Sheffield United talks continued before Dozy Mmobuosi company released results

Tingo Inc, which includes Mmobuosi’s interests in the agri-fintech, mobile telecommunications and food production spheres, reported “pro forma consolidated revenues” of $1.15 billion in a statement released to investors on Friday lunchtime as well as cash balances of $550m across its entire network.

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Although Mmobuosi’s attempt to purchase the Championship club is not being pushed on behalf of Tingo, the 43-year-old and his associates will hope the results lend extra credence to his proposal which is currently being scrutinised by the English Football League.

Crucially, despite the protracted nature of the governing body’s investigation into Mmobuosi’s plans for United, both he and Prince Abdullah have remained in close contact since news of the plan became public. The pair are believed to have discussed the situation in detail ahead of United’s FA Cup quarter-final victory over Blackburn Rovers last month, with another series of meetings taking place during the build-up to Saturday’s meeting with Norwich City. A non-disclosure agreement prevents either party from divulging exactly what was on the agenda.

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After the EFL’s chairperson Rick Parry told a parliamentary select committee that anyone wishing to seize control of one of its members must now demonstrate not only the wherewithal to fund the initial transaction but cover around two seasons’ worth of running costs, Mmobuosi must hope details and projections of Tingo’s performance resonates with the governing body. The report, compiled following an audit by analysts from the US branch of Deloitte, detailed a net loss of $47.1m which was attributed to an increase in tax expenses following the acquisition of Tingo Mobile. Operating losses fell to $11.8m, for which the move to bring TM under the Tingo Inc banner was also credited.

Those holding stakes in Tingo were also told that: “A special dividend plan and share buyback program are being considered as possible means of increasing shareholder value and to address the significant disconnect between the company’s share price and its real value (in line with valuation multiples applied to other comparable Nasdaq listed companies).”

Prince Abdullah took sole control of United following a High Court battle with former owner and long-standing director Kevin McCabe in 2019, following their promotion to the Premier League under Heckingbottom’s predecessor Chris Wilder. The Saudi Arabian, who also runs a global portfolio of other football clubs and sporting interests, has made no secret of his willingness to pass on the baton in recent months, with United being placed under a transfer embargo earlier this year. A block has also effectively been put on negotiating fresh contracts with any of those players whose deals are shortly scheduled to expire. These include Oli McBurnie, Wes Foderingham, Billy Sharp and John Fleck although some of those agreements are known to contain extension clauses. Despite this situation, United are second in the table and six points clear of third after beating Norwich City last weekend.

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