Sheffield United's ex-owners winds up company which bought club
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LONDON, Aug 19 : Sheffield United's former owner on Wednesday won a bid to wind up the company that in 2024 bought the second-tier Championship side, which said the High Court's decision was not an issue for the club.
United World, led by Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, filed a winding-up petition last month against COH Sports Bidco Limited (CSBL) over what it says is a 35 million pound ($47.43 million) debt.
United World Holding Limited's petition to wind up CSBL was granted by a judge at London's High Court on Wednesday after a brief hearing.
A club spokesperson initially said "this High Court decision is not a Sheffield United Football Club issue". The club later said it was a matter between the current owners and former owner.
"The football club is in contact with the EFL (English Football League) and the day-to-day operations at Sheffield United are unaffected," the spokesperson said.
United World said in a statement that it had "tried until the morning of the hearing to give the owners a final opportunity to find a solution and spare Sheffield United the consequences of their conduct".
The statement added that "United World will continue to pursue the full sums owed through every legal avenue available".
COH Sports – led by Steven Rosen, founder and chairman of Resilience Capital Partners, and Helmy Eltoukhy, co-founder and chairman of biotech company Guardant Health – bought 100 per cent of the club's parent company Blades Leisure Ltd in 2024 through CSBL.
But, in June, Sheffield United said 1919 Partners LLC was the parent company of the club, a move United World this week said "appears to be an attempt to avoid paying CSBL's creditors".
United World this week said there is "a real prospect" that the EFL may have to impose a 12-point deduction, as the EFL's rules "would be undermined if owners were able to acquire football clubs without paying for them".
An EFL spokesperson noted the court's decision, saying in a statement: "The League will consider the implications of that development in line with its regulations, including whether any further action is required.
"In addition, the EFL continues to consider other regulatory matters following changes to the club's ownership structure and developments within the wider group."
($1 = 0.7380 pounds)
