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By ESPN Staff

Blades to seek £10m cash investment

Sheffield United have announced to the Stock Exchange that they propose to raise £10million with a convertible loan notes issue, conditional on shareholders' approval.

Up to £5million would be used to invest in new players from the fund-raising.

Blades chairman Kevin McCabe issued a statement to the Stock Exchange this morning which said: 'This fund-raising will allow us to invest further in new players for our first team, improving our chances of remaining in the top flight, and to invest further in our off-pitch revenue streams.'

Money raised will be given to Blades boss Neil Warnock in the January transfer window as United - currently 16th in the Premiership - attempt to avoid relegation in their first season back in the top flight.

Remaining proceeds from the fund-raising drive, which is a type of long-term loan offer with potential to convert into a stake in the company, will be invested in two commercial ventures.

An extraordinary general meeting will be held before the convertible loan notes are issued to the Scarborough Investors - a group of companies 'directly or indirectly controlled by Kevin McCabe, his immediate family and/or related trusts,' according to the club's statement.

McCabe said: 'These continue to be exciting times for Sheffield United both on and off the pitch.

'I have said many times before that, whilst football will always remain at the heart of Sheffield United, our intention is to build a strong and successful business that can stand alone, regardless of what happens on the football pitch.

'This fund-raising is another stage in that process and I look forward with confidence.'