Smith assumes control of Sheffield Steelers

Under previous owner Paul Ragan - also owner of Elite League rivals the Cardiff Devils - the Steelers’ financial troubles once again hit the headlines almost two weeks ago when Rink Corp, the operating company for both clubs, was placed into voluntary liquidation.

Smith, who was brought on board by Ragan earlier this year, is owner of sports clothing business Rhino Sports and said supporters of the troubled 2010-11 Elite League champions - which also suffered major financial problems last summer - deserved much better.

“Its a challenge, but one myself and my family are up for” said 57-year-old Smith.

“What the fans of this club have been through year on year is outrageous and starting from today it ends. This club can be stable and we will ensure that it is.

“It’s a fine balance between that stability that, as Steelers supporters, we all strive for and the on-ice success that we have become used to.”

A fans forum, at which Ragan was initially expected to speak, will still go ahead on Thursday evening, at which Smith himself - who now assumes full operational control of the club - will now outline his vision for the future to supporters.

In a statement, Ragan said he would now be “100 per cent committed” to the Devils, while retaining a “a silent equity stake” in the Steelers.