Battle for Sheffield United between owners Prince Abdullah and Kevin McCabe begins in court
Monday 13 May 2019 19:55, UK
A Saudi prince could gain control of Sheffield United for just £5m if he wins his bitter dispute with club co-owner Kevin McCabe, a court has heard.
The high court hearing began on Monday, just eight days after Chris Wilder's team confirmed their promotion back to the Premier League after a 12-year absence.
Paul Downes QC, acting for McCabe, explained how Prince Abdullah Bin Mosaad Bin Abdulaziz Al Saud had found a loophole in their 2013 agreement, allowing him to buy the club for £5m, while avoiding the need to purchase the stadium, training grounds, and hotel.
Downes explained that in 2013, after more than 20 years involved at the club, Mr McCabe wanted to "pass on the baton" and had "wanted to stop funding a financial black hole".
He continued that the McCabe family had invested around £70m in total, and when introduced to Prince Abdullah, as a Saudi prince, there was an expectation that he was "minted" and had "substantial wealth."
Despite this, Downes continued, on two occasions, the prince had breached his financial obligations in failing to provide two payments of £500k and £1.5m to keep the club running.
He also asked whether there was a conspiracy to push Kevin McCabe out of the club - and whether these actions were lawful.
Judge Mr Justice Fancourt says he noted that Sheffield United had been promoted to the Premier League since the case began and asked whether that has caused peace to break out. Kevin McCabe's barrister says it has not.
The row also raises the possibility that the club and the stadium could be owned by two rival factions, with the season kicking off in less than three months.
The case is scheduled to last five weeks with judgement expected in July.
