Sheffield United owner Kevin McCabe has revealed that the club's new co-owner is Saudi Arabian Prince Abdullah bin Mosaad bin Abdulaziz Al Saud.
The Blades announced last week that a
foreign investor would be joining the club's board.
McCabe told BBC Radio Sheffield: "We've been looking for partner investors for six years and this is fantastic.
A close call?
The Blades owner has confirmed that he was approached by Hong Kong businessman Carson Yeung in 2007 following the Blades' relegation from the Premier League.
Yeung went on to invest in Birmingham City in 2009, but his time in charge of the club has been turbulent and he is currently facing trial over money-laundering claims.
"This is game-changing for this club and the funds being invested in the team are substantial."
McCabe added: "The money being made available is for investment at first-team level and that means building a squad that can get us back to the upper echelons of English football.
"The partner is here for the long term and I've got to know him well, and I'm delighted that he's on board."
Since the club's announcement on Friday, David Weir's side, who are currently sitting in 17th position in League One after five games, have signed
Stoke midfielder Florent Cuvelier for an undisclosed fee and Manchester City striker Harry Bunn
In recent years the club have been forced to sell players, including full-back
Matt Lowton to Aston Villa,
Stephen Quinn to Hull City
Nick Blackman to Reading.
McCabe is confident the new investment will mean the club are able to keep hold of promising youngsters like England Under-21 goalkeeper George Long and defender Harry Maguire.
Who is Abdullah bin Mosaad bin Abdulaziz Al Saud?
- The 47-year-old is the grandson of the founder of the kingdom of Saudi Arabia.
- Former president of Saudi Arabia's most successful club Al Hilal
- The founder and chairman of the largest paper tissue company in the Middle East.
"The plan of action is simple and that is to improve the first-team squad whether that be through the loan system or in the January transfer window," he said.
"I would also say to our supporters that this also ensures we can keep our own young players, hopefully on longer contracts.
"We are going to look to make shrewd signings at the right time, with the strong belief we will get promoted not only from League One but with a squad that can gain promotion from the Championship."
The Blades are in their third season in League One having failed to gain promotion through the play-offs in the last two seasons.