Sheffield United takeover halted by late problem

The takeover of Sheffield United has been hit with another delay as a problem has emerged on the buyers’ side.

There was a lot of hope that the deal which would see Prince Abdullah hand over the keys to Bramall Lane to the American consortium looking to buy the Blades – COH Sports – would be done this week.

It was reported on MOnday by BBC Sheffield’s Rob Staton that the deal was done, with all the relevant documents having been signed. This followed reports of another delay which was caused by the Saudi prince’s desire to get a higher promotion bonus as part of the deal. That appears to have now been resolved.

 

With that ticked off, the price agreed and the prospective buyers ready to go, it seemed like nothing else could stand in their way. But it wouldn’t be a United takeover without another twist.

Sheffield United takeover hit with late snag

According to The Star, COH Sports have made a late change to their legal representatives, and this has forced them to go back to the EFL to get all the documents and agreements re-validated.

The American consortium, who are fronted by two Ohio-based businessmen, Steve Rosen and Helmy Eltoukhy, had problems with getting EFL ratification in the first place. Once they did receive it, it was announced by them and then the Blades’ chairman, Yusuf Giansiracusa.

Despite all the roadblocks that they have had to deal with in this process, the price of the club hasn’t been a sticking point. Prince Abdullah may have wanted to change the level of bonus he would receive should United win promotion this season, in light of their change in fortunes compared to when talks were first reported, in May, but the £105 million asking price has remained.

Getting the takeover done before the close of the year will be imperative to the club’s promotion hopes. Chris Wilder has led them to the top of the division after 21 games, but they may not be able to reinforce as much in the January transfer window if COH Sports don’t take over soon.

Blades supporters must be sick and tired of takeover talk

Prince Abdullah has been involved with the red Steel City side for 11 years, and this process must feel like it’s taken just as long for Blades fans.

The frontmen have changed, the bonuses have changed; one report from The Guardian even suggested that Prince Abdullah would refuse to sell unless the reward for going up was increased.

Of course, the preferred outcome would be to have COH Sports in charge ASAP, but the supporters must be getting car sick because of all these twists and turns.

 

READ MORE:

Every word of Willie Collum’s Rangers ‘penalty’ explanation as he slaughters VAR officials from Celtic clash for ‘unacceptable’ decision

 

 

For the latest news and breaking news visit sportzonenews