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 news broke that the value of his technology company plummeted by around $8bn (£6.7bn) last year.

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

The club sit second in the Championship, 10 points clear of the play-offs as they currently stand, but they are facing an 18-month transfer embargo after failing to pay a transfer payment to another club.

The acquisition of Mmobuosi, which is currently undergoing the Football League owners and directors test, was said to be crucial to the future of the team with a clear chance of promotion.

However, the market value of the company of the Nigerian businessman Tingo has plummeted from about 8.3 billion dollars in February 2021 to 430 million dollars, a fall of 94% in one year.

There are questions about the wealth of new future Sheffield United owner Dozy Mmobuosi (c)

The value of his technology company Tingo has plummeted by around £6.7bn in the past year.

The reported £90m takeover of the club by Mmobuosi could rescue them from dire financial straits.

Last week it was reported that due diligence on Mmobuosi, who is the founder and CEO of Tingo, had so far not raised any concerns. It is not clear if Dozy has other sources of wealth apart from Tingo.

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

It has been reported that they have not made at least one recent payment to Liverpool for the signing of Rihan Brewster, who joined in October 2020 for £23.5m.

There are also said to be problems surrounding 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 how crucial it was for the takeover to go through, Heckingbottom said: ‘I don’t know. You’ll have to ask them who knows.

‘I’m not trying to be rude to anyone, but put someone else in front of you to answer those questions. From my point of view, from now on, it will be about 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 of involvement. He became a 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 have been contacted for comment.

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