Sheffield United told they would be a "highly credible" purchase as 'takeover' rumbles on

Followed by passionate supporters, a stadium steeped in history and located in the heart of the city recognised as the birthplace of the modern game, anyone gaining ownership of Sheffield United would be purchasing almost unlimited potential as well as genuine sporting cachet. Which makes it all the more bemusing why, ever since acquiring an English team became the fashion amongst the international jetset, they have seemingly struggled to attract the interest of serious investors or a bona-fide billionaire?

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It is a question, as Dozy Mmobuosi seemingly presses ahead with his protracted and increasingly controversial takeover attempt, bound to be on the lips of every United fan. The Nigerian businessman and agri fintech entrepreneur, who it emerged earlier this month has yet to satisfy the English Football League of his suitability to replace Prince Abdullah bin Musa’ad bin Abdulaziz Al Saud at the helm of the Championship team, made his approach soon after the collapse of negotiations with Henry Mauriss. The American, previously linked with Newcastle, is now languishing in a California jail cell after being convicted of wire fraud following an FBI investigation. One can only imagine what position United might be in now had he successfully concluded a deal with the Saudi Arabian royal, who seized control after winning a bitter High Court battle with former owner, co-owner and long-standing director Kevin McCabe.

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Dr Robert Wilson, a football finance expert from Sheffield Hallam University, insists United would be a “highly credible” acquisition for anyone looking to add a football club to their portfolio of business interests but suspects their failure to complete a sale thus far “boils down to money.” “Both in terms of the value place on the club by the current or past custodians,” he told The Star. “And, or, any debt that sits on the balance sheet. Most prospective owners want a clean slate and that’s proven problematic. Add in transfers fees, prospective sales and player wages and things become complicated.”

Ranked second in the table and still on course to secure automatic promotion to the Premier League, United’s performances on the pitch have been strong under manager Paul Heckingbottom and his coaching staff. Of it, however, is an altogether different story. After failing to keep up with their repayments relating to a number of previous transfer deals, United were prohibited from processing any new registrations by the EFL during the mid-season window. Fourteen members of Heckingbottom’s squad, including leading goalscorer Oli McBurnie, captain Billy Sharp and midfield lynchpin Oliver Norwood could depart at the end of the campaign when either their contracts or loans expire. An expensive overhaul might be on the cards, unless that issue is addressed, this summer.

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Mmobuosi, whose spokesperson recently claimed has settled the County County Judgements against him following rent disputes on a number of properties in Hertfordshire, is thought to have agreed a price somewhere in the region of £90m with Prince Abdullah. That is below the figure, privately quoted by sources behind the scenes at Bramall Lane, supposedly being discussed with Mauriss who proposed to fund his buy-out using a complex series of bonds linked to his company Clear TV. However this was not officially confirmed by either Prince Abdullah or his closest associates. What is certain is that, if United go up, their worth would rise considerably.

“United’s value will increase if they are promoted,” Dr Wilson continued. “Especially the enterprise value, which is multiples of turnover. This is where the main issues over a purchase price will be. Prospective owners will try and pick the club up at EFL values rather than EPL (value).”

Mmobuosi and Mauriss aren’t the only two parties to express an interest in United in recent years. ALK Capital, a consortium of US based businessmen now in charge of leaders Burnley, were set to be handed the reins had McCabe won the legal dispute between himself and Prince Abdullah. They made attempts to try and broker a compromise arrangement after Mr Justice Fancourt handed down his judgement four years ago but to no avail.

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One individual previously involved in the buying and selling of clubs explained how the process has changed in recent years. Rather than approaching the likes of Prince Abdullah privately, or being introduced via someone within their social circle, banks now frequently compile a dossier of clients and pair them with teams they believe fit their needs, The practice is commonplace in the USA, where business people are attracted by the prospect of working outside of the franchise system. The backgrounds and wealth of the people they work with are vetted before they are added to the list of would-be purchasers, which provides sellers with an assurance they are working with blue riband individuals or companies. The EFL recently issued a statement arguing it had only received some evidence of Mmobuosi’s wealth. The 43-year-old, who founded Tingo Inc, is adamant he is funding his bid for United using his personal resources rather than being part of a consortium.

Geography has been mentioned in the past as a possible reason why United, despite their stature and recent success, have yet to be snapped-up. However neither Dr Wilson nor the source this newspaper spoke to about the mechanics of a bid thought that was an insurmountable obstacle, with the latter stressing the club’s proximity to several major airports and transport hubs.

“Transport links are often the major hurdle,” Dr Wilson said. “London clubs will always remain attractive but Sheffield is the home of football and steeped in history. I suspect it’s a city that’s waiting for the right person or people.”

“Sheffield United remains a giant of the English game,” he added. “They’re ferociously well supported and, with a committed season ticket base. Coupled with its history and club infrastructure, at the right price, United makes a highly credible asset acquisition.”

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