Hearing date set for Sheffield United parent company winding up petition
Former owner Prince Abdullah’s company has issued a winding up petition against the company that bought Sheffield United over unpaid instalments
The next stage of the bitter saga involving Sheffield United’s current and former owners has been given a date.
Prince Abdullah and his company United World Holding Ltd, who sold the club to COH Sports Bidco - a company headed up by Steven Rosen and Helmy Eltoukhy - has in December 2014 has issued a winding up petition over an alleged failure to make payments on instalments owed over the sale.
A figure of £35million is owed, it has been claimed.
A statement released at the time of the winding up peition being issued read: "In light of the substantial sums that United World is owed by CSBL (over £35 million inclusive of interest), we have been forced to issue a petition in the High Court to wind up CSBL."
The statement went further, accusing United's current owners of misleading both United World and the EFL.
It added: "We are very disappointed and alarmed at the turn of recent events and believe that both we, and the EFL, have been seriously misled, putting the long-term stability and viability of the club in jeopardy."
The current owners released a statement in which they reaffirmed the decision to change United’s holding company to a new one, 1919 Partners LLC, and claimed the stand-off with Prince Abdullah has no impact on the day-to-day running of the club.
Sheffield United’s owners said: "This matter has no impact on the day-to-day operations or financial stability of Sheffield United, which remains well positioned ahead of the new season.
"We are focused on winning football matches, not playing politics.
"As we have already said, the purpose of the restructuring was to create a stronger platform, more efficient and flexible ownership structure that further supports the long-term financial sustainability of Sheffield United.
"This is an outstanding matter with the former owner, and we will not comment on private commercial discussions. We have engaged, and will continue to engage, constructively and transparently with the EFL and the Independent Football Regulator."
Now, with no further agreement currently in place, the hearing is being set for August 18 in the Business and Property Courts in London.
It remains a possibility that the case may not get as far as that, should an agreement between the two parties be met.
As things stand, the issue surrounds the company that owns Sheffield United rather than the club itself, so there is little need for EFL involvement but it is understood the governing body, along with the Independent Football Regulator, are monitoring the situation.