Prince Musaad became the Premier League's youngest chairman in September 2019 when appointed by his father-in-law and club owner Prince Abdullah at the age of 26.
He leaves his post with the Blades bottom of the Premier League table having collected only 14 points from 31 matches this season. They are 18 points adrift of safety.
According to a club statement released on Friday night, 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.'
'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.
'I would like to thank Prince Abdullah for giving me the opportunity to be chairman of Sheffield United Football Club. I also thank the board, Stephen Bettis, and the vice-presidents for their support throughout my tenure.'
'As I move on there are many who I want to thank. Foremost you the fans, who have given me so many great memories, especially in our first season back in the Premier League. You truly are the best.
'My sincere thanks also to all who work hard at the club; the employees, the backroom staff, and the players. We have good people working at the club and I am very proud that I had the pleasure to work with you all.
' 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.
'It was an honour to be chairman of Sheffield United, and I wish my successor the very best.
' Good luck and God Bless.'
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