Riyadh: A Saudi prince who bought a 50 percent stake in Sheffield United said Thursday he aims to profit through pushing the now third-tier English football club up to the Premier League.
"This is the best way to make profit if the club rises to League One and then the premiership," said Prince Abdullah bin Mosaad following the announcement of his acquisition.
The prince told AFP he bought the stake after the South Yorkshire club cleared its debt, brushing aside claims about a debt burden awaiting him.
"I demanded as a condition before I bought half the shares of the club that all debt be paid, and that is exactly what happened," he said.
"This makes our mission to rise to higher leagues easier," he added.
The Independent said on Tuesday that Prince Abdullah paid only £1 for his stake in Sheffield United, but he is expected to spend substantially more.
Prince Abdullah is the first Saudi royal investor in English football clubs.
"I aim to make profit through this investment. That is why I went for a League Two club," he said, comparing his venture with other Gulf acquisitions of stakes in top European clubs.