Kev McCabe on his uppers

[UnitedBlade]

The Estates Gazette has just published its 2013 Rich List. You have to turn to page 49 to read about what Kev's been up to. The McCabe family is valued at £90M, unchanged from last year. But he has his finger firmly in the Chinese pie. He has a stake of 15% in Top Spring which I reckon must be worth about £90M alone. I could be wrong though.

http://edition.pagesuite-professional.co.uk//launch.aspx?eid=2c441816-b9d8-44fa-9891-9615252190a7

For sure if all the Chinese stuff comes off, he looks like he's going to continue to be rich.

Obviously SUFC must have been a huge drain on his resources but you have to hand it to him on his proper business.

Wily old bugger.

 

[Gibbo89]

Never had to worry much about the zeros at the end of my personal wealth. Usually it's more about the zero at the front . I know a lot on here won't agree but good luck to him and his family. Whether some of his decisions as Blades chairman over his tenure were the correct ones or not are just a matter of opinion. But in the absence of anyone else wishing to gamble as much as he has we were lucky to have him.

 

[SotonBlade]

The Family might be worth £90m, but i bet 98% of that is tied up in business\property etc

 

[Trafford]

The Family might be worth £90m, but i bet 98% of that is tied up in business\property etc

Not quite sure what your point is, what else would it be invested in?

 

[alcoblade]

Never had to worry much about the zeros at the end of my personal wealth. Usually it's more about the zero at the front . I know a lot on here won't agree but good luck to him and his family. Whether some of his decisions as Blades chairman over his tenure were the correct ones or not are just a matter of opinion. But in the absence of anyone else wishing to gamble as much as he has we were lucky to have him.

I don't think there are many who would not wish him well with his investments. A few more, but not too many, would question his motives regarding his SUFC dealings. The question of whether, overall, we've been lucky to have him is much more debatable.

Enormous credit goes to him for writing off the debt that his poor decisions left us with. After that we can credit him with filling in a corner of the ground (which tidies the ground up alot to be fair), and landing us at the bottom of England's third division. There's definitely debate in there.

UTB

 

[Gibbo89]

I think he means that not too much of the "£90m" is disposable wealth.

 

[Gibbo89]

Like I said some of the decisions are up for argument and yes he furthered the interests of all his companies and business interests alongside SUFC's. Can't say I fault him on that. Football club fortunes as in promotions and relegations are part commitment, part judgement and largely luck. No one else as far as I'm aware was willing to put in the commitment and McCabe's luck and judgement as it happened were lacking. But no more so than any SUFC chairman in my 50 odd years as a Blade.

 

[puppet]

His debt write offs should be applauded? He wasted a load of his own money and now we are left in the shit, still looking at a relegation battle with absolutely bog all funds to invest to get us out of it. Yeah, thanks Kevin.

 

[alcoblade]

His debt write offs should be applauded? He wasted a load of his own money and now we are left in the shit, still looking at a relegation battle with absolutely bog all funds to invest to get us out of it. Yeah, thanks Kevin.

Unlike you and many other who rightfully, if they wish, chose to stop investing in the club, he has stuck around, and he didn't have to write the debt off....(not that he'd have ever got it all back).

Many chairmen have left the results of their poor decisions to be a millstone around the clubs neck. When considered in the mix with the bad stuff, it's an act that should be applauded, yes.

UTB

 

[Deadly_D'Jaffo]

Forgive my lack of financial knowledge here, but surely he was flogging a dead horse if he refused to write off the debt to court any potential investment bids? Was there any way that our club was going to put him back in the black? As a matter of fact, how many clubs nowadays turn over a profit genuine profit that you'll get rich off? Are too many questions at once irritating? Honestly?

 

[dublin 10 blade]

Mandrake the magician at the debt free club , or McCabe at our club , choices choices , better the devil you kind of know if you ask me . UTB .

 

[super_pig]

fur coat, no knickers

 

[Trigger Blade]

The Estates Gazette has just published its 2013 Rich List. You have to turn to page 49 to read about what Kev's been up to. The McCabe family is valued at £90M, unchanged from last year. But he has his finger firmly in the Chinese pie. He has a stake of 15% in Top Spring which I reckon must be worth about £90M alone. I could be wrong though.

http://edition.pagesuite-professional.co.uk//launch.aspx?eid=2c441816-b9d8-44fa-9891-9615252190a7

For sure if all the Chinese stuff comes off, he looks like he's going to continue to be rich.

Obviously SUFC must have been a huge drain on his resources but you have to hand it to him on his proper business.

Wily old bugger.

I seem to remember that a few years back, after he'd sold the Australian property business at the top oif the market, the McCabe family was valued at several hundred million in the Sunday Times Rich List. If so, it's an amazing decline in fortune.

 

[Darren]

Unlike you and many other who rightfully, if they wish, chose to stop investing in the club, he has stuck around, and he didn't have to write the debt off....(not that he'd have ever got it all back).

Many chairmen have left the results of their poor decisions to be a millstone around the clubs neck. When considered in the mix with the bad stuff, it's an act that should be applauded, yes.

UTB

Indeed. McCabe has made some disastrous decisions, but I think he always wanted to do the best for the club. As I have said before some rich men spend their money on yachts, fast cars and fast women. Others buy a football club. They don't look to (primarily) make money on it. It's their toy.

 

[Jon Bon]

fur coat, no knickers

Heart of gold, nerves of steel.... alabaster feet and a knob of butter.

 

[blade too long]

what is money , without love

my love of United is worth 100 million to me

 

[puppet]

Unlike you and many other who rightfully, if they wish, chose to stop investing in the club, he has stuck around, and he didn't have to write the debt off....(not that he'd have ever got it all back).

Many chairmen have left the results of their poor decisions to be a millstone around the clubs neck. When considered in the mix with the bad stuff, it's an act that should be applauded, yes.

UTB

I would say he has more than offset his investments with the money he has made using SUFC as his asociation in other countries. remember all the top Hungarian, Chinese, Australian, Brazilian talent that would be heading our way as part of the deals which saw him build stadiums abroad?? The hotel will prove to be much more valuable than any of his wasted investments in people like Robson... that cost him a quid. having been paid to build it by SUFC and it was occupied and open for business so how was it inexplicably costing SUFC money?? The Business Centre (now the Forsyth Business Centre) was going to attract premium rents which would be used to fund players wages.... as was the hotel... endless mantras which turn out to be bollox and somehow never come into fruition and the properties both now belong to him!!!

 

[metalblade]

I don't think McCabe had much of a choice of writing off the debts tbh. The club would have never repaid him his (due to his bad choices/decisions) huge investment/debt call it what you will. His only escape or ways of getting any money back were either sell the ground for development (the reason he moved it to a family company) or, find a high profile rich investor (which he has ............. allegedly) like the Prince willing to fund team rebuilding and hope we can once again return to the Premiership land of honey. Looks much more likely the 2nd option will be the one to bear fruit but McCabe is keeping hold of the bricks and mortar just in case ............................ he is far from stupid even if football wise he continues to make bad choices.

 

[dublin 10 blade]

fur coat, no knickers

been out dogging again SP , sounds a lovely lass .

 

[alcoblade]

I would say he has more than offset his investments with the money he has made using SUFC as his asociation in other countries. remember all the top Hungarian, Chinese, Australian, Brazilian talent that would be heading our way as part of the deals which saw him build stadiums abroad?? The hotel will prove to be much more valuable than any of his wasted investments in people like Robson... that cost him a quid. having been paid to build it by SUFC and it was occupied and open for business so how was it inexplicably costing SUFC money?? The Business Centre (now the Forsyth Business Centre) was going to attract premium rents which would be used to fund players wages.... as was the hotel... endless mantras which turn out to be bollox and somehow never come into fruition and the properties both now belong to him!!!

McCabe's wealth has constantly fallen according to all the rich lists. And United have posted massive loss after massive loss.

If you're completely honest, your mind was made up on this subject a decade ago.

I would bare my arse on the town hall steps if McCabe has become in any way richer as a result of his involvement with us.

UTB

 

[puppet]

McCabe's wealth has constantly fallen according to all the rich lists. And United have posted massive loss after massive loss.

If you're completely honest, your mind was made up on this subject a decade ago.

I would bare my arse on the town hall steps if McCabe has become in any way richer as a result of his involvement with us.

UTB

Yes it was made up OVER ten years ago when he laughed in the face of Blades fans at the fans forum in 1999 and again when he stated the point of the academy was to nurture talent to sell not build a team around. I've never trusted him to do anything for the greater good of SUFC since.

 

[JohnDenver]

he stated the point of the academy was to nurture talent to sell not build a team around.

Well, he has been good to his word...

 

[UnitedBlade]

I seem to remember that a few years back, after he'd sold the Australian property business at the top oif the market, the McCabe family was valued at several hundred million in the Sunday Times Rich List. If so, it's an amazing decline in fortune.

I think the maximum his wealth has been in any of these Rich Lists was about £175M. And you're right that was after he sold Valad at the top of the market.

The thing is that most of this money probably went into the Scarborough Trust and he used some of the capital to give it another go in the construction business.

So you could say that he's lost half his wealth and it has coincided with our decline. Scarborough Group lost an eye watering £127M in 2009-10 and he's got it back to just about break even now.

No one but the McCabes know what is in the Trust but I would say he has a real opportunity to make loads of money now in China.

I would say he has a good chance of becoming considerably richer again.

 

[alcoblade]

Yes it was made up OVER ten years ago when he laughed in the face of Blades fans at the fans forum in 1999 and again when he stated the point of the academy was to nurture talent to sell not build a team around. I've never trusted him to do anything for the greater good of SUFC since.

Trouble is Pupp, you let that moment cloud every judgment you make of him. As you know, people and their actions are never all good (apart from me ) or all bad.

UTB

 

[Darren]

McCabe's wealth has constantly fallen according to all the rich lists. And United have posted massive loss after massive loss.

If you're completely honest, your mind was made up on this subject a decade ago.

I would bare my arse on the town hall steps if McCabe has become in any way richer as a result of his involvement with us.

UTB

Indeed. I think it highly unlikely that McCabe went along to his financial adviser in the late 90's and had a conversation like this:

KM: "I have more money than I can eat, but I am a greedy bastard and want more, more, more. What do you advise?"

FA: "well there's that crappy second tier football club in that post-industrial northern English city, put millions into them and you will be (even more) minted. You can't lose...."

 

[diplomat]

The Family might be worth £90m, but i bet 98% of that is tied up in business\property etc

A pound of it is tied up in the hotel he built on our ground

 

[judge]

I dont understand how mccabe is not top of the rich list , im always hearing how much money he has made out of Sheffield united .surely people couldnt be talking shit ?

 

[blade too long]

hes in the construction industry , a lot of bigger companies were wiped out by the crash , his ability to diversify in true artful dodger style, a lot of which has been royally slated has kept his nest eggs safe n sound
His selection of staff at times has been , less than inspiring , but we all cant afford the Mourinhos , or Stuart Grays

 

[Bladesway]

McCabe's wealth has constantly fallen according to all the rich lists. And United have posted massive loss after massive loss.

If you're completely honest, your mind was made up on this subject a decade ago.

I would bare my arse on the town hall steps if McCabe has become in any way richer as a result of his involvement with us.

UTB

I wonder if his fortune decreased with the property crash and I wonder if it will increase with the recovery of the market. I'm not convinced SUFC have made him anything but neither have they cost him anything like the property crash has.

McCabe hasn't done any of this on purpose but boy has he gone the right way about fucking a good football club up. Here is hoping that is coming to an end and we can start going up the league rather than down it.

 

[yuley82]

I can't thank McCabe enough for what he's done for us, he was never gonna splurge millions on us.. But he did save us from oblivion taking us off McDonald and got us too the prem, ok the last 3-4 years have been a bit un fruitful but we are no arsenal Man U Chelsea Liverpool!! I think a lot of fans need to realise an way the big picture up on what McCabe has done for us cos without his investment we would have been dead on our legs in administration and languishing lower than we are now..