Blades hope Nigerian funds will help take them back to the top

On the day the League One club sold key midfielder Stephen Quinn to Hull City and released long-serving Nick Montgomery, chairman Kevin McCabe revealed new investment potentially worth multi-millions was on the horizon.

But although the overall injection of funds to United’s ultimate owners was said to be in the region of $500m (around £300m), the amount likely to be available to the football club itself is likely to be significantly less.

McCabe said the tie-up with Nigerian investors, which is focused on property development, was aimed at generating funding for “sensible” investment in the club.

He also insisted that promotion was “expected” this season despite the loss of several leading players from last season’s near miss after losing to Huddersfield on penalties in the play-off final.

The club had already lost star striker Ched Evans when he was jailed for rape in April before selling highly promising right-back Matthew Lowton to Aston Villa in the summer.

Midfielder Lee Williamson, who scored 13 goals last season, declined a new contract while yesterday United sold Quinn for a fee believed to be in the region of £300,000 and cancelled the contract of Montgomery to allow him to move to Central Coast Mariners in Australia.

Outlining the planned injection of funds, McCabe said Jacob Esan, a Nigerian investment banker, will become a director of Scarborough United Group (SUG) plc and Sheffield United plc.

Both companies are and will remain in the control of the McCabe family.

SUG will be the investment vehicle for capital raised through Esan in Nigeria with McCabe also potentially using the arrangement for property development in Nigeria. Money raised through SUG will be available for investment in the football club.

McCabe said: “This is a major conglomerate between the UK and Nigeria. We will get Sheffield United back to the top echelons.”

Describing the deal as having “major significance”, the club’s owner added: “This is not an Abramovich-deal – we will still be running the club sensibly – but we will have more resources to be invested in football.”

He declined to be drawn on what level of investment might be available when the project bears fruit, which is expected to be over the next six to nine months.

Esan, who has been working with McCabe on a deal for nearly a year after an introduction through a mutual contact in India, said Scarborough’s international reputation for property development had been the initial attraction.

Both men were clear that tight regulations would govern money being invested from Nigeria.

McCabe was also bullish about the strength of United’s current squad which he described as stronger now than at the same stage last season. He said: “There is an expectation we will be out of League One in May next year.”

He pointed to the recent examples of Norwich and Southampton gaining successive promotions from League One to the Premier League and said: “They are big clubs like ourselves. We are fit and proper already for the Premiership – we are in League One but we don’t intend to stay there.”

The pressure for investment was underlined by McCabe’s acknowledgement that missing out on promotion had cost the club in the region of £5m, contributing to the recent loss of 20 jobs at Bramall Lane.

Montgomery, who made more than 400 senior appearances for the Blades, said he was leaving with “great memories”.

“You don’t stay in one place for as long as I did if you don’t have affection for the club, but I appreciate the situation at Bramall Lane and feel it is the right time to move on,” he said.

Commenting on Quinn’s exit, Blades’ boss Danny Wilson said: “Stephen has been a great servant to Sheffield United and we wish him well – Hull City have got a fantastic player on their hands.”

Wednesday sign Premier League striker: Page 2.