£90m takeover deal: Nigerian billionaire Mmobuosi about to takeover Sheffield United

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Dozy Mmobuosi, the Nigerian billionaire, is in the process of completing a £90 million takeover of Sheffield United FC in the UK. Based on reports from Times UK, Mmobuosi’s acquisition process of the club has moved to the final stages. However, if the deal sails through, it would mark a huge financial ease for the club, which is currently battling a transfer embargo.

Regardless of the deal, it should be noted that Mmobuosi is still not out of the woods; the purchase depends on the English Football League (EFL) owners’ and directors’ test. However, it is believed that “no problems have arisen” so far.

Abdullah bin Al Saud, a Saudi entrepreneur, currently owns the club. Saud has been willing to sell the club due to the struggle to maintain the funding needed to keep the team going.

The club is currently in contention for promotion from the Championship into the English Premier League (EPL). They are second on the table with a 13-point cushion over the third-placed Middleborough FC.

EFL placed a transfer embargo on the club after they failed to pay instalments owed to other clubs from previous deals. The club is currently owing Liverpool for the signing of Rhian Brewster for £23.5 million in October 2020. They have also forfeited the payment for Anel Ahmedhodzic, who moved from Malmo for an undisclosed fee in July.

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Mmobuosi’s Tingo mobile, an Agric-fintech company founded in 2001, is valued at around £7 billion.

The 43-year-old has also invested in Nigerian local football. In 2022, he financed a pre-season tournament between Nigeria Professional Football League (NPFL) clubs, and Shooting Stars won the N100 million competition prize.

Source: thecable.ng

#Dozy Mmobousi

#Sheffield United