Ownership developments

[BushBlade]

McCabe was quite happy to sell up
He's consistently stated that he would like to sell to the right person

He feels that the Prince has tried to take the proverbial by finding a legal loophole and exploiting it for his own ends

Moral: Always read the small print of any proposed contractual agreement

There wasn’t enough small print in this case. If the Prince had tried this shit to avoid statutory obligations it would be ‘mischief’.

I know I have the benefit of hindsight but this wasn’t a particularly complex move to get round a clause. Surely it should have been foreseeable? All he’s done is transfer some of his shares to another company.

 

[Yellarbellyblade]

Is anyone on here old enough to remember when United were a stable well run club??

I feel like I’ve seen this film before

 

[BushBlade]

Is anyone on here old enough to remember when United were a stable well run club??

I feel like I’ve seen this film before

No one is that old.

 

[Yellarbellyblade]

No one is that old.

I suspected not

 

[BushBlade]

Nobody complained at the time (actually, I think some did), because we’d brought a foreign billionaire owner on the scene and look what it had done for other clubs. The most Sheffield United thing ever was... we found one with no dosh.

Back to McCabe. I agree with you on that you never truly know someone. However, if we know that, surely McCabosaurus does - he’s a knowledgeable bloke ain’t he? Don’t jump in to bed with someone so hastily for a quick buck. Mind you we all know he’s a sucker for a quick buck, don’t we. Remember when we rang Hull back and told them that we’d changed our mind on their previously rejected offer of circa £2m for a certain someone. I’ll leave the rest.

And certainly don’t agree to selling the entire club to him on the 12th of never. He might not be who you think he is...

It sounds to me like it’s McCabe who’s moved the goalposts on the sale. If he agreed back then that he’d sell the club for x amount and he’s now requesting 5 times that - that’s his stupid fault. If I was the prince I’d take him to court.

What do I know, eh.

Nowt. It’s the Prince who’s moved the goalposts. KM was ready to walk away with £25m for the lot. Fair valuation for 50% of a decent championship club. More or less.

 

[SHOREHAMST.com]

Nowt. It’s the Prince who’s moved the goalposts. KM was ready to walk away with £25m for the lot. Fair valuation for 50% of a decent championship club. More or less.

Ha. Thanks. By the same token, I guess that makes you a know it all.

 

[Woodwaaard]

There wasn’t enough small print in this case. If the Prince had tried this shit to avoid statutory obligations it would be ‘mischief’.

I know I have the benefit of hindsight but this wasn’t a particularly complex move to get round a clause. Surely it should have been foreseeable? All he’s done is transfer some of his shares to another company.

Correct.
I made a mistake in my original post
I believe the figure was 70% (not more than 50%) owned by one person (Prince) would trigger the purchase of the remaining shares and assets

The Prince wants to gain control without purchasing McCabe's assets

Yes, it should have been entirely foreseeable
I imagine some of McCabe's legal team are possibly looking for alternative employment/clients

 

[SHOREHAMST.com]

Nowt. It’s the Prince who’s moved the goalposts. KM was ready to walk away with £25m for the lot. Fair valuation for 50% of a decent championship club. More or less.

Oh and your use of the word fair. Would that have any relation to the initial agreement? Because if that agreement was anything other than £25m then, perhaps that’s unfair.

 

[Woodwaaard]

Oh and your use of the word fair. Would that have any relation to the initial agreement?

In my opinion, yes

 

[sitwell]

Would love to ask the Prince who plays left side of defence for Utd ,who was our manager in 1970 or whats the road called behind the Kop. He wouldn't have a fucking clue and no interest in learning either.

 

[Barney Rubble]

Nowt. It’s the Prince who’s moved the goalposts. KM was ready to walk away with £25m for the lot. Fair valuation for 50% of a decent championship club. More or less.

Surely the valuation of the club is only £30 million. The 2 x £5 million plus £20 million for Lane, Shirecliffe etc.

It also raise the question of where we'll play long-term if the Prince owns the club but McCabe retains the ground.and training facilties.

 

[metalblade]

McCabe out manuvered who'd have thunk it eh ? A underhand move by the Price that should have been forseen by Kev's people. After the Teves affair we all know how tenacious Kev is when he takes something to the courts this is going to drag on and on. Says all you need to know about the pair of them the only loser here will be the football club.

 

[metalblade]

McCabe out manuvered who'd have thunk it eh ? A underhand move by the Price that should have been forseen by Kev's people. After the Teves affair we all know how tenacious Kev is when he takes something to the courts this is going to drag on and on. Says all you need to know about the pair of them the only loser here will be the football club.

 

[BushBlade]

Oh and your use of the word fair. Would that have any relation to the initial agreement? Because if that agreement was anything other than £25m then, perhaps that’s unfair.

1. had deteriorated to the point that Mr wanted to put an end to the joint venture basis on which Blades operated and was even willing to give up his involvement in the football club. Sheffield therefore served notice on UTB on 29 December 2017 pursuant to clause 11 of the ISA, offering to buy UTB's shares for £5m. Mr knew that that was a low price. He expected UTB to serve a counternotice to buy Sheffield's shareholding at the same price. The low price for its own shares would be compensated, Mr believed, by the fact that UTB and Sheffield would thereupon become bound to cause FC to exercise the FC Options, thereby realising the full market value of the Properties (estimated to be about £20 million) for Sheffield.

Seems pretty fair to me. The prop is valued at £20m, decent championship clubs go for around £50m (from what I recall of other sales) so KM values the shares at £5m

(In the above, KM is Sheffield, Prince is UTB, Blades is the jv that own the club, but not the property)

 

[TJB.]

Nobody complained at the time (actually, I think some did), because we’d brought a foreign billionaire owner on the scene and look what it had done for other clubs. The most Sheffield United thing ever was... we found one with no dosh

We found one with some dosh, but managers spunked it away. We paid over £1.5m for a right back when we needed a striker, for example. We dished out mad wages to average players. That cannot be laid solely at the feet of McCabe.

Don’t jump in to bed with someone so hastily for a quick buck.

No idea what you mean by this. McCabe has made fuck all from the Prince's involvement. If you mean getting him on board with a view to losing less money i.e gaining promotion...didn't we all want that?

It sounds to me like it’s McCabe who’s moved the goalposts on the sale. If he agreed back then that he’d sell the club for x amount and he’s now requesting 5 times that - that’s his stupid fault. If I was the prince I’d take him to court.

We'll agree to disagree but I don't read it that way. As has been said, any agreement to buy the club surely can't have been in writing otherwise it would have been revealed in the statement from today.

Ask yourself this, though. Do you really want our football club owning zero assets, as the Prince allegedly wishes? Especially seeing as our acclaimed academy is one of those assets?

 

[Sean Thornton]

So the brooks money is going on legal fees I imagine

Legal fees will be paid by the owners. Common sense tells you that.

 

[Sean Thornton]

Anyway we've got the answer as to where the Brooks money is going. Legal fees.

Nope. Wrong. See above.

 

[BushBlade]

Surely the valuation of the club is only £30 million. The 2 x £5 million plus £20 million for Lane, Shirecliffe etc.

It also raise the question of where we'll play long-term if the Prince owns the club but McCabe retains the ground.and training facilties.

If you like but the Prince is still getting the lot for £25m.

 

[Sean Thornton]

Could be. If United want to progress then the club have to consider all options. Wilder is probably aware of this even if McCabe isn't. This Wilder/McCabe "alliance" may not be as cut and dried as it seems.

Well my bet is if McCabe sells, Wilder won't be here six months later.

 

[mattbianco1]

The third option re-investors may well be that he wants the best of both worlds.

My thoughts exactly. He's like a jealous ex. Doesn't want the girl but doesn't want anybody else to have her either.

 

[BushBlade]

We found one with some dosh, but managers spunked it away. We paid over £1.5m for a right back when we needed a striker, for example. We dished out mad wages to average players. That cannot be laid solely at the feet of McCabe.



No idea what you mean by this. McCabe has made fuck all from the Prince's involvement. If you mean getting him on board with a view to losing less money i.e gaining promotion...didn't we all want that?



We'll agree to disagree but I don't read it that way. As has been said, any agreement to buy the club surely can't have been in writing otherwise it would have been revealed in the statement from today.

Ask yourself this, though. Do you really want our football club owning zero assets, as the Prince allegedly wishes? Especially seeing as our acclaimed academy is one of those assets?

I don’t think the Prince wants a club with no assets. I think he’s trying to squeeze KM for a lower price, for example, take £10m for it or I’ll just pay the rent.

 

[Sean Thornton]

https://www.thestar.co.uk/sport/she...at-a-preliminary-high-court-hearing-1-9242353

"Sheffield United Ltd says that in real and practical terms it is necessary, to maintain and improve the standards of the football club and its prospects of further promotion and to honour an assurance previously given to the club's manager that an additional £2 million would be available in the transfer window to improve the squad," he added. "UTB says that in purely financial terms it is not necessary and that in any event the cash flow properly analysed does not show that the injection of further capital is needed to fund such expenditure."




McCabe said we needed to put £7m in to progress. (Sheffield United Ltd being McCabe's company)

The Prince disagreed.

Pretty clear to me which one doesn't wasn't to invest any more.

Truth and facts. This is the internet you know. The same internet that said Maguire was too slow for L1.

 

[Sean Thornton]

My thoughts exactly. He's like a jealous ex. Doesn't want the girl but doesn't want anybody else to have her either.

The price of £5m for the shares would suggest that's not the case.

 

[Deadbat]

McCabe was quite happy to sell up
He's consistently stated that he would like to sell to the right person

He feels that the Prince has tried to take the proverbial by finding a legal loophole and exploiting it for his own ends

Moral: Always read the small print of any proposed contractual agreement

Agree. Not sure what the Prince intentions are and would worry about him getting some control but this court case and the uncertainty that comes with it is very much down to McCabe. He brokered the partnership and now it is a mess. It was MCCabe who signed off the deal back in 2013 was it and the various clauses. Some one on his side has dropped the ball big time and now we are open to 2 or 3 years of court wrangling that could see us lose our best manager for a long time and maybe all hope of returning to the top table of English football.

Like with the majority of abysmal managerial decisions (Weir, Adkins, Adams et) and CEO/staff appointments (Robinson, Birch, Winter) he has made mistake after mistake. The Wilder appointment might be the only big positive move he has made since we went down. Wilder has got him out of the cart. Most other key decisions have been disastrous.

 

[Sean Thornton]

The judge will decide who is right and who is wrong between the two of them, no ifs and buts. That's OK with me, I don't give a fuck, what will be will be. Except of course for the drain on resources getting blown on legal fees.

What is apparent from this thread though is that some of our fans have judged already and of course it's in favour of "one of our own", no other reason than this. Small town display yet again. I can imagine the excitement at the prospect of facing Forest Green Rovers in a couple of years time: "Wow, that's another ground we can scratch off the list!".

You said you wouldn't be watching us anyway Snooty. Where's the problem?

 

[TJB.]

I don’t think the Prince wants a club with no assets. I think he’s trying to squeeze KM for a lower price, for example, take £10m for it or I’ll just pay the rent.

Perhaps if there was any kind of communication from the other side of the table to the fans we might have some kind of idea?

It feels immensely dodgy to me that there's a party that wants sole control of our club, which currently owns half, that hasn't said a dicky bird about their aims or intentions. As I've said, blanket silence from that side

Who knows, maybe more people would be able to get on board with HRH & Co. if they shared a plan? As it stands, the only info we're privvy to is from McCabe and through these court statements.

That doesn't sit well with me.

 

[Sean Thornton]

Agree. Not sure what the Prince intentions are and would worry about him getting some control but this court case and the uncertainty that comes with it is very much down to McCabe. He brokered the partnership and now it is a mess. It was MCCabe who signed off the deal back in 2013 was it and the various clauses. Some one on his side has dropped the ball big time and now we are open to 2 or 3 years of court wrangling that could see us lose our best manager for a long time and maybe all hope of returning to the top table of English football.

Lime with the majority of abysmal managerial (Weir, Adkins, Adams et) and CEO/staff appointments (Robinson, Birch, Winter) he has made mistske after mistake. The Wilder appointment might be the only big positive move he has made since we went down. Wilder has got him out of the art. Most other key decisions have been disastrous.

So McCabe should have thought about a situation where his business partner reneges on a deal five years down the line. Interesting. Makes you wonder how business ever gets done. HRH is no Hashimi, Woolhouse, Columbotti etc, whatever anyone may think of him at the moment.

 

[BushBlade]

Perhaps if there was any kind of communication from the other side of the table to the fans we might have some kind of idea?

It feels immensely dodgy to me that there's a party that wants sole control of our club, which currently owns half, that hasn't said a dicky bird about their aims or intentions. As I've said, blanket silence from that side

Who knows, maybe more people would be able to get on board with HRH & Co. if they shared a plan? As it stands, the only info we're privvy to is from McCabe and through these court statements.

That doesn't sit well with me.

He’s in the middle of complex litigation. He’ll have received advice not to say anything that will prejudice his case. I think that if he said he actually to wants to own the ground, he’s just pretending he doesn’t to get out of paying for it at market value, it may be seen as prejudicial.

 

[Muttley]

With all the fuck ups he's made, it makes you wonder how he made his millions.

 

[Snowman]

Nobody complained at the time (actually, I think some did), because we’d brought a foreign billionaire owner on the scene and look what it had done for other clubs. The most Sheffield United thing ever was... we found one with no dosh.

Back to McCabe. I agree with you on that you never truly know someone. However, if we know that, surely McCabosaurus does - he’s a knowledgeable bloke ain’t he? Don’t jump in to bed with someone so hastily for a quick buck. Mind you we all know he’s a sucker for a quick buck, don’t we. Remember when we rang Hull back and told them that we’d changed our mind on their previously rejected offer of circa £2m for a certain someone. I’ll leave the rest.

And certainly don’t agree to selling the entire club to him on the 12th of never. He might not be who you think he is...

It sounds to me like it’s McCabe who’s moved the goalposts on the sale. If he agreed back then that he’d sell the club for x amount and he’s now requesting 5 times that - that’s his stupid fault. If I was the prince I’d take him to court.

What do I know, eh.

You've not read the Judgment have you?