Sheffield United Football Club has announced that HRH Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has become joint owner of the club.
This is an interesting development because Sheffield United are punching below their weight in League 1, having at one time played in the top flight. It shows that there is still quality foreign money around to give a boost to less glamorous clubs, albeit that the Blades have a long history. However, the prince has made it clear that he has not going to splash the cash and will conform with new financial controls.
Sheffield United Football Club has announced that HRH Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has become joint owner of the club.
This is an interesting development because Sheffield United are punching below their weight in League 1, having at one time played in the top flight. It shows that there is still quality foreign money around to give a boost to less glamorous clubs, albeit that the Blades have a long history. However, the prince has made it clear that he has not going to splash the cash and will conform with new financial controls.
Prince Abdullah has secured a 50% interest in Blades Leisure Ltd, the holding company for Sheffield United FC, in return for which 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 Prince becomes Co-Chairman with Kevin McCabe of Blades Leisure and Sheffield United.
Prince Abdullah, aged 47, is a grandson of the founder of the Kingdom of Saudi Arabia, King Abdulaziz. 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 (although I am not quite sure what it is privatising).
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.”
Kevin McCabe said: “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 in Abdulraham Bin Abdullah (the Prince’s son), James Phipps (the Prince’s principal advisor) and Selahattin Baki (a Turkish businessman and General Manager of Premier Paper Converting Company, which manufactures consumer tissue paper products in Izmit, Turkey.)