Latest from Kevin McCabe

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metalblade said:
I see the smoke and mirrors have quickly put in an appearance on this thread :rolleyes:
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If that means me you have yet another chance to point out where anything I've said is wrong .

I imagine instead you'll just carry on spouting ill informed made up in your own head bollocks with nothing to back it up though. You've a long history of that.
 
Sean Thornton said:
All the accounts are available free at the moment at Companies House. Go to " find info about a company" and click on the "beta" trial service. You can download them as PDF files.

If you can't use the beta the old service let's you download them for £1 a set.
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Ok those of you interested in this stuff, I'll summarise the ownership structure.

Sheffield United Ltd (owned and controlled by McCabe + 2 sons) owns 50% of a company called Blades Leisure, the other 50% is owned by a Company called UTB LLC (The Prince).

Blades Leisure in turn owns 4 companies SUFC Ltd (not to be confused with SU Ltd above, a totally different Co), Sheff Utd conference & Events Ltd, Premier Security & Events Ltd & Premier Health & Safety Solutions Ltd.

SUFC Ltd is the football club and in the 12 mths to June 14 had a turnover of £10.5m and recorded a loss of £3.5m. The ground that (obviously) the club plays at is not owned by the club but by SU Ltd (McCabes Company) - views?

The only assets (ha!) the football club has are the players registrations.

Back to SU Ltd (McCabes Company) only has a turnover of £129k this is the rent it charges the football club for playing on the ground that it (the football club) doesn't own. Also SU Ltd pays £1.7m in interest on loans, loans to ?

The Prince - he owns 50% of Blades Leisure (which owns the football club that has no assets or ground!) actually owns 50% of very little.

Clear!!
 
Deaneandagana said:
Ok those of you interested in this stuff, I'll summarise the ownership structure.

Sheffield United Ltd (owned and controlled by McCabe + 2 sons) owns 50% of a company called Blades Leisure, the other 50% is owned by a Company called UTB LLC (The Prince).

Blades Leisure in turn owns 4 companies SUFC Ltd (not to be confused with SU Ltd above, a totally different Co), Sheff Utd conference & Events Ltd, Premier Security & Events Ltd & Premier Health & Safety Solutions Ltd.

SUFC Ltd is the football club and in the 12 mths to June 14 had a turnover of £10.5m and recorded a loss of £3.5m. The ground that (obviously) the club plays at is not owned by the club but by SU Ltd (McCabes Company) - views?

The only assets (ha!) the football club has are the players registrations.

Back to SU Ltd (McCabes Company) only has a turnover of £129k this is the rent it charges the football club for playing on the ground that it (the football club) doesn't own. Also SU Ltd pays £1.7m in interest on loans, loans to ?

The Prince - he owns 50% of Blades Leisure (which owns the football club that has no assets or ground!) actually owns 50% of very little.

Clear!!
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Without checking I'm sure SU Ltd value their investment in BL Ltd at just £1.

The 2015 accounts are due in December, the Prince should have paid the full ten million cash for his 50% of BL Ltd. McCabe transferred approx £37 million of debt owed to him/ his companies for his 50%, giving rise to the share premium account in the balance sheet of sone £27 mill.

There have been more share transactions around September which may be to do with the extra )£3 million input Jim Phipps spoke of.
 
A photo of a hand taking money out of a petty cash tin would satisfy many as all the proof they need.
 
Sean Thornton said:
Without checking I'm sure SU Ltd value their investment in BL Ltd at just £1.

The 2015 accounts are due in December, the Prince should have paid the full ten million cash for his 50% of BL Ltd. McCabe transferred approx £37 million of debt owed to him/ his companies for his 50%, giving rise to the share premium account in the balance sheet of sone £27 mill.

There have been more share transactions around September which may be to do with the extra )£3 million input Jim Phipps spoke of.
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Yes you're right investments in SU Ltd = £1 & yes his debt was written off in the P&L of SUFC Ltd.

Interesting that UTB LLC in its 50% holding in the football club doesn't hold 50% of the major assets, is this due to change?
 
Deaneandagana said:
Yes you're right investments in SU Ltd = £1 & yes his debt was written off in the P&L of SUFC Ltd.

Interesting that UTB LLC in its 50% holding in the football club doesn't hold 50% of the major assets, is this due to change?
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Not quite sure what you mean but the ground etc was transferred out of the FC before the Prince came on board I believe.
 
derekacorah said:
t I bet there's not a day goes by where his wife doesn't dig him in the ribs and say "Kevin why the fuck did you pour our grandchildren's inheritance into that football club?".
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He did pour a lot down the drain with SUFC and his group of companies suffered in the recession but he's been very busy rebuilding that fortune.

Unless China absolutely goes tits up, his wife, kids and grandchildren will be doing very nicely, thank you.

A good example is his family's stake in Top Spring which is worth over £50M as it currently stands I think.

I'm guessing he still wants market price for the Lane and the Academy assets.

Unfortunately, until someone comes up with the asking price, he'll still have 50% of the club.

The Prince is rapidly finding that his investment in footballers' wages is also money down the pan. Especially with ones we employ.

I guess none of us can see success on the horizon.

I can't see us getting lucky with the way things went for the Pigs either. Mandaric got them cheap, made a bit of margin and it looks like he's sold to someone with megabucks.

Oh well, Oldham in the Cup on Saturday.
 
Sean Thornton said:
Not quite sure what you mean but the ground etc was transferred out of the FC before the Prince came on board I believe.
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We have to assume the Prince couldn't afford the assets and 100% ownership was never on the table.

He'd looked at Leeds and couldn't afford them, he needed a more affordable purchase to get involved in football.

I guess he was expecting his money injection to be enough to get out of Division 3.

God knows what will happen when his money runs out unless he knows someone else who may buy in ?
 
Deaneandagana said:
What I was alluding to was that if you or I were investing big sums of money into United, we would something to show for the investment not just some players contracts
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He had dreams of getting out of Division 3.

Then dreams of getting out of the Championship into the Premier League.

Then maybe he thought or had discussed buying the entire assets.

Everything hinges on getting to the PL.

We're currently 12th in Division 3, so we're all still dreaming
 
UnitedBlade said:
He had dreams of getting out of Division 3.

Then dreams of getting out of the Championship into the Premier League.

Then maybe he thought or had discussed buying the entire assets.

Everything hinges on getting to the PL.

We're currently 12th in Division 3, so we're all still dreaming
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Or if you're the Prince - having nightmares!

UTB
 
Just playing devils advocate, but I think KMc keeps ownership of the ground to protect it and the history of the club, despite who ends up taking over at some point at least the ground will always be our home
 

madeinsheffield said:
Just playing devils advocate, but I think KMc keeps ownership of the ground to protect it and the history of the club, despite who ends up taking over at some point at least the ground will always be our home
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Or student accommodation and cheap offices for companies with big interests in China for example ;)
 
Sean Thornton said:
If that means me you have yet another chance to point out where anything I've said is wrong .

I imagine instead you'll just carry on spouting ill informed made up in your own head bollocks with nothing to back it up though. You've a long history of that.
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OOOOOO seems I have inadvertently hit a raw nerve :D:D:D:D:D why so touchy Sean or is it Kev ?
 
Revolution said:
Same old defeatist shit. Did anyone call him out on this?

If they have a contract, and you have a backbone Kevin, they can't go anywhere. Ask any lawyer. And if the agents bother you, report them for tapping up.
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I have liked that comment because in theory I agree with you and would like it to be that way completely but it isn't is it.

Let's say we stand our ground and force the player to honour his contract. This doesn't mean that they player will stay with the club and play his heart out week in / week out does it? We would be mugs to keep players at the club who don't want to play football for the club because the level of performance would reflect this.
 
The_Green_Man said:
I have liked that comment because in theory I agree with you and would like it to be that way completely but it isn't is it.

Let's say we stand our ground and force the player to honour his contract. This doesn't mean that they player will stay with the club and play his heart out week in / week out does it? We would be mugs to keep players at the club who don't want to play football for the club because the level of performance would reflect this.
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Most of them will. They are professional footballers.

Some of them won't.

Given the dismal failure of our "we couldn't keep him here even though he's under contract because his agent scares us" transfer policy, saying no on occasion might be worth a go.

Actually, it doesn't matter now. We don't have single player left that I would be upset about us selling. McCabe and the gang have finally done it. The cupboard is bare.
 
metalblade said:
OOOOOO seems I have inadvertently hit a raw nerve :D:D:D:D:D why so touchy Sean or is it Kev ?
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Damn. Defeated by the one comeback that trumps evidence and facts and negates the need to say anything remotely sensible on the subject, " hit a raw nerve"

You must be King of the Internet.
 
Sean Thornton said:
Without checking I'm sure SU Ltd value their investment in BL Ltd at just £1.

The 2015 accounts are due in December, the Prince should have paid the full ten million cash for his 50% of BL Ltd. McCabe transferred approx £37 million of debt owed to him/ his companies for his 50%, giving rise to the share premium account in the balance sheet of sone £27 mill.

There have been more share transactions around September which may be to do with the extra )£3 million input Jim Phipps spoke of.
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Do you know what the % of the shareholding in SU Ltd is held by independent (non KMc / Scarborough) shareholders, is the % large enough to cause any noise?
 
Deaneandagana said:
Do you know what the % of the shareholding in SU Ltd is held by independent (non KMc / Scarborough) shareholders, is the % large enough to cause any noise?
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At June 2014 84.73% owned by Scarborough United Group Ltd.
 

Mr McCabes one problem...

Bryan Robson..if we hadnt appointed him, we would not be in this mess now. He appointed a yesterday man to a tomorrow club, by which i mean just relegated, patachute payments, half decent squad......now we are yesterdays club...

Ive forgiven Mr McCabe for a lot but will never forgive him for that.

It harpooned our club, and we still drag that harpoon around now.
 
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