By Paul Holmes
May 27 2002

Sheffield United will raise in excess of £4m through a share issue after 3 directors pledged to buy £3.5m worth. However the money will not go to Neil Warnock for plans to strenghten the squad, instead it will be used to clear debts of £1.8m and help fund the clubs Academy.

The Academy is seen by many at Bramall Lane as the way forward having seen the likes Michael Tonge and Phil Jajielka come through the ranks in recent seasons.

On top of the share issue the club have renegotiated a £10m banking facility which will also help clear the debt and fund the Academy as well as redevelop Bramall Lane.

Acting chairman Kevin Mccabe could not hide his excitement at the news

: "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 and we believe this programme will help facilitate the realisation of that ambition.

"The development of Academy facilities will attract top-level young players to Sheffield, creating a pool of exciting home-grown talent.

"The further improvement of Bramall Lane will help to provide growing, long-term income streams for reinvestment in the club."

Meanwhile Blades boss Neil Warnock is believed to be close to making a bid for Brentfords young goalkeeper, Paul Smith as he searches for a replamcement for Simon Tracy.

Smith came into the limelight last season as he made 18 league starts as the Bees pushed for promotion from the 2nd Division.

Brentford are in dire financial trouble and will most likely be willing to sell Smith if the price is right. Smith will join other starts from last season, Lloyd Owusu, Paul Evans and Ivar Ingimarrson, in leaving Griffin Park.

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