As a lesser heralded part of the large injection of capital in European (more specifically English) football through ownership takeovers in the early 2010s, Prince Abdullah bin Musaid al Saud of the House of Saud purchased a majority stake in Sheffield United in September 2013. Eventually, in 2017, Prince Abdullah purchased the remaining shares from former partner Kevin McCabe amidst bitter court battles. After a high court ruling in favor of the Prince, he was able to purchase the shares for only 10% of their market value at the time.
This is due to the fact that this battle happened to coincide with United’s promotion to the Championship, ballooning both the club's revenue streams and market value. The Blades were then able to carry this momentum into a promotion to the Premier League for the 2019 season, further increasing both financial and on-pitch success.
Like other English clubs taken over by wealthy owners in recent EPL history, Sheffield United has a rich history. It was formed in 1889 and it is a founding member of the Premier League in 1992. The Prince’s 2013 investment catalyzed a multi-season improvement from a third flight club to playing in the wealthiest European league.
While this revitalization of a historic club was surreal for the supporters of the club, it does come with the additional baggage of their owner’s wealth being attributed to being a family member of the absurdly rich Family of Saud who’s wealth has almost solely come through the refinement and sale of oil. This along with the messy breakup of the once co-owners Prince Abdullah and McCabe makes the situation nuanced from a supporter perspective, and a little murkier for general football fans. So this all leaves the question, what place does investment from billionaires have in European football? Does subsequent success wash out ownership controversies? And are the successes attributed to wealthy owners with controversial backgrounds tainted despite what the success means to the fans and communities?
I find it interesting how many English Premier League teams have been recently invested in by Middle Eastern money backed by oil. I don't know of anything negative associated with the new owner, but I don't believe that success will wash out ownership controversies. I find it amazing that he was able to purchase the remaining shares at only 10% of market value, but it cannot be changed now. I think the more puzzling question to be asked is will the EPL take similar actions against these new owners as they did with Chelsea's current owner if any negative news or publicity is brought to light.
ReplyDeleteI do not think that the success of a club "washes" out controversy, meaning that one is cleansed of their past wrong doings, but rather dilutes their negative image into one that is slightly less rigid. Sure, before investing in the club, western society may have had a predisposed perception of Prince Abdullah bin Musaid al Saud, but I do not think that people are willing to completely drop this even if the old club has been revitalized by his family's money. I believe that people are hard-headed and are not quick to see through his intentions, even if he is successful at his job.
ReplyDelete