Property entrepreneur Kevin McCabe has sold a 50% share in Sheffield United Football Club to Prince Abdullah of Saudi Arabia.
The 47-year-old grandson of the founder of the Kingdom of Saudi Arabia has purchased the stake in Blades Leisure, the holding company for the League One club.
McCabe, also chairman of property business Scarborough Group, said: “We are thrilled to be building this new partnership for Sheffield United with Prince Abdullah, who shares our vision for the Blades to join the top tier of English football. The McCabe family remains wholly committed, and over the past 10 years has invested more than £90m in rebuilding our fine and proud club, which now has a top-class stadium, academy and junior development centre.”
Prince Abdullah, who is chairman of of Saudi Arabia’s Football Privatisation Committee, said: “Money will be spent judiciously, and in any case we must comply with the salary cost management protocol.”
McCabe who was born close to the Blades’ Bramall Lane ground, formed the Scarborough Property Company in 1980, selling it in 2007 for £865m. His new company, Scarborough Group, turned in a £108.5m profit in 2011-12.
Forticap advised on the deal.
