Bean joins consortium to save Blades

Sean Bean, who starred in the cult football movie When Saturday Comes, has pledged to invest a six-figure sum from his acting fortune in struggling Sheffield United. The Sheffield-born star and his family are avid supporters of the club.

He has joined a consortium, led by the club's acting chairman Kevin McCabe, that plans to take control of the loss-making First Division business.

Sheffield United yesterday revealed plans to raise £4.1m by selling new shares at 7p each through an open offer. It is being underwritten to the tune of £3.5m by Mr McCabe's consortium that includes three more directors and several other fans. The deal will increase the consortium's stake in the business to 58.5 per cent of the voting rights from their current 16.7 per cent.

The club, which finished the last season 13th in its division, has also negotiated a new £10m banking facility with Bank of Scotland. About £6m will be used to refinance existing bank debt. The rest of the funds will be pumped into the development of its football academy, its training programme for young players, and improving the retail, commercial and leisure facilities at its Bramall Lane ground.

Mr McCabe said: "This open offer and capital reorganisation will enable us to create a positive future for our club. Our ultimate objective is to see Sheffield United re-promoted to the Premier League."

"I can't see much of the funds being spent on transfer fees," Mr McCabe told the Bloomberg newswire. "We're taking positive action to make the academy one of the very best in north England at a time when clubs are feeling the strain of the loss of TV income."

Sheffield United, whose nickname is the Blades, expects to lose up to £2.3m of income because of the collapse of ITV Digital. A business controlled by Mr McCabe has offered to lend about £1m to make up some of the shortfall if the club fails to recoup the funds.