Sheffield United takeover saga takes late twist amid bonus decision, Americans' stance and critical phase
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The ongoing ownership saga at Sheffield United has approached another pivotal week as the US-based consortium look to wrap up their takeover bid at Bramall Lane. American businessmen Steven Rosen and Helmy Eltoukhy are the frontmen of COH Sports, a limited company set up in July to facilitate their takeover bid.
It was around that time that a deal was agreed with current owner Prince Abdullah to sell his stake in the Blades, with the consortium then headed up by Englishmen Tom Page and Dominic Hughes. The bid was delayed when Rosen replaced the pair as the leader of the group, who eventually received EFL approval after a lengthy process of discussion.
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Hide AdRosen and Eltoukhy had long been known to be fronting the bid but officially broke cover earlier this week with a statement confirming they were looking to secure a “rapid completion” on the deal in order to support manager Chris Wilder in the upcoming transfer window. The group want to be able to hit the ground running when the January sales open, rather than play catch-up later in the window, with a number of transfer targets already identified - both loan and permanent options.
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Hide AdBut in order to move quickly in the transfer market the new owners are aware of the need to be in place well before the January window opens, with optimism of some movement this coming week. The talk amongst sources with knowledge of the deal is one of a make-or-break week, with Rosen and Eltoukhy said to be willing to walk away if the impasse continues despite months of work - and not inconsequential legal fees - being invested on both sides.
A late twist, The Star has been told, saw Prince Abdullah’s attempt to increase the scale of the promotion bonus he would be due if he sells to the Americans, and the Blades are successful in returning to the top-flight after last season’s painful relegation season. The Star reported recently that the move was being considered, with frustration in the current camp that the deal has stalled, and the motive is not exactly without its reasoning.
The fee in the summer - thought to be in the region of £105m - was agreed when United were still facing something of an uncertain future, hamstrung in the transfer market and facing the possibility of a lasting hangover from their relegation experience. Six months or so later the price now represents much better value.
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Hide AdThe Blades are leading the promotion race, going back to the top of the Championship table after yesterday's 2-2 draw at West Bromwich Albion, and with new signings such as Harrison Burrows and Michael Cooper joining Vini Souza, Gus Hamer and Anel Ahmedhodzic as prized assets who would have significant value on the transfer market.
Brinkmanship in the latter stages of such takeover deals is not uncommon but the Americans are keen to complete the deal at the terms they agreed earlier in the year, which were then submitted to - and accepted by - the EFL as part of their checks on all prospective new owners of English clubs.
Rosen and Eltoukhy also had to hand in detailed budget and spending plans for the upcoming seasons, should they take charge, and also agree to a personal guarantee covering losses should the Blades remain in the Championship and lose their Premier League parachute payments.
A number of ‘deadlines’ for completion have already lapsed throughout the saga, with the latest being the eve of the USA's Thanksgiving celebrations last week. Yusuf Giansiracusa, the Blades’ chairman and the Prince’s lawyer, made a rare trip to Bramall Lane last week in anticipation of the deal being tied up while Prince Abdullah had pencilled in an appearance at that week's home clash with Sunderland to bid farewell to the club after a 10-year association which began as co-owner with Kevin McCabe back in 2014.
Movement this week - or a lack of it - could go a long way towards deciding if his tenure in charge continues.
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