An English football club was funded by a $3.8 million loan from Osama Bin Laden’s family. The revelation was made during a High Court hearing over a battle for control over the newly promoted Premier League team Sheffield United Football Club.
A High Court Judge is currently analysing a battle for control of the club between co-owners Kevin McCabe and Prince Abdullah Bin Mosaad Bin Abdulaziz Al Saud, who is a member of the Saudi royal family, the Telegraph reported. McCabe is believed to be “a wealthy Yorkshireman”, and “lifelong” Sheffield United fan, and Prince Abdullah is a Saudi Prince and grandson of King Abdulaziz, the founder of modern Saudi Arabia.
The sensational revelation seemingly connecting the club to Bin Laden’s family was read out in court on the fourth day of the hearing. The case is said to relate to an investment opportunity within the club which became known as Project Delta – a $3.8 million loan that McCabe said would never have to be repaid.
READ ALSO: Nigeria Stock Exchange Buoyant After MTN Listing
Yesterday in court McCabe and Abdullah, who met in 2013 and had a fell out” in 2017, reportedly argued about whether or not the money would have to be paid back, with the Saudi prince insisting it would have been paid back through sponsorship. According to the Telegraph, Abdullah’s legal team said McCabe “knew the money had come from another source, namely a member of the Bin Laden family.”
The court heard of emails in which people associated with the case said that they would hate to see headlines like “Blades launder money for extremists”, mentioning the clubs nickname. The emails are said to confirm that the co-owner knew where the money was coming from, meaning the Bin Laden family.
Sheffield United Ltd, a company controlled by McCabe and his family, has alleged “conspiracy” and “unfairly prejudicial conduct”.
The hearing is set to continue.
