£115m deal agreed to buy football club
Sheffield United has accepted a £115m bid from American business man Henry Mauriss to buy the Championship club .
The deal means the club which was at the centre of a legal case in 2019 between current owner Prince Abdullah Bin Mosaad Bin Abdulaziz Al Saud and former owner Kevin McCabe who owns developer Scarborough Group, could change hands and net the Saudi prince a 23-fold increase on hist investment in The Blades.
Prince Abdullah original took a 50% stake in the club in 2013 for what he said was £1 and the promise of future investment. McCabe through the company Sheffield United Ltd attempted to buy the prince out for £5m after a falling out in 2017, however the offer also provided the prince’s company UTB LLC with the option to buy McCabe’s shareholding at the same price – a deal which was confirmed by Court of Appeal, Civil Division of England and Wales in 2019
The bid by Mauriss, who recently tried to purchase Newcastle before the deal fell through, will be subject to the English Football League’s (EFL) owners’ and directors’ test which aims to “prevent anyone who is subject to a ‘Disqualifying Condition’ being involved in or influencing the management or administration of a Club”.
The EFL’s “Disqualifying Conditions” includes a list of activities which would prevent a person from directorship or ownership of the club and includes having an association between clubs, being subject to disciplinary matters or criminal matters, amongst other things.
It’s reported that Mauriss’ company believes they have already demonstrated the financial capability to purchase and maintain the club which is currently sixth in the Championship and reported a £9.6m profit for the 12 months to 30 June 2021 despite being relegated from the Premier League.
