Kevin McCabe is meeting with Abdullah Bin Mosa’ad Abdulaziz Al Saud, with a view to the latter taking full control of Sheffield United.
At present, each hold a 50 per cent stake in the club, with Prince Abdullah becoming joint-owner of the Blades in September 2013, thus ending McCabe’s long search for a partner investor.
The prince served notice of his intention to buy the remaining 50 per cent of the McCabe family shares at the end of last month.
A statement on the Blades’ official website, reads: “His Royal Highness Prince Abdullah Bin Mosa’ad Abdulaziz Al Saud and Kevin McCabe are in discussions regarding the transfer of ownership and control of Sheffield United Football Club to the prince.
“Sheffield United Football Club is part of the Blades Leisure Limited group, a joint venture between Sheffield United Limited, controlled by the McCabe family, and companies controlled by the prince.
“Ownership of Blades Leisure Limited is governed by an Investment Agreement, dated August 30, 2013, which provides for the transfer of control of Blades to the prince.
“In response to a process commenced by Sheffield United Limited, on January 26, 2018, UTB LLC, a company controlled by the prince, served a notice exercising an option to purchase the remaining 50 per-cent of Blades Leisure from Sheffield United Limited.
“Both parties are currently in negotiation with regard to the remaining provisions in the Investment Agreement and hope to come to a final settlement in the near future.”
The club said the takeover would have no impact on the club’s staff.
McCabe initially joined the Blades’ board in 1993 and, after leaving briefly, returned two years later before effectively taking control at Bramall Lane in 1999.
The Blades were promoted as League One champions last season under manager Chris Wilder, and are currently eighth in the Championship, five points off the play-off places.