Sheffield United Faces High Court Drama That Could Impact Championship Season
Sheffield United face a High Court drama on Wednesday that could yet rip into their Championship season – even though the club itself is not the one in the dock.
At the centre of it all is COH Sports Bidco Limited (CSBL), the American-led vehicle that agreed to buy the Blades in December 2024 for just over £100m. According to former owners United World, more than £35m of that fee remains unpaid.
That unpaid slice is now the subject of a winding-up petition against CSBL, issued on 8 July and due to be heard in the High Court. If the £35m is not settled or a deal thrashed out, CSBL could be wound up. And that is where the football consequences begin.
A takeover that never really stopped
The Blades’ ownership story has rarely been straightforward.
Saudi Arabian Prince Abdullah bin Mosaad Al Saud bought 50% of Sheffield United in 2013 and took full control in 2019 after a lengthy High Court battle with co-owner Kevin McCabe. He ran the club through United World, and his tenure carried its own scars: last season United were docked two Championship points for missed transfer payments dating back to the 2022-23 campaign under his ownership.
When United World finally sold to CSBL in December 2024, it was supposed to close the chapter. It didn’t.
CSBL made an initial payment when the deal completed, but the first instalment due last year arrived late, only after a statutory demand and on the deadline. Now comes a further £35m which CSBL does not deny is outstanding. United World say it has not been paid. Hence Wednesday’s court date.
The twist: 1919 Partners and a moving target
The case would be simpler if CSBL still clearly owned Sheffield United. It doesn’t.
In June, the club’s shares were moved out of CSBL and into a new US-based company, 1919 Partners LLC, which was described as becoming the “parent company of Sheffield United”. In practical terms, CSBL no longer controls the club.
On paper, the winding-up petition is against CSBL, not Sheffield United. Yet the link remains. CSBL is led by businessmen Steven Rosen and Helmy Eltoukhy, and both still sit on the Blades’ board as co-chairmen via 1919 Partners LLC.
United World say that is no coincidence. In a statement on Monday, they claimed the creation of 1919 Partners was “an attempt to avoid paying CSBL’s creditors”. They said no offer had been made to settle the £35m and accused Rosen and Eltoukhy of “trying to take the club without paying for it”.
Sources close to the current Sheffield United ownership responded with a statement that swerved those specific allegations. Instead, they aimed at Prince Abdullah.
“We are disappointed Prince Abdullah is trying to hurt the club and its supporters with publicity stunts,” the statement read.
“The deal between sophisticated parties in 2024 was well-advised by his financial advisors.
“Sheffield United is financially healthy, unlike under Prince Abdullah when the club incurred a points deduction for missing payments to football creditors.
“Nonetheless, Helmy Eltoukhy and Steven Rosen invited Abdullah to reinvest in the club and join the ownership of Sheffield United and to help use his skills to support our promotion efforts.
“Helmy and Steve are focused on the sustainability of the club and the season ahead.”
United World fired back again on Tuesday. “Sophisticated and well-advised parties pay the price they agreed,” they said, adding that an offer of shares in the company that was sold “instead of the money owed for it, was not part of the agreed deal and is not payment”.
They went further: “If Sheffield United is as financially healthy as its owners claim, and the owners themselves have the means they are widely reported to have, then the money can be paid.
“Paying it would answer all questions about the club’s situation at once. Instead, the owners are running a club they have not paid for and the club’s financial health, such as it is, is the result of the owners’ scheme to avoid paying for the club.”
What can the EFL actually do?
For now, the English Football League and the new Independent Football Regulator (IFR) are watching from the sidelines.
Neither has commented on the transfer of shares to 1919 Partners LLC. The IFR did confirm on Tuesday that it is in contact with the relevant parties.
“We are aware of the winding-up petition in relation to COH Sports Bidco,” it said. “We are engaging with the club and relevant organisations on this issue, but we cannot comment further at this stage.”
The regulatory picture is murky. This is not a club going into administration, where the rules – and points penalties – are clear. This is what the EFL calls a “group undertaking” suffering an insolvency event, and that is handled differently.
The regulations instruct the EFL board to weigh up several factors: the integrity and continuity of the competition, and the reputation of the league, among others. If the High Court orders CSBL to be wound up, the board will have a decision to make.
One key question: can a club’s owners move shares into a new company, leave a large chunk of the purchase price sitting as debt in the old company, and then allow that old company to be wound up – effectively writing off the debt?
If the EFL decides that structure breaches its rules, sanctions are available. The board could treat it as an insolvency event and impose a 12-point deduction.
There is precedent of sorts. In 2009, Southampton were docked 10 points after their parent company went into administration. An investigation concluded the club and parent company were “inextricably linked as one economic entity”, triggering the mandatory penalty.
Sheffield United’s situation is not identical, but the echoes are loud enough to make every Championship rival pay attention.
High Court first, then the fallout
United World say they do not want to see Sheffield United dragged through months of uncertainty, but insist they will keep pushing until they are paid.
“As the former owners of SUFC, United World does not want to see SUFC facing months of uncertainty that will follow the winding-up order being granted on 19 August,” their statement said. “But in the absence of Eltoukhy and Rosen, both billionaires, agreeing to pay what they owe, we have no alternative but to take all legal steps to protect our interests.”
So it comes to Wednesday.
Either a compromise is struck before the hearing, or the High Court rules on the winding-up order. If CSBL is wound up, the EFL will be forced out of the shadows and into a decision that could reshape Sheffield United’s season – and test how far English football is prepared to go in policing the corporate games around its clubs.
