The High Court (Chancery Division, Fancourt J) has today issued a substantial judgment resolving a shareholder dispute between the co-owners of the Premier League football club, Sheffield United, following an expedited trial heard over 5 weeks in the summer of 2019.
In a comprehensive ruling, the Court has upheld the rights of HRH Prince Abdullah Bin Mosaad Bin Abdulaziz Al Saud to obtain 100% control of the football club and has ordered Sheffield United Limited (the corporate vehicle of Kevin McCabe and the McCabe family) to specifically perform its obligation to transfer its 50% stake in the Club to Prince Abdullah’s company, UTB LLC. The Court also dismissed the unfair prejudice petition brought by SUL under section 994 of the Companies Act 2006 and SUL’s claims in conspiracy, including the serious allegations of bribery and fraudulent conduct made against Prince Abdullah and others. In reaching his judgment, Mr Justice Fancourt rejected SUL’s claim that the parties were engaged in a quasi-partnership or that the investment agreement between them was subject to implied duties of good faith.
Click here to read the full judgment.
Andreas Gledhill QC and Tom Mountford acted for the successful parties: UTB LLC, Prince Abdullah and others