Club sale will boost Blades’ squad
SHEFFIELD United today said it had sold the property and business that trade as the Thames Club to a company funded by the Downing Protected VCTs.
The Blades said some of the proceeds from the sale would be used to boost the Championship club’s first team budget.
The Thames Club, located in Staines, Middlesex, is a health and fitness club with associated facilities.
Sheffield United plc acquired the business in March 2006. The assets sold by the Blades were valued in its books at £3.8m and the sale has generated a gross profit of £0.7m, the club said.
The Thames Club made a profit of £70,000 after interest in the year to June 30.
As well as investing in the first team squad, the proceeds from the sale will be used to repay existing banking facilities and to supplement the group’s working capital.
Jason Rockett, chief executive of Sheffield United, said: “The sale of the Thames Club forms part of the company’s strategy to refocus its leisure operations around the South Yorkshire area. With the opening of the Copthorne Sheffield Hotel taking place in autumn 2008, which includes a new health club, and the recent opening of our Junior Community Development Centre at Crookes, it makes sense to realise a significant profit from the sale of the Thames Club allowing the Company to focus its capital and management resource on the new challenges.
“This sale will allow us to repay a signficant amount of debt and will underpin investment in the first team squad. The new owners, are also well placed to continue the development of the Thames Club as part of their portfolio of premier health clubs.”
Away from the field, Sheffield United has interests in property.
