The club said the deal will see the new Saudi Arabian owner invest substantial new capital into the club with the aim of working with current owner Kevin McCabe who retains the other 50 per cent in the club.

The two will share the duties of club chair and in a statement the two said they would look to achieve the Blades' return to the English Premier League 'as quickly as possible'.

London and Dubai-based specialist consulting firm Forticap acted as the sole arranger for the transaction.

AS part of the deal, the SUFC board will get three more members - Prince Abdullah's son Abdulrahman Bin Abdullah; the prince's principal advisor James Phipps; and Turkish businessman Selahattin Baki.

Prince Abdullah is a grandson of the founder of the Kingdom of Saudi Arabia, King Abdulaziz.

Abdullah made his money by founding Saudi Paper Manufacturing Company in 1989, building it up and taking the company public five years ago.

A football fanatic, the prince has also served as president of Al Hilal FC, the largest and most successful football club in Saudi Arabia.

He is also chair of Saudi Arabia's Football Privatisation Committee and his portfolio of interests include a sports talk radio station and fantasy sports leagues.