McCabe or Abdullah?

[Ainsley Harriott]

Some on here would think I’m quite old but I didn’t feel it this weekend – maybe today a bit. Wow! What a manager! What a team! What a season!


Instead of just basking in the afterglow of promotion we have the battle for control of ‘our club’ due in court next week.


Having been largely invisible for the past 6 years, Prince Abdullah of Saudi Arabia has suddenly started attending matches at The Lane. Far be it for me to be cynical but could this have anything to do with the scent of Premier League money?


To remind ourselves as to why the two of them ended up in court, McCabe is furious at what he sees as Abdullah’s attempt to have his pants down by trying to side-step his agreement to buy the Blades’ property assets, as well as McCabe’s shares, in the event of a full takeover.


Abdullah’s actions make me really uncomfortable for two reasons:


1. A contract is a contract: if you sign it you honour it (or maybe I’m just being old-fashioned!)


2. If Abdullah has a long-term vision for The Blades, why didn’t he want to buy the property at fair value? Perhaps he couldn’t afford it? Or maybe he just sees the opportunity to make a quick killing?


My even bigger worry is that with Premier League money now in the bag he will relent on the property issue and use this money rather than his own to buy McCabe out. Which, in turn will mean less money to invest in the team.


McCabe is not perfect but he’s steered a steady ship through turbulent waters for a bloody long time. He also appointed Wilder and allows him to get on with the job without interference.


We have a history of dragging defeat from the jaws of victory and I really hope this isn’t the wrong end to an outstanding season.

Well, regards your first point, McCabe signed a contract also. Did it not state that Abdullah, after 5 years, could buy McCabe out? That’s all he’s doing. He’s not doing anything underhand to my knowledge (and my knowledge is limited, granted).

One could argue that Abdullah is only around sniffing PL money, but maybe McCabe is doing the same? Ok, McCabe attends games and functions but he’s from here so makes more sense - he has a connection. But McCabe might know he could lose out on a hell of a lot. He can’t buy Prince out and vice-versa.

They’re better off sitting down, agreeing to disagree and let Wilder crack on.

 

[Rodley]

From Jasper Johns to John Brayford.
Probably saved us from relegation to L2.
People seem to forget that KMC refused to fund any further losses unless there was a co investor. It wasn't the princes fault that Clough wasted all the £

So one threw in the towel after 25 years and the other after 2.

 

[The Bohemian]

His original UTB set up has disposed of them. If they hadn't they wouldn't be in court. I can't remember seeing who actually owned the new set up.

UTB 2018 LLP was set up to transfer some of Prince Abdullah’s shares in UTBLLC, thus staying under the 75% threshold which triggered the property clause. This is what Judge Fancourt referred to as a 'commercial manoeuvre.'

 

[Sean Thornton]

UTB 2018 LLP was set up to transfer some of Prince Abdullah’s shares in UTBLLC, thus staying under the 75% threshold which triggered the property clause. This is what Judge Fancourt referred to as a 'commercial manoeuvre.'

Yes. Who owns the new set up?

 

[Worksop II]

Yes. Who owns the new set up?

I dont know ...

But I do remember the McCabe crew trying to find out who did own the Shares ...

Presumably to see if they were still under the Princes control, or genuinely with a 3rd party

 

[Sean Thornton]

I dont know ...

But I do remember the McCabe crew trying to find out who did own the Shares ...

Presumably to see if they were still under the Princes control, or genuinely with a 3rd party

I'd assume they are still under his control but as it's registered as a limited liability partnership he'll have at least one partner. Thus, l understand, making it a separate legal entity from UTB LLC.

 

[Snowman]

Well, regards your first point, McCabe signed a contract also. Did it not state that Abdullah, after 5 years, could buy McCabe out? That’s all he’s doing. He’s not doing anything underhand to my knowledge (and my knowledge is limited, granted).

One could argue that Abdullah is only around sniffing PL money, but maybe McCabe is doing the same? Ok, McCabe attends games and functions but he’s from here so makes more sense - he has a connection. But McCabe might know he could lose out on a hell of a lot. He can’t buy Prince out and vice-versa.

They’re better off sitting down, agreeing to disagree and let Wilder crack on.

Re your first paragraph. No that's not what it said and No it's not simply that Abdullah is buying McCabe out. If it were that simple he would have done it. I appreciate that the link I am posting here is McCabe's lawyers case in a preliminary skirmish about the continued funding of our club whilst the dispute continued last season, but it does give a factual resume of what happened to bring all this about. I suggest you have a read of that and, avoiding all the big daft legal words, you should be able to see what Abdullah and crew did and why Wilder might feel worried.

https://shepwedd.com/sites/default/files/UTB v SUL - D_s SA for 20.6.18.pdf

 

[Worksop II]

I'd assume they are still under his control but as it's registered as a limited liability partnership he'll have at least one partner. Thus, l understand, making it a separate legal entity from UTB LLC.

That is fair comment, if the Shares are with a different Company but still under Princey's Control

If McCabe demonstrates that he has just moved the Shares from his left pocket to his right pocket, he may get some traction with his case

 

[Grappler]

A business partner of one of the club sponsors told me on Friday that McCabe and the Prince had agreed to halt the legal case.
Not sure if that’s a good or bad thing if true as it doesn’t necessarily mean they will work together, could it be promotion changes the nature or financials of the case so they need a pause to take that into account?
Not legally experienced but guess it could be for a number of reasons.

That is very interesting, if, as you say, it's true.

The smart move would be to work together, with their respective advisers and legal teams, and sell the club together (assuming the Prince doesn't want to stick around), and both shake hands and walk away with a decent amount of cash.

We all seem to think that both have suitors hiding in the wings, maybe they should see which one makes them the best offer.

Does Premiership status alter anything I wonder?, would Kev Mc decide that he can postpone retirement for a couple of years or would the Prince decide that holding onto the club a while longer makes most business sense?

Hard to say, but I can see both sides of the coin with this one.

 

[BladeInIreland]

I'd assume they are still under his control but as it's registered as a limited liability partnership he'll have at least one partner. Thus, l understand, making it a separate legal entity from UTB LLC.

Do you think this partner would be a investor or is just to aid in his side of the argument somehow?

 

[Grappler]

That is fair comment, if the Shares are with a different Company but still under Princey's Control

If McCabe demonstrates that he has just moved the Shares from his left pocket to his right pocket, he may get some traction with his case

I would have to re-read the case again, but wasn't one of the issues that the Prince had sold/moved his shares to a company registered somewhere like the Cayman Islands and there was no way of looking at paperwork, company structure, or who else was involved?

If a Judge asked him for that information, would he be bound to give it?

 

[Snowman]

That is fair comment, if the Shares are with a different Company but still under Princey's Control

If McCabe demonstrates that he has just moved the Shares from his left pocket to his right pocket, he may get some traction with his case

Not that I am a corporate lawyer, but I would have thought that anybody sensible might have ensured that either or both of the articles of the company or the shareholder's agreement might have governed whether there could be a disposal/assignment of shares to whom and on what terms. That's where it all starts to go over my head though and why it will take a few weeks of Mr Justice Flannelwrapper's time to sort out.

 

[Sean Thornton]

Do you think this partner would be a investor or is just to aid in his side of the argument somehow?

No idea. Could be either. I'd say they both have an investor or prospective buyer lined up in the background.

 

[blade too long]

think McCabes continued throughout to invest more than the prince which shows a greater commitment to the club.
On a practical theme, Mccabes finally learning to make good footballing decisions , ie hiring Wilder , then letting Wilder fully run the club and yeam business throughout the case.
Whatever Wilders asked for , within boundaries he was aware of , he provided the funding for such as the Hogan loan etc
I trust it can be sorted in time for July recruitment of the final pieces of the jig saw as I expect Wilder already knows his retained list and 3 or 4 targets
He and Knill will have it all planned before we play Stoke Id bet

 

[Grappler]

think McCabes continued throughout to invest more than the prince which shows a greater commitment to the club.
On a practical theme, Mccabes finally learning to make good footballing decisions , ie hiring Wilder , then letting Wilder fully run the club and yeam business throughout the case.
Whatever Wilders asked for , within boundaries he was aware of , he provided the funding for such as the Hogan loan etc
I trust it can be sorted in time for July recruitment of the final pieces of the jig saw as I expect Wilder already knows his retained list and 3 or 4 targets
He and Knill will have it all planned before we play Stoke Id bet

Totally agree, they will have planned for every scenario.

 

[Worksop II]

If a Judge asked him for that information, would he be bound to give it?

Judge Fanners "Princey owd luv, tell me where the Shares are"

Prince, in a Didsy stylee "No can do Judgey baby, Dem Blades are mine ... init"

 

[ChipButtyBlade]

Better the devil you know McCabe than the devil you dont know Prince.

 

[Sean Thornton]

think McCabes continued throughout to invest more than the prince which shows a greater commitment to the club.
On a practical theme, Mccabes finally learning to make good footballing decisions , ie hiring Wilder , then letting Wilder fully run the club and yeam business throughout the case.
Whatever Wilders asked for , within boundaries he was aware of , he provided the funding for such as the Hogan loan etc
I trust it can be sorted in time for July recruitment of the final pieces of the jig saw as I expect Wilder already knows his retained list and 3 or 4 targets
He and Knill will have it all planned before we play Stoke Id bet

Since the Prince came on board, the financial input has been equal.

 

[blade too long]

Since the Prince came on board, the financial input has been equal.

Is that in writing as a necessity . Do the accounts show this as factual and how is it portrayed in the accounts
I'm not questioning your point
Just wonder how it's maintained on a month by .month basis

 

[Sean Thornton]

Is that in writing as a necessity . Do the accounts show this as factual and how is it portrayed in the accounts
I'm not questioning your point
Just wonder how it's maintained on a month by .month basis

It's a fact. It's in the accounts and Confirmation statements filed at Companies House.

Share capital.

 

[blade too long]

So. If the Prince has put in his share it's going to be arbitrated on other activities.
The amount of work and hours put in by the individuals.

 

[BLADES1988]

AIDS or Ebola?

 

[Cerberus Blade]

Some on here would think I’m quite old but I didn’t feel it this weekend – maybe today a bit. Wow! What a manager! What a team! What a season!


Instead of just basking in the afterglow of promotion we have the battle for control of ‘our club’ due in court next week.


Having been largely invisible for the past 6 years, Prince Abdullah of Saudi Arabia has suddenly started attending matches at The Lane. Far be it for me to be cynical but could this have anything to do with the scent of Premier League money?


To remind ourselves as to why the two of them ended up in court, McCabe is furious at what he sees as Abdullah’s attempt to have his pants down by trying to side-step his agreement to buy the Blades’ property assets, as well as McCabe’s shares, in the event of a full takeover.


Abdullah’s actions make me really uncomfortable for two reasons:


1. A contract is a contract: if you sign it you honour it (or maybe I’m just being old-fashioned!)


2. If Abdullah has a long-term vision for The Blades, why didn’t he want to buy the property at fair value? Perhaps he couldn’t afford it? Or maybe he just sees the opportunity to make a quick killing?


My even bigger worry is that with Premier League money now in the bag he will relent on the property issue and use this money rather than his own to buy McCabe out. Which, in turn will mean less money to invest in the team.


McCabe is not perfect but he’s steered a steady ship through turbulent waters for a bloody long time. He also appointed Wilder and allows him to get on with the job without interference.


We have a history of dragging defeat from the jaws of victory and I really hope this isn’t the wrong end to an outstanding season.

McCabe may be a very genuine bloke with good intentions but he’s made some very poor business decisions whilst running this club, These have cost us big time. But perhaps his worst one was selling 50% of the club to some Sandman who refers to himself as a Prince.

 

[Sean Thornton]

So. If the Prince has put in his share it's going to be arbitrated on other activities.
The amount of work and hours put in by the individuals.

No.

 

[Roygbiv]

McCabe just told Sky Sports he doesn't want to be Chairman next season. It definitely seems like he has a sale lined up if he wins the court case.

 

[Chali 2na]

McCabe may be a very genuine bloke with good intentions but he’s made some very poor business decisions whilst running this club, These have cost us big time. But perhaps his worst one was selling 50% of the club to some Sandman who refers to himself as a Prince.

What's a Sandman?

 

[itsinyerblood]

What's a Sandman?

Yes, that's an underhand term completely not needed.

 

[Blade58]

McCabe just told Sky Sports he doesn't want to be Chairman next season. It definitely seems like he has a sale lined up if he wins the court case.

https://footballleagueworld.co.uk/sheffield-united-figure-plots-exit-despite-promotion/

 

[Bruce Wayne]

McCabe just told Sky Sports he doesn't want to be Chairman next season. It definitely seems like he has a sale lined up if he wins the court case.

Get the popcorn out it's going to be an interesting summer.

 

[Blade58]

I wonder how this will affect CW's thinking?

I'm sure he would rather McCabe was in charge rather than the Prince?