Sheffield United chairman and main investor Kevin McCabe is planning to privatise the football side of the company.

Property developer McCabe and members of his family already control 75.17 percent of the Championship club

The Blades are renowned for off-pitch commercial activities that include owning clubs in China (Shengdu Blades) and Hungary (Ferencvaros), plus strong links with Brazilian side Sao Paolo and Australia's Central Coast Mariners.

But the Plc now plan to underwrite an equity fundraising and make a cash offer for the remainder of the shares in the business.

The company, which has a market value of £32 million, would then be delisted from the London Stock Exchange AIM market.

Sheffield's board said it had agreed in principle to undertake a fundraising and was in talks with McCabe's holding company, Scarborough, which might or might not lead to an offer.

Discussions were at an early stage and no formal offer for the company had yet been put to the board, it added.

If the deal goes through, McCabe plans to separate the company's property interests from the football club.

Such a move would ensure that the downturn in the UK commercial property market did not unnecessarily burden the club, he said.

Reuters