Exclusive: Qataris Line Up £250m Move for World’s Oldest Club in Shock Sheffield FC Bid

Qatar’s sovereign wealth fund is backing a bid to purchase the world’s oldest football club, SportsBoom can exclusively reveal.

Sheffield FC, founded in 1857, are the subject of an offer being fronted by Dave Richards MBE and Yorkshire AI Labs, a venture capital firm which assists AI start-ups, to the historic sporting institution’s board.

Although those involved in the negotiations have yet to provide detailed information on the proposal, which could also lead to the establishment of a museum celebrating Sheffield’s status as the birthplace of the modern game and other major infrastructure developments, for the first time it can be confirmed that financiers tasked with overseeing the Middle-Eastern state’s global investment portfolio are supporting Richards’ attempt to take control.

If the businessman, who expressed an interest in buying Sheffield Wednesday before James Bord, a former professional poker player based in the US, was granted exclusivity rights by Hillsborough’s administrators, is successful in his attempt to become Sheffield FC’s new owner then it would immediately see them become the second richest team on the planet, behind only Newcastle United, despite currently being positioned on the ninth tier of the English footballing pyramid.

The Qataris are prepared to immediately pump around £250m into the project, which also includes plans for a brand new state of the art city centre stadium based on Doha’s iconic Lusail complex; built to host the final of the 2022 FIFA World Cup. 

But by aligning themselves with a country which has supported a number of major global schemes, Sheffield FC and potentially Sheffield itself would give themselves access to a fund with resources thought to total around £300bn.

A source with knowledge of the Qataris intentions, after they were impressed by Richards’ presentation and ability to deliver upon his ambitions, last night explained they would also look to emulate what their neighbours Abu Dhabi have achieved in Manchester by completely regenerating the area around Sheffield FC’s envisaged new home; constructing shops, hotels, restaurants and other hospitality and business venues on its footprint.

Sheffield Windfall

The museum would detail how the rules governing football today were drafted in the city, which also hosted its first ever derby between Vill Powell’s employers and Hallam FC. Bramall Lane, where Sheffield United compete, staged football’s first ever floodlit match as well as international fixtures, a cricket Test and an FA Cup final.

Richards, who was born in Sheffield and is a lifelong Wednesday fan, is convinced neither Sheffield FC nor Sheffield itself have properly leveraged their footballing pedigree. 

Having made his fortune in the US and global tech sectors, his background and pedigree have struck a chord with the Qataris, who are also keen on supporting his desire to create one of the most successful women’s teams on the planet by exploiting their already well-established links with Paris St Germain.

Richards, Yorkshire AI Labs’ co-founder, has previously held a position on a government advisory board tasked with promoting regional development.