Sheffield United’s owner, Prince Abdullah, has put the sale of the club on hold in the hope of cashing in if Chris Wilder’s side are promoted to the Premier League.
Abdullah agreed a £105m sale to the American investors Steven Rosen and Helmy Eltoukhy last summer after relegation, with the English Football League giving approval last week.
The Guardian has learned that Abdullah is refusing to complete the sale, however, with sources close to the deal saying the Saudi Arabian businessman is anticipating a huge windfall in the event of promotion. EFL sources have indicated they are aware of the delay.
United have performed far better than expected and are second in the Championship, having played a game fewer than the leaders, Leeds. Returning to the Premier League would earn a minimum of £140m in TV money and sponsorship deals, a figure that could increase to £300m if they stayed up for two seasons.
Promotion would significantly increase the club’s value, with Brentford on the market for £400m for example, creating the possibility of Abdullah demanding a higher price in the summer.
The existing deal contains clauses providing bonus payments for Abdullah if United are promoted after completion. With promotion now regarded as a more realistic prospect, however, Abdullah is seeking to negotiate bigger bonuses and some sources have suggested he may not sanction the deal while promotion remains a possibility.
Rosen and Eltoukhy are understood to be increasingly frustrated at what they perceive to be Abdullah’s delaying tactics, which have placed the deal in jeopardy. The previously silent Americans took the unusual step of releasing a statement to Bloomberg last week confirming they had received EFL approval to buy United, which sources claim was an attempt to put pressure on Abdullah. They are fronting the takeover bid on behalf of a US consortium called COH Sports.
“We are pleased to have secured approval from the EFL, and thank them for their thoughtful engagement on the process,” their statement said. “This was the last outstanding matter, and we look forward to moving forward to completion as soon as possible. Like all Sheffield United supporters we want to see the club building on its strong start to this season. We believe that only a rapid completion will allow us to support Chris and the team.”
United responded by releasing a statement from the chairman, Yusuf Giansiracusa, last Friday saying the club “are pleased to hear that COH Sports has finally received EFL approval”, but the matter has not moved on since.
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Rosen and Eltoukhy want the deal completed this month so they can work with Wilder during the January transfer window and strengthen his squad.
Abdullah bought a 50% stake in 2013 when United were in League One before taking full control six years later from Kevin McCabe after a bitter legal battle in the high court. The club have been for sale for almost two years, but the Rosen/Eltoukhy offer is the first approved by the EFL.
United declined to comment.
Source: theguardian.com
