An African billionaire is poised to acquire Sheffield United as the Blades attempt to end a transfer embargo that prevented them from adding more players in January.
Dozy Mmobuosi, a Nigerian billionaire, is nearing an agreement to purchase Sheffield United for almost £90 million despite the club’s recent transfer ban.
The Times reports that Mmobuosi is allegedly close to completing the purchase of the Bramall Lane club. Although ‘no issues have arisen’ thus far, it is understood that the prospective purchase still needs to pass the EFL’s owners’ and directors’ exam.
Since the present owner HRH Prince Abdullah bin Musa’ad bin Abdulaziz Al Saud is struggling to retain the necessary money to keep the club operating, it has been known for some time that the Blades may be sold. Henry Mauriss, an American businessman who had previously been mentioned as a potential buyer for Newcastle, had a bid, estimated to be worth over £100 million, accepted by the club’s management last year.
However, according to The Sheffield Star, Mauriss’ attempted acquisition of the Yorkshire club, the Blades, was unsuccessful due to the complicated financial structure he was employing. It indicates that Sheffield United has been looking for a new buyer and that Mmobuosi is reportedly behind this offer.
Mmobuosi first made his imprint on the world when he established Tingo Mobile PLC in Nigeria in 2001. Since then, the company has expanded. Then, in 2021, he established his own foundation with the mission of “promot[ing] the progress of Africa and creating] an atmosphere where Africans may thrive,” with a particular emphasis on the advancement of information technology, healthcare, and education in his own nation.
The Nigerian, who is estimated to be worth £7 billion, might provide the Blades, who have spent just under £4 million in transfer fees since last January, new financial optimism. The Blades are now under a transfer embargo because they didn’t make a payment that was due to another team. The EFL acknowledged on its website that the reason for their complaint is the non-payment of a due transfer fee.
They are in violation of EFL regulation 52.2.3, which states that a club is subject to a registration embargo if it is not making payments due to another club under a transfer or compensation agreement. Until the agreement is honored, the club is not allowed to register any players with that club without the league’s prior written consent.
The Blades’ on-field performances haven’t been hampered by this, either, as Paul Heckingbottom’s team is second in the standings and would need a significant setback to miss out on promotion this year. With with 18 games remaining, they have a 12-point lead over Middlesbrough in third place.
The Blades have been in a precarious financial condition for some time, and last month they were hit with a transfer embargo after they neglected to make a payment due to another club for a player.
According to a report published by the Times earlier today, Mmobuosi is in the “final stages” of purchasing the Yorkshire team. The club’s current owner, Abdullah bin Musaid Al Saud, has placed it up for sale.
However, Blades supporters may be excused for not knowing about Mmobuosi and his previous activities. So, here is all the information you require regarding the potential buyer of Sheffield United.
Who is Dozy Mmobuosi?
Dozy Mmobuosi first gained notoriety when he established Tingo Mobile PLC in Nigeria in 2001. This Agri-Fintech business intends to assist farmers, primarily in Africa but also globally, in managing their sales via smartphones.
Following the success of that venture, he created and released “Flashmecash,” Nigeria’s first SMS banking solution, which was eventually purchased by FMCB, a London-based firm of Chartered Accountants and is still in use today.
Since then, he has established two mobile phone manufacturing facilities in Nigeria to assist the local populace in gaining access to the Internet and smartphones, and, according to Concordia’s website, he has joined a number of significant organizations as an advisor to help’steer the strategy and design of business plans (investments, acquisition, and organic growth) into new global markets’.
Additionally, Mmobuosi has established philanthropic initiatives to combat climate change and promote food security, which is the notion that everybody may get safe, wholesome, and nutritious food wherever they are in the globe, regardless of status.
The Dozy Mmobuosi Foundation
In 2021, he established his own foundation, the Dozy Mmobuosi Foundation, with the mission to “promote the progress of Africa and create an environment where Africans can thrive.” His foundation focuses on advancing information technology, entrepreneurship, healthcare, and education in his native country.
What would his takeover mean for the club?
As Paul Heckingbottom’s team strives to return to the Premier League’s promised lands, Mmobuosi’s acquisition of the club would be extremely beneficial for their chances of promotion.
First off, having solid financial support would prevent them from having to part with their talented and seasoned team members in order to balance the books and stay out of debt.
If they do secure a spot in England’s top division for the upcoming season, it would also mean that the club would stand a decent chance of making significant investments during the summer transfer window, positioning them well for what might be an even stronger campaign than this year’s effort.