Sheffield United’s takeover saga has been ongoing for over a year now. The club’s owner, Prince Abdullah, has been looking to sell the club since 2022, but deals with two potential buyers have fallen through.
The first deal, with American businessman Henry Mauriss, was agreed in principle in January 2022, but it collapsed in March of that year after Mauriss failed to provide the necessary funding.
The second deal, with Nigerian businessman Dozy Mmobuosi, was agreed in December 2022, but it has also stalled. Mmobuosi has claimed that he has put down a £10 million deposit, but he has not yet been able to complete the full purchase. It is said that he could not pass EFL’s fit and proper test.
Critics lambasted Prince Abdullah for allowing the club to enter a transfer embargo amid the takeover limbo. But in an exclusive interview with SheffUnitedWay, he shed light on the behind-the-scenes struggles.
He clarified that the due diligence conducted by the club did not raise any red flags, but the EFL and Premier League’s more rigorous scrutiny revealed issues that prevented the first deal from materialising.
He told SheffUnitedWay:
“First of all let me say that usually you do part of the due diligence. The first buyer was trying to buy Newcastle, so he was in the news for a long time, and the due diligence we did – it didn’t show any red flags.
“The EFL or the Premier League do 10 times more scrutinised due diligence. So even if we missed anything, the EFL or Premier League would not miss it.”
“The second one I think we asked for a down-payment. And the down payment was paid, not in full. And that showed us that he was serious. But in the end the deal didn’t go through.”
Prince Abdullah also explained the reasons behind the club’s transfer embargo. To keep the club running smoothly, he had to sell players, secure a partner or buyer, or inject additional funds.
Unfortunately, the delayed payment of a £2 million down-payment from the second deal led to the embargo, as it hindered the club’s ability to manage its finances effectively.
“Last year we had to have one of three things. We had to either sell players, or bring a partner or buyer, or put more money. We tried to do all of that. I had to put, or borrow, around £40m.
“The reason we got put into embargo, you know, I agreed to sell the club in December or January, and the price in the Championship is much less than when you’re in the Premier League. The reason I made that decision is, we wanted to have cash to run the club so we will not run into an embargo.
“The down-payment was £11m, I think we were only paid around £9m. We only got into embargo because of £2m. £2m that we were not paid. But I think we’re beyond that now.
“I mean there are things you can’t do.”
Despite the setbacks, Prince Abdullah remains determined to sell the club to the highest bidder following their promotion to the Premier League.
He revealed that the club currently has ‘two or three serious offers’ on the table. While he aspires to remain involved with the club, he is open to reducing his controlling interest. Talks are in advanced stages with potential buyers, and he hopes to finalise a deal soon.
He said:
“We are talking with many parties. Like every week we get an offer. But I would say there are two or three serious offers. These things take a lot of time.
“We are in advanced stages. I still want to be involved with the club, so United World will be staying at the club but not controlling interest. Some offers wanted 100% of the club, some preferred that we stay. If all things equal, I’ll prefer to still be part of the club.
“Things will start to accelerate soon, I hope.”
This very transparent interview from the owner himself should give fans the other side of the story as well.
The prolonged takeover saga has tested their patience, but with offers on the table and talks reaching advanced stages, there is optimism that a resolution is on the horizon.