The Saudi prince had been locked in a legal battle with Kevin McCabe
over their 50-50 ownership of the Premier League side. Now the court ruling has
ordered McCabe, a lifelong fan of the Blades, to sell his stake to Prince
Abdullah for just £5 million (US$6.2 million).
The two first met in 2013 when McCabe was looking for fresh investment
in the club, then in the third tier of English soccer. Prince Abdullah
subsequently acquired a 50 per cent stake in United for £1 (US€1.2) and went on
to invest £10 million (US$12.4 million), but the men fell out in 2017.
Sheffield United Ltd, the company run by McCabe and his family, later
made an offer to buy out the Prince for £5 million.
But that offer also gave Prince Abdullah’s company, UTB LLC, the option
to buy McCabe's shareholding at the same price and a counter notice was served
in January 2018.
The High Court has now ruled that the contract of sale and purchase of
Sheffield United Ltd's shares could not be set aside, adding UTB LLC would have
to buy the club's property assets from Sheffield United Ltd. This includes the
Bramall Lane stadium and the Sheffield United hotel.
Having secured promotion to the Premier League last season, the club is
now worth in the region of £100 million (US$124 million).
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