Fan ownership?
- Thread starter Micalijo
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Only problem is, to take over SUFC Ltd, you've have to speak to Mr McCabe.
Whilst I'm sure he'd be willing to speak to you, unfortunately, on previous evidence you'd be a little busy washing your hair or something equally as important and therefore the deal would fall through.
Still, nice idea.
UnitedBlade
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So you'd pay £1 and take on the debt ?
Didn't think so ................
There is no one but McCabe who can take us forward at the moment, whether you like that or not.
Currently a price cannot be struck whilst we are in L1.
shorehamview
Pink Sambuca drinking World Champion.
I'll double that quid, and put in two.
Older, wiser and now it would appear wealthier too.
Older, wiser and now it would appear wealthier too.
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Tough to have a serious discussion with someone who doesn't have a clue about the subject matter but let me remind you that the debt was converted into share capital. The share capital is worthless and nobody would pay more than a quid.
People buy companies free of debt - ie up to the vendor to sort em out or write em off. McCabe wants to stem his losses so he should pack his bags and sell for £1. If you are saying he wants more than £1 for his shares when the company doesn't own the ground you and him are living in a dream world.
I hereby formally offer him £1 and I will run the club better than him out of income generated.
I will also solve the stale bread and give the Lion regulars a fans forum every 2 days.
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Such wit Foxy - truly incredible stuff. You even got a few claps.
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I wasn't trying to be funny, just accurate.
Wapping Blade
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Where would you fund the cashflow from, where if rumours are true, we are still losing money month on month?
super_pig
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if i win the euromillions i'll buy it
UnitedBlade
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Are you for real ? You'll find only £17m was converted to equity and the debt was £32m this time last year. The new accounts are due any time now.
So you're saying you'll offer £1 if McCabe writes off the debt ?
I assume you are talking about the plc which does own the ground.
Why would he be the slightest bit interested in that offer ?
Patrick Suffaux
Well-Known Member
If KM's intention was to stem his losses then as mic says, could he write off the debt and sell the club for a quid? I'm not aware of all the facts regarding the money owed to him and whether that scenario is workable.....anyone with a bit more knowledge like to offer an insight?
I always assumed that he wanted the debt repaid eventually but perhaps that's not the case I don't know. It would appear to be the case as surely there would be a willing buyer for a nominal fee?! The only way I see him getting the money back is by getting us into the PL to make us an attractive proposition but he would have to spend more money to get us there realistically.
Catch-22?
I always assumed that he wanted the debt repaid eventually but perhaps that's not the case I don't know. It would appear to be the case as surely there would be a willing buyer for a nominal fee?! The only way I see him getting the money back is by getting us into the PL to make us an attractive proposition but he would have to spend more money to get us there realistically.
Catch-22?
SwissBlade
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If the blades were owned by fans like mic we'd be bankrupt in a season and I for one would not support such a regime.
Good luck though mic. I prefer McCabe to mic
Good luck though mic. I prefer McCabe to mic
SwissBlade
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He has a point though mic.
How would you communicate with fans. Very badly by the looks of it. What would you troll about if you owned the club
BornOnShorehamStreet
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If you do finish up buying the club Mic you won't see me for dust......
davidpinder
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cooperblade
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Mic, at what point of your ownership would you reveal the plans to 're-brand' and change our colours to blue and white stripes?
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- #19
Sorry pal but I don't think you have a clue how businesses are sold and bought. I apologise now if that offends you. I am well aware of the accounts.
No purchaser of any company pays off the debts owed to the previous owner. It just does not happen in the commercial world. The shares of SUFC are worth nil. It does not make a profit and has no balance sheet value either.
Plenty of businesses are bought trade and assets rather than shares and as such I would have to take over creditors if I deemed them vital to the business (McCabe's loans not being vital) and with a share deal obviously I would not buy a company with a huge debt to McCabe owing and nor would anyone else in their right mind.
I will repeat - SUFC is worthless. The shares in the company are worthless. Nobody will pay more than £1 for the shares. They are still worthless even if McCabe converts the recent build up of new loans post equity/debt swap because it is a loss making business. I buy for £1 and I would need to have bank backing to fund day to day losses or state from day one that whatever income is generated by the club that is all that would we spent. That is the purchasers problem but his loans are not.
Maybe McCabe thinks he can steer the club back to successful ways, generate cash and repay some loans but it just aint gonna happen. If he sick of the day to day losses he should sell to a fans trust.
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- #20
Sorry pal but I don't think you have a clue how businesses are sold and bought. I apologise now if that offends you. I am well aware of the accounts.
No purchaser of any company pays off the debts owed to the previous owner. It just does not happen in the commercial world. The shares of SUFC are worth nil. It does not make a profit and has no balance sheet value either.
Plenty of businesses are bought trade and assets rather than shares and as such I would have to take over creditors if I deemed them vital to the business (McCabe's loans not being vital) and with a share deal obviously I would not buy a company with a huge debt to McCabe owing and nor would anyone else in their right mind.
I will repeat - SUFC is worthless. The shares in the company are worthless. Nobody will pay more than £1 for the shares. They are still worthless even if McCabe converts the recent build up of new loans post equity/debt swap because it is a loss making business. I buy for £1 and I would need to have bank backing to fund day to day losses or state from day one that whatever income is generated by the club that is all that would we spent. That is the purchasers problem but his loans are not.
Maybe McCabe thinks he can steer the club back to successful ways, generate cash and repay some loans but it just aint gonna happen. If he sick of the day to day losses he should sell to a fans trust.
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- #21
Sorry pal but I don't think you have a clue how businesses are sold and bought. I apologise now if that offends you. I am well aware of the accounts.
No purchaser of any company pays off the debts owed to the previous owner. It just does not happen in the commercial world. The shares of SUFC are worth nil. It does not make a profit and has no balance sheet value either.
Plenty of businesses are bought trade and assets rather than shares and as such I would have to take over creditors if I deemed them vital to the business (McCabe's loans not being vital) and with a share deal obviously I would not buy a company with a huge debt to McCabe owing and nor would anyone else in their right mind.
I will repeat - SUFC is worthless. The shares in the company are worthless. Nobody will pay more than £1 for the shares. They are still worthless even if McCabe converts the recent build up of new loans post equity/debt swap because it is a loss making business. I buy for £1 and I would need to have bank backing to fund day to day losses or state from day one that whatever income is generated by the club that is all that would we spent. That is the purchasers problem but his loans are not.
Maybe McCabe thinks he can steer the club back to successful ways, generate cash and repay some loans but it just aint gonna happen. If he sick of the day to day losses he should sell to a fans trust.
The club might be worthless in a purely commercial sense, but it is not worthless in "nice toy for a rich man/massaging the ego sense". There will be probably be some such rich man, with more gold than he can eat, along at some point who quite fancies a football club to add to his collection of yachts, racehorses and expensive women. I am afraid this person will be able to offer McCabe far more than you can.
A football club is a loss making luxury good for the plutocrats of the world. The fact that it makes a commercial loss year on year is neither here nor there.
UnitedBlade
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OK, I am aware of all that but my point is he won't be interested because he does believe a football club can now make money (if it gets to the Premier League)
This McCabe recording has been done in the last fortnight and is an interesting insight into McCabe's business. He is quite overt that football has and will continue to open doors for him. He also says that if he'd been asked 5 to 10 years ago "can you make money in the Premier League" he would have said "no". But now he believes differently (probably because of the TV revenues, the parachute payments [yes, I know we squandered ours but they are now improved even further] and that the Premier League's moves to control players wages etc).
He makes no reference to Jacob Esan and Nigeria in this interview and my view is that it is because plans are not formulated for 2013. He did say we wouldn't hear anything for 6 to 9 months. With Nigeria predicted to be the biggest growing economy in the next couple of decades, he'll undoubtedly pursue this strategy.
My belief is he will have one more go with United but it's paramount we get out of L1 this year. I know the Times Rich List puts his wealth at about £120M (?, small beer for FC owners) but he is sitting on an investment portfolio of £1bn. Construction will recover eventually and with that revaluation and more wealth for McCabe.
I don't think he's interested in selling, we might find out more when the accounts are published
Unfortunately you will have to register on Property Week's website (free) and the interview is 30 minutes long.
http://tinyurl.com/ctg2b6y
beightonblade
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McWobbleGob is in denial with The Blades .
I always wonder why anyone above the age of 8 thinks that giving people insulting nicknames is big or clever.
shorehamview
Pink Sambuca drinking World Champion.
Because it is. Call someone "Pooface". Guaranteed smiles. Probably.
Yes, I thought that when I was 8. Probably.
shorehamview
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I'm
I'm 44, and I still find it funny. Not very mature, but funny nonetheless.
To quote Blackadder...
For you, the Renaissance was something that happened to other people....
shorehamview
Pink Sambuca drinking World Champion.
Like all that whips and chains palaver too. Well, except for the whip bit.To quote Blackadder...
For you, the Renaissance was something that happened to other people....
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