Final whistle for Sheffield United ownership saga
The co-owner of Sheffield United Football Club – Kevin McCabe – must sell his share of the club to Saudi co-owner, Prince Abdullah for £5m.
The Court of Appeal, Civil Division of England and Wales, has issued its decision to refuse Sheffield United Limited (SUL) which is controlled by Mr McCabe permission to appeal the judgment of the High Court of Justice, made on 16th September 2019.
According to a statement from Sheffield United Football Club the Court of Appeal considered there to be no good grounds for allowing an appeal. This decision brings an end to over two years of contentious litigation over the ownership of Sheffield United.
The original judgement from September found that McCabe, owner of Scarborough International Properties and a lifelong Blades fan, will have to sell his stake in the club for £5m. The hearing brought to a close a six week court hearing and a long dispute over the club’s ownership.
Prince Abdullah bought 50% of the former League One club – now playing in The Premiership – for £1 six years ago, promising to finance the running of the club for three years.
The club which has yet to post its accounts for the FY2019 season which saw the club gain promotion back to the top flight of English Football for the first time since the 2006/7 season, however recorded £20m turnover in the year ending June 30 2018 which saw the club gain promotion to The Championship and was up from £11m in the previous year.
In a statement published online Sheffield United said: “The Board is delighted that any lingering uncertainty about the Club’s future ownership is at an end and that everyone at Sheffield United can now fully focus on what has, to date, been a fantastic first season back in the Premier League.”
The statement also highlighted that an agreement in principal has been reached between SUL and the Scarborough Group, also controlled by Mr McCabe, over the transfer to the Club of the freehold of Bramall Lane. This transfer also includes long leasehold interests in the Copthorne Hotel and Enterprise Centre also at Bramall Lane, as well as other properties and assets associated with the club.
Timings for the deal to complete are reported by Sheffield United to be a matter of months.
