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Sheffield United gain Saudi co-owner
Sep 03, 2013 7:18 PM EST
Sheffield United owner Kevin McCabe has sold 50 per cent of his stake in the club to a member of Saudi Arabia's royal family.
HRH Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has bought a 50 per cent interest in the League One club's holding company, Blades Leisure Ltd, and will now take on the role of co-chairman.
The 47-year-old is a grandson of the founder of the Kingdom of Saudi Arabia and spent time as president of the country's most successful football team, Al Hilal FC.
"I am delighted to invest in such a sensibly-organised, family and community club with a great history and heritage," he told the club's official website.
"Joining Sheffield United FC at a time close to its 125th year in existence is significant to me and, like Kevin, I am determined to see it achieve its goals and look forward to working with the whole Blades community.
"However, money will be spent judiciously, and in any case we must comply with the Salary Cost Management Protocol."
McCabe feels that Prince Abdullah can help the club to progress.
"This is game-changing for this club and the funds being invested in the team are substantial," he told BBC Radio Sheffield.
"The money being made available is for investment at first-team level and that means building a squad that can get us back to the upper echelons of English football."