Sheffield United takeover set for change of arbiter
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With owner Prince Abdullah bin Musa’ad bin Abdulaziz Al Saud suggesting he still minded to sell if the price is right, despite the protracted, complex and sometimes difficult nature of his negotiations with potential buyer Dozy Mmobuosi, there have been claims that the Premier League is now responsible for deciding whether any purchases receive approval.
Although this will shortly be the case, The Star understands that the EFL remains the arbiter of any would-be sale until the PL ‘share’ is officially transferred to United. This is scheduled to occur at some point next month, after the present campaign concludes following the FA Cup final on Saturday 3 June.
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Although his period of exclusivity has now ended, following months of discussions with both Prince Abdullah and the EFL, Mmobuosi recently confirmed he remains committed to trying to gain control of United. A Nigerian entrepreneur, who primarily works in the agri-fintech sector, Mmobuosi learned before Paul Heckingbottom’s side gained automatic promotion from the Championship that he would be required to demonstrate proof of funding covering not only the sale price but also around two years worth of costs before being cleared by the EFL.
“We would generally be looking (at) between a season and two seasons’ worth of money to show the club is sustainable,” Rick Parry, the governing body’s chairperson, told MP’s during a parliamentary select committee hearing in March.
Although the documentary evidence Mmobuosi provided to the EFL is not believed to have raised any red flags in recents to its owners and directors test (ODT), which is designed to ensure those in charge of clubs are of the required moral probity, he has clearly experienced issues satisfying the measure Parry outlined in response to a question by Kevin Brennan MP. Lawyers studying how ODT used by the PL differs from the one set out by the EFL have declared them “substantially similar” although one research paper, published in 2021, noted “one very significant difference”. This, according to one expert, was the PL’s “right to disqualify an aspiring owner or director if they have engaged in conduct overseas that within England and Wales would constitute an offence…regardless of whether that conduct resulted in a conviction or not.” However, the EFL is since thought to have beefed-up its own checks following one high profile case involving a side in the North-West.
After finishing second in the table and 11 points clear of third-placed Luton Town, the valuation placed on United by Prince Abdullah has now changed with the media being briefed last week that he could now want in the region of £150m rather than the £115m Mmobuosi felt they had agreed following discussions in London last year. Mmobuosi had indicated he would be ready to meet this figure if PL status was achieved. But Prince Abdullah, who is set to meet manager Paul Heckingbottom in Geneva this week, is now free to begin exploring alternative options under the terms of the memo of understanding drafted by the pair’s respective advisors.