Feeds

Bono's tech fund linked to Sheffield United desire

Project Red (and White)

Boost IT visibility and business value

Elevation Partners, the Silicon Valley private equity outfit backed by Pope-bothering U2 frontman Bono, is eyeing a stake in FA Championship obscurists Sheffield United, it's claimed.

A report in Friday's Yorkshire Post said that the billion-dollar fund came to the Steel City this month for talks with club representatives. Elevation is reported to be vying with another, unnamed, US venture capital firm to invest in United.

Club chairman Kevin McCabe is keen for more backing to buy the Blades' way back into the Premiership. The meetings are said to be at an early stage, however, and it's noted that such negotiations often move in mysterious ways.

A 2-0 defeat to local rivals Sheffield Wednesday on Saturday finally prompted Blades manager Bryan Robson to admit that he still hasn't found what he's looking for in his current team, piling pressure on McCabe to bring in new cash.

The team were promoted to the top flight at the end of the 05/06 season, but immediately succumbed to vertigo and were sent straight back down at the end of 06/07.

Neither the club nor its alleged suitors have commented on the talks.

Bono's investment partners at Elevation include a former Electronic Arts president and ex-Apple CFO. The fund's tech ventures have included a stake in Palm, and a failed attempt to buy videogame publishing lemon Eidos.

Mandela's close personal friend's involvement in private equity has attracted charges of hypocrisy given his tub-thumping for African debt relief and other altruistic efforts. He has claimed disinterest in profits - which could work nicely at United given its turbulent financial history. ®

Bootnote

Yes, Sheffield United is your reporter's club. Yes, we're rubbish, and are likely to remain so, with or without you, Bono. Ahem.

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Judge nixes HP deal for director amnesty after $8.8bn Autonomy snafu
Lawyers will have to earn their keep the hard way, says court
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.