A U.S. consortium fronted by businessmen Steve Rosen and Helmy Eltoukhy has completed its takeover of Sheffield United.
COH Sports is paying former owner, Saudi Arabia’s Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, $135million (£111m) for the Championship club and its property assets.
The takeover brings an end to Prince Abdullah’s 11-year association with United, having bought 50 per cent of the club in 2013 before assuming full control in 2019 after winning a legal case against Kevin McCabe, who had owned the other 50 per cent.
The Athletic reported at the start of December United were close to finding new owners in Rosen and Eltoukhy following a lengthy and complicated sales process.
Rosen is the founder and chairman of Cleveland-based private equity firm Resilience Capital Partners, while Eltoukhy is the founder of California-based biotechnology company Guardant Health.
Sheffield United have been up for sale for over three years, in which time they have had bids collapse from convicted fraudster Henry Mauriss, and Dozy Mmobuosi, who has been charged with three counts of fraud by the U.S. Department of Justice, which he denies.
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United were relegated from the top flight at the end of the 2023-24 campaign after finishing bottom of the table, 16 points from safety.
Chris Wilder’s side started this season with a two-point deduction from the English Football League (EFL) due to late payments from the 2022-23 campaign. Despite this, United are top of the Championship, four points clear of third-placed Burnley, having gone 11 league games unbeaten.
How did we get here?
By Matt Slater
Prince Abdullah has been attempting to sell Sheffield United for over three years. In 2022, American entrepreneur Henry Mauriss had a £115m bid accepted but was unable to close the deal and was later jailed in the U.S. for wire fraud.
In February 2023, Nigerian businessman Dozy Mmobuosi agreed a £90m deal for the club and loaned them money, but the proposed takeover stalled when the EFL refused to clear him. At the end of 2023, Mmobuosi was charged with three counts of fraud by the U.S. Department of Justice and accused of running a global scam of “staggering” scale by the Securities and Exchange Commission. He denies all the charges.
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Even the COH Sports takeover has been extensive and convoluted, with the initial leaders of the consortium, U.S.-based Englishmen Tom Page and Dominic Hughes, replaced by Rosen and Eltoukhy this summer.
The club have experienced financial concerns in recent years and begun this season on minus two points due to a delayed EFL sanction, having “defaulted on a number of payments to other clubs” during the 2022-23 campaign.
In March 2023, CEO Stephen Bettis had to publicly deny reports that the club was in danger of going into administration, but admitted United had failed to pay several suppliers on time.
Sheffield United were relegated back to the Championship last season (Ian MacNicol/Getty Images)
In the 2022-23 season, United posted a record pre-tax loss of £31.5m, double the previous season’s deficit. While last season’s financial results will likely be much-improved thanks to the Premier League’s lucrative media rights income, the club returned to the Championship this term after taking just 16 points from 38 games and conceding 104 goals.
The club also have secured debts of more than £50m, the majority of which is owed to Australian bank Macquarie.
So, what now for Sheffield United?
By Richard Sutcliffe
Like an excited child waiting for Christmas Day, the last few days have felt to be excruciatingly long for United fans.
Finally, though, a takeover saga that began when there was still hope of making a lasting impact in last summer’s transfer window has been concluded.
So, what does this mean for Chris Wilder’s table-toppers? The first, most obvious benefit, should be seen in January when the mid-season recruitment window opens.
Wilder has worked a minor miracle to transform not only the mindset at Bramall Lane after last season’s demoralising stint in the Premier League but also an ageing squad that had run it’s race.
Wilder has led United to the top of the Championship (Dan Istitene/Getty Images)
The value of that work both on and off the field can be seen in the Championship table. Factor in how Wilder’s side started the season on minus two points thanks to the financial failures of the club hierarchy and that lofty standing looks even more impressive.
However, as recent weeks have shown with performances — if not necessarily results — having dipped in the absence of key performers such as Anel Ahmedhodzic and Oliver Arblaster, United need a couple of quality additions to bolster a group that has always felt to be light on numbers, even if the first choice XI when everyone is available is strong.
Get recruitment right in January and United may well be back among the elite next season. It is then that perhaps the biggest benefit of all will come. Had United gone up again under Prince Abdullah, there would have been an inevitable sense of deja vu under an owner who had presided over an embarrassing 2023-24 due to simply not having the funds to compete.
If it came down to a choice between a repeat of a season that saw a record 104 goals conceded or staying down in the Championship for another years, surely a good section of United fans would opt for the latter.
Only time will tell if the new owners have the wherewithal to do any better in the world’s richest league. But at least there’ll be optimism if United can finish the job and clinch promotion that this time it will be very different.
(Top photo: Matthew Lewis/Getty Images)
