Sheffield United takeover close as American consortium submit EFL approval

The American consortium attempting to buy Sheffield United have submitted their plans to the EFL for official checks before their takeover at Bramall Lane.

Negotiations have progressed between the Silicon Valley-based private investors and Sheffield United owner Prince Abdullah over a sale worth more than £100 million for the club relegated from the Premier League last season.

Sources are positive over a deal being done after talks were accelerated over the last week. It is understood that members of the consortium have travelled to England as they attempt to close the deal, with due diligence completed on the buyers’ side.

Plans have gone to the EFL, who conduct an owners and directors’ test. They also ask potential owners for “Future Financial Information” about their plans for the future, and proof of funds. There is confidence the final steps will be completed and the new owners can assume control over the summer.

The capital investment fund were interested in Sheffield United a year ago but a deal was not completed, with the takeover revived following relegation from the top-flight.

It is understood the potential new owners have been looking at player options for the summer in the transfer market, with Chris Wilder’s squad losing a raft of first-team players after finishing bottom of the Premier League. They have also appointed an English-based technical advisor to liaise with the potential deal.

After the latest negotiations there is positivity over a deal being struck. Telegraph Sport revealed the original interest a year ago, quoting a source: “They are a Silicon Valley-based capital investment fund looking at options, potentially in the Premier League.”

Prince Abdullah has previously been in talks with Nigerian businessman Dozy Mmobuosi but a takeover never materialised. Mmobuosi has since been accused of fraud by the US Securities and Exchange Commission. He has denied the allegations and the case is ongoing.

Sheffield United returned to the Championship after one season back in the top flight, picking up just 16 points last season and finishing bottom of the table.

Should the new consortium be successful in gaining control of the club, they would add to the number of clubs under American owners in English football. In the Premier League, Chelsea were the latest to be taken over by owners from the United States, while Liverpool are owned by Fenway Sports Group, although the Glazer family have sold some of Manchester United. In the Premier League last season, half of the clubs were either owned or partly owned by investors in the U.S.

American investment group 49ers Enterprises bought Leeds United last year, with the club getting to the Championship play-off final but losing to Southampton.