Saudi prince buys 50% of Sheffield United

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Bramall Lane, the home of Sheffield United.

Bramall Lane, the home of Sheffield United.

A Saudi prince has bought a 50 percent stake in Sheffield United, the English League One football club, it was announced on Tuesday.

Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has become joint owner after securing the interest in Blades Leisure Ltd, the holding company for Sheffield United FC, the club said in a statement.

In return, he will invest "substantial new capital" into the club with the aim of working with current owner Kevin McCabe and his family to achieve the Blades' return to the Premier League as quickly as possible, the statement added.

The prince becomes co-chairman with Kevin McCabe of Blades Leisure and Sheffield United.

Prince Abdullah, aged 47, is a grandson of Saudi Arabia's King Abdulaziz.

The club said he is a passionate football supporter and is former president of Al Hilal FC, the largest and most successful club in Saudi Arabia. He is also chairman of Saudi Arabia's Football Privatisation Committee.

Prince Abdullah is a prominent Saudi businessman and industrialist. He is the founder and chairman of the publicly-listed Saudi Paper Manufacturing Group, the largest paper tissue manufacturer in the Middle East.

Prince Abdullah said: "I am delighted to invest in such a sensibly-organised, family and community club with a great history and heritage.

"Joining Sheffield United FC at a time close to its 125th year in existence is significant to me and, like Kevin, I am determined to see it achieve its goals and look forward to working with the whole Blades community. However, money will be spent judiciously, and in any case we must comply with the Salary Cost Management Protocol."

McCabe added: "We are thrilled to be building this new partnership for Sheffield United with Prince Abdullah, who shares our vision for the Blades to join the top tier of English football.

"The McCabe family remains wholly committed and over the past 10 years has invested more than £90 million in rebuilding our fine and proud Club, which now has a top-class stadium, academy and junior development centre."

The boards will also see new directors including Abdulraham Bin Abdullah (the prince's son), James Phipps (the Prince's principal advisor).

London and Dubai-based specialist consulting firm Forticap acted as the sole arranger for the transaction.

Related:

Market Performance

Saudi Paper Manufacturing Company
31.2
-0.18 -0.57 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Roger

The Arab mafia cotinues buying the UK. Let's stop the greed and take back control from the robbers.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
The curious case of David Haigh

The curious case of David Haigh

The story of how the former Leeds United boss went from football...

1
How Mashreq hits the sweet spot

How Mashreq hits the sweet spot

Mashreq’s retail operations in a series of Middle Eastern markets...

2
Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Most Popular
Most Discussed