McCabe writes off £35m of debt

[Blade58]

Not shown in this years accounts. This was mentioned at the time of the Prince's arrival, but I don't think it was made public as to the amount.

Also agreed to take responsibility for severance payments to former managers and players to enable HRH's investment to be solely used for squad strengthening

Prince Abdullah has drove a hard bargain

http://www.thestar.co.uk/sport/shef...ited-mccabe-hands-blades-a-35m-lift-1-6264757

 

[SwissBlade]

Not shown in this years accounts. This was mentioned at the time of the Prince's arrival, but I don't think it was made public as to the amount.

Also agreed to take responsibility for severance payments to former managers and players to enable HRH's investment to be solely used for squad strengthening

Prince Abdullah has drove a hard bargain

http://www.thestar.co.uk/sport/shef...ited-mccabe-hands-blades-a-35m-lift-1-6264757

Or did McCabe? The prince has half a football club not a full one but is expected to fund the revolution because McCabe has cleared the ground for him.

It presumably means that McCabe gets half of any rewards the club may get for success!

 

[Suttonblade]

Does McCabe still own the ground? How much would the land be worth to him? Has he got a bargain if he plans to keep the freehold?

We need answers!!!

 

[SwissBlade]

Does McCabe still own the ground? How much would the land be worth to him? Has he got a bargain if he plans to keep the freehold?

We need answers!!!

Where is beightonblade when you need him?

 

[broomhillblade]

Where is beightonblade when you need him?

Lost in France?

 

[TC10]

As it's reported in the Stir, and it's McC, can we believe it?

Guilt money for the disastrous stewardship by the McC dynasty over the years. Maybe his businesses have picked up or, maybe, he has some sort of conscience.

Whatever the reason,you cannot buy absolution and it goes a little way to mitigate against him squandering the biggest opportunity the club ever had, and continuing to preside over a rapid, disastrous decline.

When will he return the assets he has acquired over the years? Let's face it he's still massively in debit to the fans.

 

[TarquinDelouche]

As it's reported in the Stir, and it's McC, can we believe it?

Guilt money for the disastrous stewardship by the McC dynasty over the years. Maybe his businesses have picked up or, maybe, he has some sort of conscience.

Whatever the reason,you cannot buy absolution and it goes a little way to mitigate against him squandering the biggest opportunity the club ever had, and continuing to preside over a rapid, disastrous decline.

When will he return the assets he has acquired over the years? Let's face it he's still massively in debit to the fans.

Return them to who? Himself? His company paid for something, he owns it. All this talk of guilt... guilt towards who? His customers? Do you think Bill Gates feels guilty about the Zune? His company is going through a rough patch through his own failures. I'd say that plays more on his mind than whatever the "fans" think of him.

 

[Ted Danson]

As it's reported in the Stir, and it's McC, can we believe it?

Guilt money for the disastrous stewardship by the McC dynasty over the years. Maybe his businesses have picked up or, maybe, he has some sort of conscience.

Whatever the reason,you cannot buy absolution and it goes a little way to mitigate against him squandering the biggest opportunity the club ever had, and continuing to preside over a rapid, disastrous decline.

When will he return the assets he has acquired over the years? Let's face it he's still massively in debit to the fans.

You fail to mention that he also gave us the biggest opportunity the club ever had. Why do you only blame him for the decline but not give him credit for the rise in the first place?

He owes us fuck all

 

[Finance Blade]

Has he really written off the debt. The football club is being run through Blades Leisure Ltd. It doesn't appear the prince owns anything in the PLC which is where the freehold is. My guess and it is a guess until we see next year's PLC accounts is that the McCabe family debts will have all transferred over to the PLC.

 

[Suttonblade]

It certainly needs clarifying if he owns the stadium or not!

But the question I have in my mind is whether it is better to own the ground or not. I know that paying any rent to a landlord is dead money and a drain on the coffers, but then how much does it cost for the upkeep of the stadium?

I guess we would be a better proposition for investment if we did own the ground, but then with the prince on board do we need to be looking out for potential suitors anymore?

 

[UnitedBlade]

Has he really written off the debt. The football club is being run through Blades Leisure Ltd. It doesn't appear the prince owns anything in the PLC which is where the freehold is. My guess and it is a guess until we see next year's PLC accounts is that the McCabe family debts will have all transferred over to the PLC.

The Prince has no stake in the plc. The stadium and Shirecliffe are in the plc owned almost 100% by the McCabe family. SU plc lease the ground to Blades Leisure. Not sure of the amounts but it increases if SUFC get to the championship. The Prince can buy BDTBL if we get to the Premier League. McCabe could stay but I doubt it.

West Ham have fully paid up and the Santander loan is now satisfied.

Blades Leisure and the FC appear to be debt free.

The £25m or so loans from other McCabe companies look as if they are in the plc. Not sure if there is an advantage for McCabe to write those off. The plc only earns minimal money now.

 

[judge]

Mccabe , hes a right piece of shit isnt he ? serves him right for all the evil stuff hes done

 

[TarquinDelouche]

Mccabe , hes a right piece of shit isnt he ? serves him right for all the evil stuff hes done

Yes. All those puppies he's drowned and babies he's eaten. The blackguard.

 

[judge]

People will be talking about the prince In the same way too soon , mcabe took us to the prem and tgen downtolg 1 at a personal cost of between 35-and a 100 million pounds

For all the shit us fans have had to take bet no one can top that

 

[Jon Bon]

As it's reported in the Stir, and it's McC, can we believe it?

Guilt money for the disastrous stewardship by the McC dynasty over the years. Maybe his businesses have picked up or, maybe, he has some sort of conscience.

Whatever the reason,you cannot buy absolution and it goes a little way to mitigate against him squandering the biggest opportunity the club ever had, and continuing to preside over a rapid, disastrous decline.

When will he return the assets he has acquired over the years? Let's face it he's still massively in debit to the fans.

I think I must have missed the episode where the previous Micajlo regenerated into the new one...

 

[BladeFisher]

Lost in France?

With Bonny.

 

[Harry's Game]

Where is beightonblade when you need him?

Spamming on Bladesmad more than likely.

 

[The Fox]

In true "all the presidents men" style I used to try and "follow the money " with McCabe , the plc , the football club , etc. the whole thing has become so hard to follow its like Enron on acid and now the prince owns half of something ( who knows what ) ,it's like an east enders plot where someone owns half the cafe and a eighth of the pub FFs !
Don't care anymore , no ones been more fucked over and is owed more than the supporters and who ever owns what it will always be the same.

 

[Darthblade]

People will be talking about the prince In the same way too soon , mcabe took us to the prem and tgen downtolg 1 at a personal cost of between 35-and a 100 million pounds

For all the shit us fans have had to take bet no one can top that

But: he should bear this cost because it was largely due to his poor decision making with regard to poor managerial appointments and failure to financially support the team at the right time, that has left us in the miserable position we are currently in.
UTB & FTP

 

[judge]

But: he should bear this cost because it was largely due to his poor decision making with regard to poor managerial appointments and failure to financially support the team at the right time, that has left us in the miserable position we are currently in.
UTB & FTP

He has

 

[Foxy]

It's incredibly easy to continue taking a pop at those at the top regardless of their outlay/effort.

The man has certainly made mistakes, but it's not as simple as "doing the right thing" (which is usually reached in hindsight) - if it was so simple, everyone would be at it.

There isn't a large queue of people looking to put the amount of money McCabe has into the club, nor will there be if all they expect to get for their efforts is continual abuse.

That doesn't mean he's above and beyond criticism, but I think it's very easy for people to lose sight of the realities of sinking money into a football club and simply write it off as "well he's rich, so it doesn't matter". A lot of the stuff thrown at him over the years has been incredibly unfair and simply untrue.

I'm reliably told that the McCabe's have made plenty of sacrifice in order to bring the new people on board, I'm sure it'll not all be apparent from this years accounts.

From what I've heard of the new-comers, they are looking to do things the right way and build something sustainable (yes, I know that's been the plan for a while). I think we're unlikely to see a major "splashing of the cash", but more a calculated approach to matters whilst being able to stand on our own two feet and not lose some of those we'd rather keep (again, I know they are light on the ground right now).

 

[Gibbo89]

Good job McCabe wasn't born a woman.... he/she'd have been burnt as a witch by now by some .
Judge others as you would be judged yourself. He's human just like us all and he's made mistakes just like us all. I don't mind people pointing out his mistakes, and he has made a few, but the constant insults and abuse really makes me sick, and I have to say sad to be a Blade at times.

 

[Bladesway]

It's incredibly easy to continue taking a pop at those at the top regardless of their outlay/effort.

The man has certainly made mistakes, but it's not as simple as "doing the right thing" (which is usually reached in hindsight) - if it was so simple, everyone would be at it.

There isn't a large queue of people looking to put the amount of money McCabe has into the club, nor will there be if all they expect to get for their efforts is continual abuse.

That doesn't mean he's above and beyond criticism, but I think it's very easy for people to lose sight of the realities of sinking money into a football club and simply write it off as "well he's rich, so it doesn't matter". A lot of the stuff thrown at him over the years has been incredibly unfair and simply untrue.

I'm reliably told that the McCabe's have made plenty of sacrifice in order to bring the new people on board, I'm sure it'll not all be apparent from this years accounts.

From what I've heard of the new-comers, they are looking to do things the right way and build something sustainable (yes, I know that's been the plan for a while). I think we're unlikely to see a major "splashing of the cash", but more a calculated approach to matters whilst being able to stand on our own two feet and not lose some of those we'd rather keep (again, I know they are light on the ground right now).

All well and good. I take it on board that things haven't been a breeze for McCabe but firstly, it is entirely of his own making and secondly lets stop this pretence that he has spend millions of pounds of his own money. He doesn't nip out to the bank and withdraw his own cash and come round with a big bag of it for us to spend. He lost more through the property crash than we will ever cost him although as is the way with property stick around long enough and you will make it back.

He is almost entirely to blame for the entire mess and while ever we are here people should take a very dim view on his utter mismanagement of the club. I know the stock phrase is "well you couldn't do it" and of course that is right. I have never been in a position to piss hundreds of millions of pounds up the wall and unless my life changes then it won't ever happen. Doesn't mean I can't see the smoke and mirrors of the past for what it is.

All the above said, IF (and this is the big if) he has written a big chunk of debt off then we are starting to head in the right direction. If there are no strings attached and he truly has done that so the new money can go into rebuilding the first team then we are going the right way. Only way we will know is down to what happens in January. Without major financing we are in big trouble and League 2 is a very real option. Clough is a decent manager, not a great one so will need the assistance of new players to get out of trouble. Right now we absolutely stink of relegation. Devoid of real confidence, no players of real quality to help us out (we sold them all) and a team shit scared to do anything different at home in case the fans get a bit uppity. Sort that out with some good, new players in January and you can then say we are starting to come off the life support machine.

 

[judge]

All well and good. I take it on board that things haven't been a breeze for McCabe but firstly, it is entirely of his own making and secondly lets stop this pretence that he has spend millions of pounds of his own money. He doesn't nip out to the bank and withdraw his own cash and come round with a big bag of it for us to spend. He lost more through the property crash than we will ever cost him although as is the way with property stick around long enough and you will make it back.

He is almost entirely to blame for the entire mess and while ever we are here people should take a very dim view on his utter mismanagement of the club. I know the stock phrase is "well you couldn't do it" and of course that is right. I have never been in a position to piss hundreds of millions of pounds up the wall and unless my life changes then it won't ever happen. Doesn't mean I can't see the smoke and mirrors of the past for what it is.

All the above said, IF (and this is the big if) he has written a big chunk of debt off then we are starting to head in the right direction. If there are no strings attached and he truly has done that so the new money can go into rebuilding the first team then we are going the right way. Only way we will know is down to what happens in January. Without major financing we are in big trouble and League 2 is a very real option. Clough is a decent manager, not a great one so will need the assistance of new players to get out of trouble. Right now we absolutely stink of relegation. Devoid of real confidence, no players of real quality to help us out (we sold them all) and a team shit scared to do anything different at home in case the fans get a bit uppity. Sort that out with some good, new players in January and you can then say we are starting to come off the life support machine.

Whose money was it then ?

 

[Bladesway]

Whose money was it then ?

As I said, it isn't his in the way he nips down the bank and draws it out. I am guessing here but I don't think the McCabes as an entity will be looking over their shoulders worrying about the SUFC debt. Their personal assets will be tucked away somewhere and ring fenced well away from any football club debts. You rarely see a football club chairman hit the buffers when his club is suffering.

Of course you already know this

 

[scrap]

Having met the Man several times, before He became Chairman, make no mistake He is a Blade through and through.