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Blades look to Bono firm for cash boost
EXCLUSIVE: Sheffield United have held talks about multi-million pound investment with an American private equity firm co-founded by U2 rock star Bono, it can be revealed today.
Representatives from Elevation Partners, based in Silicon Valley, California, were in Sheffield last week as the ambitious club stepped up its efforts to secure more funding to further expand a business which has already taken on significant outside leisure and property interests.
It can also be revealed that representatives of a separate US-based venture capitalist firm attended last Saturday's home match against Queens Park Rangers. The identity is not known although it is believed the firm is based in Boston.
A Sheffield-born businessman, who supports the Blades and is now based in the US, is understood to be involved in the talks in an advisory capacity.
The Championship club remained tight-lipped on the American involvement last night although sources have confirmed the talks, described as preliminary, revolve around significant investment and not a takeover.
The amount of money potentially involved is not known although United are keen to secure the kind of backing which would fund a team to ultimately compete in the top half of the Premiership.
Kevin McCabe, Sheffield United plc chairman, was unavailable for comment.
Mr McCabe has previously made clear his intentions to broaden United's interests overseas and has made no secret of his desire to secure new investment to create a competitive top flight club.
Bono's involvement in a private equity firm has raised eyebrows given his high-profile role in the campaign to tackle the chronic debt problems of developing countries. But his involvement is such that the company – Elevation – is named after a U2
song.
Elevation Partners began business in 2005 with funds of around 1bn to invest.
Elevation declined to comment last night.
The news comes after the club's own intended investment in Hungary's most famous club, Ferencvaros, was blocked by the Hungarian government yesterday because it said the tended bid was too low.
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Thursday 09 February 2012
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