut his business ties with billionaire investor Alisher Usmanov after he was sanctioned by the EU for his links to Russian president Vladimir Putin.
Usmanov has had his assets frozen by the EU because of his links with Putin, who continues to orchestrate the military invasion of Ukraine.
As a result, The Telegraph state that Usmanov's relationship with Mashiri and Everton has been scrapped, leaving the Toffees without one of their most influential sponsors.
While Usmanov has never had a formal stake in Everton like he did at Arsenal, the Russian had numerous sponsorship deals through his holding company USM, from which Moshiri stepped down earlier this week.
USM owned the naming rights to Everton's training ground, Finch Farm, while another of his companies, MegaFon, was the sleeve sponsor for the men's training kits and the main sponsor of the women's team.
Usmanov also held first refusal to a £30m deal to name Everton's new Bramley-Moore Dock stadium but that has now been torn up.
Everton are planning for a future without Usmanov's investment, but there are suggestions that other clubs could try and capitalise on the uncertainty with bids for some of the team's top players.
In particular, Richarlison and Dominic Calvert-Lewin have attracted exploratory interest, but Everton are adamant that the termination of their links with Usmanov will not impact the team's day-to-day business.
Club officials have also stressed that work on the new stadium will not be slowed.