investigation was a gross intrusion into their client's privacy.

Premier League rules state an individual who owns a stake of 10% or more in one club cannot hold a single share in another, to avoid any conflict of interest, including in games between the clubs and in transfers.

Officially Mr Usmanov and Mr Moshiri, the oligarch's former accountant, bought a 14.58% stake in Arsenal together in 2007 through an offshore company called Red and White Holdings.

But the documents show that all the funds for the purchase of the Arsenal shares came from a firm called Epion Holdings, a company wholly owned by Mr Usmanov, who is currently said to be worth about $15.8bn (£12bn) .

Image caption Panorama questions Farhad Moshiri on Everton deal

One document reads: "Dividend from Gallagher Holdings toAlisher Usmanov who will then gift the monies to Moshiri who will in turn invest in the company. Funding for Red and White has come from Epion Holdings Limited".

Gallagher Holdings is also an Usmanov company.

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Lawyers acting for Mr Moshiri originally denied that the money had come from Epion.

They later admitted the initial funding had come from Epion, but said Mr Moshiri had subsequently paid Mr Usmanov back.

Red and White Holdings continued to raise its stake in Arsenal, reaching 30.4%.

In February 2016, Mr Moshiri sold his half of the Arsenal shares to the Russian oligarch.

A document in the Paradise Papers from Appleby, the firm overseeing due diligence on the deal, confirms the sale was used to raise funds to buy a 49.9% stake in Everton. The reported price