Latest from Kevin McCabe

[Sean Thornton]

Are you telling me that "if we had a Pot to Piss in" we dont have anywhere to keep the Pot ?

We do have a pot. The club pays a rent to Scarborough Group (Cupboards) Limited for keeping it in their cupboard.

 

[Worksop II]

We have a pot

Do we rent it ?

 

[Deaneandagana]

Do we rent it ?

Yes the football club doesn't own the ground it plays on, it pays £130k pa to Scarborough etc who own it.

Views?

 

[Taramasalata]

I can see Primark and a car park...you??

 

[Deaneandagana]

I can see Primark and a car park...you??

China town theme park

 

[1danewhitehouse]

Come on then Mastermind, how do you stop them sulking and make them play well for the remainder of their contract?

Or are we so flush with cash we can continue to pay them while they rot in the reserves?

You can't keep a player whose head has been turned and to be honest, I'm not sure you'd want to.

ISC

After McCabe had said that, I wanted to ask Brown, as he was one of those best players sold, if we had kept him, would he have sulked and become a disruptive influence but they didn’t get round to me.

 

[1danewhitehouse]

No because those that attended will have been the Mcabe apologists who like the RS and Sheffield Star won't ask searching questions.

I don’t think they are apologists as such. I certainly wouldn’t call myself one. But it was clear he was going to only deal with constructive questions and wasn’t there for a character assassination. He was asked why we sell our best players, what the current problems with the team are, how soon we can get rid fo the deadwood etc. It’s just that his answers are a bit politicianesque. Rather than McCabe apologists, I would imagine most who attended were fans of Warnock given he was supposed to be the star of the show.

 

[1danewhitehouse]

He tends to do that these days. He stays out of the spotlight. Sounds like he agreed to cover for Warnock at the event at short notice (which says something in itself) and was responding to a load of questions from Blades fans. What's he supposed to do, refuse to answer?

We all know McCabe's made some decisions that were in hindsight very poor. We've also had some amazingly bad luck during his term as Chairman. But anyone who's met him will tell you that he is at heart a decent bloke and a passionate Blade. I'm ashamed about all the personal abuse he gets from fans.

I agree with the last bit but I’d say little hindsight was required to see some of his decisions were atrocious and the arrogance he has displayed at times is breathtaking. But I agree, he is a well intentioned blade. Just one who knows bugger all about football.

 

[1danewhitehouse]

(I was there too)

Morgan was also very supportive of George long. He said he'll make mistakes but has talent

Whilst he obviously couldn’t say it, I got the impression he doesn’t particularly rate Howard and doesn’t think Long is entirely ready yet with him identifying Paddy as the one past player he would add to the current squad.

 

[Tezza1889]

We should all want those things...

 

[Tezza1889]

I don't think we are perfect solely because I have the strong suspicion that McCabe wants to get out what he put in, at least. The deal with the Prince probably shows the limit of any deal that can be done.

There isn't another team in league one with the potential we have.. We would be the best prospect without a doubt...

 

[Houston_Blade]

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.

I'm still pretty sure that if he'd have focused on what he was good at instead of putting money into football the Little McCabes trust funds would be much bigger than they are at the moment.

 

[BushBlade]

I'm still pretty sure that if he'd have focused on what he was good at instead of putting money into football the Little McCabes trust funds would be much bigger than they are at the moment.

And who cares?

 

[Houston_Blade]

And who cares?

It's aimed at those who think McCabe is using the Blades as a money making vehicle, it's actually done the opposite from his point of view I would suggest.

Thanks for the valuable feedback though, appreciated.

 

[Hunkerby]

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.

This club has been in decline for 10 years. It's not sensible to blame the whole lot on someone who was only here for 8 months.

 

[Taramasalata]

This club has been in decline for 10 years. It's not sensible to blame the whole lot on someone who was only here for 8 months.

Its not the 8 months, it was the sheer ineptitude at the appointment, the sheer bewilderment of wtf has McCabe done that for...he lost me that day, no season ticket since and only go two or three times a year...bad blade....bad blade

It was a bad decesion, very bad and anyone who cant see that really doesnt understand football...or supporting a club.

 

[BushBlade]

It's aimed at those who think McCabe is using the Blades as a money making vehicle, it's actually done the opposite from his point of view I would suggest.

Thanks for the valuable feedback though, appreciated.

.

You're welcome.

I would suggest most people don't believe he's robbing the club blind but if you're going to comment on his finances I'd prefer some kind of supporting evidence, just as I do from those who claim he has profited from the club, at the club's expense.

Otherwise, it just becomes 'yes he has' 'no he hasn't'. At which stage I'm afraid I become flippant.

 

[Deaneandagana]

.

You're welcome.

I would suggest most people don't believe he's robbing the club blind but if you're going to comment on his finances I'd prefer some kind of supporting evidence, just as I do from those who claim he has profited from the club, at the club's expense.

Otherwise, it just becomes 'yes he has' 'no he hasn't'. At which stage I'm afraid I become flippant.

You're being very naïve - suggest you take a close look at the published accounts.

 

[Deaneandagana]

Its not the 8 months, it was the sheer ineptitude at the appointment, the sheer bewilderment of wtf has McCabe done that for...he lost me that day, no season ticket since and only go two or three times a year...bad blade....bad blade

It was a bad decesion, very bad and anyone who cant see that really doesnt understand football...or supporting a club.

It was a diabolical appointment, we had a golden / diamond crusted opportunity to bounce back to the Prem & therefore create a lasting legacy - parachute payment.

BR's appointment was just plain & simply wrong on every conceivable level.

The ramifications of that period are stil being experienced to this very day.

 

[BushBlade]

You're being very naïve - suggest you take a close look at the published accounts.

Sorry, what do you think I'm saying that makes me naive?

I suspect you've misinterpreted my post.

 

[Deaneandagana]

Sorry, what do you think I'm saying that makes me naive?

I suspect you've misinterpreted my post.

Apologies - if you need evidence to the uncertainties you question, then I suggest you take a look at the published accounts

 

[BushBlade]

Apologies - if you need evidence to the uncertainties you question, then I suggest you take a look at the published accounts

And they will prove that KM made less money through his other companies due to his involvement with us?

I'm not one of those people who think KM is ripping us off btw.

This debate has been going on for many years now and I've read the accounts thank you.

You read them a couple of days ago after Sean Thornton showed you where they were.

 

[Deaneandagana]

And they will prove that KM made less money through his other companies due to his involvement with us?

I'm not one of those people who think KM is ripping us off btw.

This debate has been going on for many years now and I've read the accounts thank you.

You read them a couple of days ago after Sean Thornton showed you where they were.

Yes and no, I had copies of 2 out of 3, thanks to ST I now have all 3.

 

[shorehamview]

McCabe can be summed up thus -

Is he a massive Blade? Yes.
Has he put a lot of money into Sheffield United? Yes.
Has every decision regarding United been taken with the best possible intentions in his opinion of improving us as a club and as a playing side? Yes.
Has he made a complete balls up of it all? No.
What, not all of it? No. Not all of it, no. But a lot of it, yes, he has ballsed a lot of it up. Otherwise we wouldn't be in the fucking mess we are.
Did he intend us to be in this position? No
Will he be able to return us to being competitive in the Championship or even the Premier League? Personally I don't think so, no.

So what's the answer? I think we need someone to buy him out. And not Prince Andrex either. Someone who will actually grasp this situation we are in and work like hell to get us out of it. Not McCabe, not the Prince, and not, I'm afraid to say, his nice-guy stooge Jim Phipps, who comes across as a thoroughly nice chap who if he wasn't working for the Prince wouldn't come near Bramall Lane for all the tea in Tesco. But he is still essentially the prince's stooge.

 

[blades78]

I've just looked at the accounts from June 2014 (http://www.sufc.co.uk/documents/su-ltd-statutory-accounts-30-june-2014-fully-signed135-2104652.pdf)

I'm neither a supporter or hater of McCabe, however having looked at the accounts, I'm not willing to praise him when it was claimed he wrote off £30 odd million for the Prince to join the board.

* Page 12: Freehold and Buildings valued at £23.6 million
* Page 16: SUFC owed around £25 million in loans to Scarborough Companies (McCabe).
* Page 16: We were paying 10% interest on a £17 million loan from one of McCabes companies, and paid £3.3 million in interest over 2 years!

My point. Has McCabe really lost that much money on SUFC? If the loan had been since we were relegated from the Premiership, he's actually covered the £30 million or so he's supposedly written off. His loans are covered by the Freehold and Buildings and the interest he's been charging makes up the difference.

Unfortunately there is nothing about the wage bill, which I would love to see. The 2015 accounts will be interesting reading.

 

[Deaneandagana]

I've just looked at the accounts from June 2014 (http://www.sufc.co.uk/documents/su-ltd-statutory-accounts-30-june-2014-fully-signed135-2104652.pdf)

I'm neither a supporter or hater of McCabe, however having looked at the accounts, I'm not willing to praise him when it was claimed he wrote off £30 odd million for the Prince to join the board.

* Page 12: Freehold and Buildings valued at £23.6 million
* Page 16: SUFC owed around £25 million in loans to Scarborough Companies (McCabe).
* Page 16: We were paying 10% interest on a £17 million loan from one of McCabes companies, and paid £3.3 million in interest over 2 years!

My point. Has McCabe really lost that much money on SUFC? If the loan had been since we were relegated from the Premiership, he's actually covered the £30 million or so he's supposedly written off. His loans are covered by the Freehold and Buildings and the interest he's been charging makes up the difference.

Unfortunately there is nothing about the wage bill, which I would love to see. The 2015 accounts will be interesting reading.

The wage bill is contained within the accounts of SUFC Ltd, not to be confused with SU Ltd, not got them with me or would let you know the figure

 

[BushBlade]

I've just looked at the accounts from June 2014 (http://www.sufc.co.uk/documents/su-ltd-statutory-accounts-30-june-2014-fully-signed135-2104652.pdf)

I'm neither a supporter or hater of McCabe, however having looked at the accounts, I'm not willing to praise him when it was claimed he wrote off £30 odd million for the Prince to join the board.

* Page 12: Freehold and Buildings valued at £23.6 million
* Page 16: SUFC owed around £25 million in loans to Scarborough Companies (McCabe).
* Page 16: We were paying 10% interest on a £17 million loan from one of McCabes companies, and paid £3.3 million in interest over 2 years!

My point. Has McCabe really lost that much money on SUFC? If the loan had been since we were relegated from the Premiership, he's actually covered the £30 million or so he's supposedly written off. His loans are covered by the Freehold and Buildings and the interest he's been charging makes up the difference.

Unfortunately there is nothing about the wage bill, which I would love to see. The 2015 accounts will be interesting reading.

↑
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.
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!!

Courtesy of Deaneandagana

 

[Deaneandagana]

↑
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.
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!!

Courtesy of Deaneandagana

So in essence Mr Mc is receiving 10% interest on his loans which he might only get 3% or possibly 5% from a bank - any comments?

 

[BushBlade]

So in essence Mr Mc is receiving 10% interest on his loans which he might only get 3% or possibly 5% from a bank - any comments?

No, none whatsoever. I'm not interested in discussing it, as I've said, it's been debated for years.
If you want an argument there's plenty on either side of the fence that will give you one.
Personally, I'm struggling to find the motivation to do my own accounts.

 

[blades78]

↑
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.
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!!

Courtesy of Deaneandagana

Thanks. I understand the above, but the things I've referred to were nearly all before the Prince and Phipps appeared on the scene. I'm making the point that McCabe appeared to write off the debt owed to allow the Prince investment, when really he didn't and hasn't lost millions as suggested.