"It has been an absolute pleasure and a real privilege to be chairman of this great club and I have always tried to uphold the values of the club and act as a true custodian," he said in a statement.

"To say I am disappointed of how things turned out this season is an understatement. I have great faith that we have a bright future and I look forward to seeing everyone back at Bramall Lane in good health and cheering on our Blades."

Last month manager Chris Wilder left his role after five years in the job, during which he guided them from League One to the Premier League.

Club owner Prince Abdullah said: "On behalf of the board of directors, I offer our thanks to Prince Musaad for his efforts, he has made a valuable contribution to the development of the football club."

Vice chairman Yusuf Giansiracusa will take on the role of interim chairman.