Sheffield United football club wants to raise £10m and invest half of this sum in property ventures in the UK and China.
The club, which now describes itself as a football, property and leisure services business, plans to invest in the UK through a 50:50 joint venture with United Scarborough Developments Group.
The second joint venture – with Sheffield United Realty BV – will invest in a region in China where Sheffield already owns a football club.
The remaining £5m will be invested in new players for Sheffield United’s first team squad in order to improve the chances of retaining Premiership status.
Kevin McCabe, chairman of Sheffield United said: “These continue to be exciting times for Sheffield United both on and off the pitch.”
“To date, our existing property joint venture USE has been a tremendous success in making profits for the company, and we now look forward to following that success with two new joint ventures.”
“The first of these will focus on property development opportunities in the UK.”
“The second continues our property activities in China where we will aim to capitalise on our strong network of contacts in a region where we already own a football club and where we believe there are considerable opportunities.”
References: EGi News 06/12/06
