Process to decide the value of Sheffield United's stadium and other properties has begun

SHEFFIELD, ENGLAND - MARCH 07: A general view inside the stadium prior to the Premier League match between Sheffield United and Norwich City at Bramall Lane: Ross Kinnaird/Getty Images

A joint statement, issued on behalf of McCabe’s firm Sheffield United Limited (SUL) and United itself, confirmed discussions between the two parties are now underway; with an independent adjudication panel set to consider evidence presented by both sides.

McCabe, who until September’s High Court ruling co-owned United together with Prince Abdullah, revealed last week that an agreement, which had been reached in principle between the pair two months earlier, had broken down.

Mr Justice Fancourt, who declared the Saudi Arabian as United’s sole owner following a protracted legal battle, insisted that he must purchase sites including the stadium, the Steelphalt Academy training complex and a development centre at Crookes, before July 1.

“Sheffield United Limited (and its related companies) and The Sheffield United Football Club Limited ("the Parties") wish to make the following joint statement,” the communique, published on United’s official website, said. “There is at present a private arbitration process between the Parties; the Arbitral Tribunal has been properly appointed and its constitution reflects the Alternative Dispute Resolution process agreed between the Parties to this dispute.

“The Arbitral Tribunal's objective in the making of any Orders and Awards reflects the Agreements between the Parties.”

In their latest financial report, submitted to Companies House a week ago, United’s board of directors estimated it will cost around £43.5m to acquire the property from McCabe, although the arbitrators will decide the final amount after considering evidence from both SUL and those acting for Prince Abdullah.

“The Arbitral Tribunal is required to make an Award as to the Market Value/Purchase Price of various properties including the Bramall Lane Stadium, as defined and in accordance with the assumptions and criteria as set out in the Agreements in place between the Parties and will do so following receipt of submissions and evidence with any Awards restricted to the references in this dispute,” the statement added.

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