Football Rich List 2011/12 - McCabe

[shorehamview]

On fourfourtwo.com they have their latest football Rich List. There are two on that list connected with Sheffield United, at 63 Andrew laver and family, worth an estimated £45m, £5m less than Mandaric, and Kevin McCabe, worth an estimated £120 million. Note however the massive loss that his parent company, Scarborough Group International, made last year.

45. Kevin McCabe & family £120m

Sheffield United (Last year £180m, 39th)

Sheffield United's relegation to the third tier last summer will have hurt Kevin McCabe. Although he had stepped down as chairman in November 2010, he still owns the club in whose shadow he was born.
The Bramall Lane boy trained as a quantity surveyor and started working for Bovis in 1964 at the age of 16. He joined the Teesland property group in 1971 and nine years later formed the Scarborough Property Co. He sold that to Australian property group Valad in June 2007 – just before the property crash – for £865m, which included debt. McCabe's proceeds from the original sale should have been the £142.7m we can see paid out to his family and trusts in a special dividend from the Scarborough Group in 2007-08. His new parent company, Scarborough Group International, turned in a hefty £133.6m loss in 2009-10. With the dividend and hefty investments in China, we value the McCabe family at £120m after tax.

What does this actually mean as far as United are concerned? I reckon that having spent plenty of money on the football club in one way or another, and having overseen a loss of £133,600,000 for his company, there definitely won't be much in the way of funds for football any time soon.

 

[beightonblade]

Just figures on paper Shoreham .............
On property in the UK a write down of 35-40% from 2008 values would be prudent.......... and remember these figures are for the benifit of HMRC !
Mr McCabe certainly wudn't tell yer where a birds nest was !

as far as United are concerned I believe Mr McCabe has made things clear The Blades are for sale....... however his valuation is in cloud cuckoo land.......perhaps he will eventually sell at a lower price and retain the BDTBL freehold.....renting it to the club ! ......... has the freehold for the hotel already been chopped off ?

 

[S64 Blade]

I'd assume the loss for Scarborough is just a write down of the property portfolio, like beightonblade said. Therefore it would depend how heavily geared the company is, as regards 'real' losses.

 

[blade too long]

property firms are taking hits just now
especially as malls , office blocks and housing has just about ground to a halt
McCabe considering this is protecting our interests the best he can
thats why the out brigade are cutting off our noses and spiting our face
If he does feck off , we are fecked, plain and simple as there is no one else
I dont agree with all his decisions , hes made some clangers of choices when selecting managers
But , we need him, just to keep ticking over unless anyones got 20- 30 million they dont need right now

Demanding he goes just now , is like having labotomy to cure a headache

 

[Rodley]

property firms are taking hits just now
especially as malls , office blocks and housing has just about ground to a halt
McCabe considering this is protecting our interests the best he can
thats why the out brigade are cutting off our noses and spiting our face
If he does feck off , we are fecked, plain and simple as there is no one else
I dont agree with all his decisions , hes made some clangers of choices when selecting managers
But , we need him, just to keep ticking over unless anyones got 20- 30 million they dont need right now

Demanding he goes just now , is like having labotomy to cure a headache

Property development and construction has been on its arse for 3-4 years, believe me as a professional working in that sector it's been a killer. No wonder he's kept his hands in his pockets.

 

[Bladeloyal]

Property development and construction has been on its arse for 3-4 years, believe me as a professional working in that sector it's been a killer. No wonder he's kept his hands in his pockets.

remember mcabes been in china in a big way for the last 8 to 10 years ,the gains he will have made there will be come apparent when he sells his stakes in topspring and rainbow department stores ,he will make a massive killing ,as property prices have more than doubled over there in the last 5 years .

 

[beightonblade]

remember mcabes been in china in a big way for the last 8 to 10 years ,the gains he will have made there will be come apparent when he sells his stakes in topspring and rainbow department stores ,he will make a massive killing ,as property prices have more than doubled over there in the last 5 years .

and he's making a bob or two introducing EU companies to his contacts out there.

 

[blade too long]

maybe so , but many construction firms have gone tits up , jarvis allertons , any gains in china probably help save Scarboro holdings from the same fate, The pot for championship and league 1 clubs is still shrinking, stagnant tv fees dont help rising wage costs.
As to property prices in china doubling , twice next to nothing is still nothing, China investment is long term, it may yet save our bacon , but this idea we have bundles of spare cash from sales mccabes pocketed is ill conceived , well just plain wrong

 

[Revolution]

Only 120 million. Now I understand why there's no money for a decent goalkeeper.