Sheffield United launched a share issue

In a bid to raise £9m, the Championship club board has launched a share issue of approximately 89.6m new Ordinary Shares. The funds raised will be used to reduce the club’s short-term debt, to fund additional player wages in the next two years and for general business purposes. Scarborough Property Company plc, a company indirectly controlled by club chairman Kevin McCabe, will underwrite up to £5m of the total, which could lead to his stake going over the 29.9% required to launch a mandatory takeover offer.

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