Saudi Prince Abdullah bin Mosaad bin Abdulaziz al-Saud has acquired 50 percent stake in English third tier club Sheffield United.
Prince Abdullah secured the stake in the club's holding company Blades Leisure Ltd and became joint chairman alongside Kevin McCabe.
“I have been looking for a club in a championship bellow the Premier League, because in my opinion the only way to make money or avoid losing money is to take a club in one of the lowers championships and take it one or two levels up,” Prince Abdullah told Al Arabiya.
“If we qualify for the higher league, this will be good, and we qualify for the Premier League this will be an excellent gain. So we will invest the money to improve the team and take the club back to the Premier League where it used to be in 2006,” he added.
The 47-year-old prince was quoted by AP as saying that he's investing in "a sensibly-organized, family and community club with a great history and heritage."
Financial details were not disclosed by the northern English club, which was founded in 1889.
Its only topflight title came in the 1897-98 season, and it won the last of four FA Cup titles in 1925.