Co-owner Kevin McCabe says it was 'right and proper' to agree a new contract with boss Chris Wilder.
A new deal for the Blades chief has been agreed in principle with Wilder expected to put pen-to-paper in the near future and McCabe says it is something that has been earnt and deserved.
He commented: "He's a lucky lad, he's a very lucky lad isn't he?!
"Make no bones last May Chris instinctively accepted the offer to become manager of his club and his enthusiasm has been first-class ever since.
"So after a hugely successful season, not just an ordinary season, it was right and proper to re-examine his contract. Myself, Prince Abdullah and Stephen Bettis have all been involved throughout the process."
On recent press speculation surrounding his manager, McCabe added: "Gossip in football, normally started by the good guys in the media, happens all the time.
"But I know if something was troubling Chris he would pick up the phone and speak to me straight away and he hasn't.
"Success of players and managers is always going to create gossip especially in football, but Chris has got a new contract, he's delighted with it, we are delighted with it and we move forward."