USM has literally put money into the club, and Usmanov is the majority shareholder. There is just enough distance to jot fall foul of the regulations, thats about it.
The reality is, USM are paying way over the odds for sponsorships. Multiple newspapers, in multiple countries describe him as our owner. There hasn't been a single refutation from anyone at the club. It's even widely agreed he met Carlo Ancelotti before Ancelotti agreed to become manager (as he is said to have met other managers too). It could all just be one big coincidence, but in general multiple coincidences rarely exist.
Whether he is or isn't, we have recieved backing that only 2 clubs in this country, and 3 clubs in the world could really better (Chelsea, City and PGS) and it's unlikely to stop anytime soon, with Usmanov's nearest descendent now in the formal employ of the club.
The pipe dream, is to suggest he has no involvement, when you weigh up the evidence.