Questions raised about wealth of potential new Sheffield United owner after huge stock market drop

Mystery surrounds the wealth of Sheffield United’s proposed new owner after it emerged that the value of his tech company plummeted by around $8billion (£6.7billion) in the past year.

Dozy Mmobuosi has been described as a billionaire whose reported £90million takeover of the stricken Championship club could rescue them from financial dire straits.

The club are second in the Championship, 10 points clear of the play-offs as it currently stands, but they are facing an 18-month transfer embargo after defaulting on a transfer payment to another club.

Mmobuosi’s takeover, which is currently be going through the Football League’s owners and directors’ test, was said to be crucial to the team’s future with promotion a distinct possibility.

However, the stock market value of the Nigerian businessman’s company Tingo has nose-dived from around $8.3billion in February 2021 to $430million – a drop of 94% in a year.

There are questions on the wealth of Sheffield United’s new owner-to-be Dozy Mmobuosi (c)

The value of his tech company Tingo has plummeted by about £6.7billion in the past year

Mmobuosi’s reported £90m takeover of the club could rescue them from financial dire straits

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Last week it was reported that due diligence on Mmobuosi, who is Tingo’s founder and chief executive, had so far not thrown up any concerns. It is unclear if Dozy has any other sources of wealth apart from Tingo.

Sheffield United, who drew 0-0 away to Rotherham on Saturday, have performed superbly under manager Paul Heckingbottom despite the financial problems.

It has been reported that they have failed to make at least one recent payment to Liverpool for the signing of Rihan Brewster, who joined in October 2020 for £23.5million.

There are also said to be issues around the transfer of Bosnian defender Anel Ahmedhodzic, who arrived from Malmo for an undisclosed fee in July.

Asked by the Mail on Sunday on Saturday about how crucial it was that the takeover went through, Heckingbottom said: ‘I don’t know. You will have to ask them who know about it.

‘I’m not trying to be rude to anyone but get someone else in front of you to answer those questions. From me, now on, it’s going to be about the football and the players – and that’s the way it should be.’

Prince Abdullah, the club’s Saudi owner, is looking to sell the club after a decade involved. He became co-owner in 2013 and took sole ownership six years later after winning a High Court battle with former co-owner Kevin McCabe.

Mmobuosi, the Football League and Sheffield United were approached for comment.

The promotion-chasing Blades drew 0-0 against Yorkshire rivals Rotherham on Saturday