Everton are expected to confirm later today that Anton Zingarevich, the 23-year-old son of a Russian billionaire has invested £20m into the cash-strapped club.

Zingarevich, whose father owns Russia’s largest paper and pulping company, is set to gain a 40% controlling stake.

Anton was owns the Fortress Sports Fund, based in Brunei.

Everton chairman Bill Kenwright said: “Anton is terrific. He’s got an encyclopaedic football knowledge.”

Speaking to the Moscow Times, Kenwright said: “It is the ambition of myself and the sports fund to return Everton to its former glory.

“We’ve been tracking certain players throughout the summer. We hope to announce who within the next 10 days.”

It was claimed in a newspaper report on Sunday that Boris Zingarevich was the £20m investor but Everton moved to deny that.

“Reports naming Boris Zingarevich as the proposed principle new investor in Everton are incorrect,” said a statement.

But the club did not deny that the son of Boris was behind the deal.

Everton are between £30m and 40m in debt, while the club’s bankers have warned there will be no extension of the club’s current £6m overdraft.

The club are expected to runbber-stamp the deal after a board meeting on Monday.