In Conversation with Kevin McCabe (Octagon)

[Deleted member 1486]

The balance sheet says it's not worth £20m

Again the accounts show he's put money in for shares. He's not owed that, its not a loan, it's in shares.

No. I don't think I said that. What I said, maybe not clearly enough, is that the money he paid for his shares has been used by the club to cover losses.

I know what you're saying. I'm just playing devils advocate a bit, and pointing out that it's not as simple as saying "he's £20 million down". I don't know the going rate for a Championship Club, but I'd imagine if someone wanted to purchase the club outright they'd have to pay something approaching an amount that would see him just about break even?

Again, not saying he entered this to make money, or that he's profited, but neither has he pissed his wealth up the wall (comparatively, to both his wealth, and the expectation of spending when owning a football club).

 

[sheffielder]

£257.5 million?

or 27.5m as I was meant to say!

 

[Nicolaus_Copernicus]

When we de-listed was it the full club or just part?

 

[Blade56]

If and I assume he would, CW is allowed to keep full control of transfers then regardless of budget increases, he will always shop for value, I don't mean he has multi millions to spend and still buys players at 750k, I would love to see what CW, AK and the back room lads can do with a very competitive budget supported of course by a good scouting network. we may not be shipping gold out in all directions but at the minute things seem to be very well run, I can't see this changing if the coffers do swell. I don't actually know if I've replied to you here or just waffled on.

Eeerrrrrrrr, waffle . It wasn't a question really mc, more of what I would like to see happen next ie go for the corporate model, it's like garlic bread the future. Football ain't going backwards to the good old days that is a fact. The likes of the Pigs, Coventry, West Ham have show the world how not to do it and Brigton, Wolves etc are showing how to do it and one would hope we go more that route.

Kev (I hope I can call him Kev)

Kevin is much better, don't like name shortening sheff

 

[Sean Thornton]

I know what you're saying. I'm just playing devils advocate a bit, and pointing out that it's not as simple as saying "he's £20 million down". I don't know the going rate for a Championship Club, but I'd imagine if someone wanted to purchase the club outright they'd have to pay something approaching an amount that would see him just about break even?

Again, not saying he entered this to make money, or that he's profited, but neither has he pissed his wealth up the wall (comparatively, to both his wealth, and the expectation of spending when owning a football club).

I understand that but didn't The DK pay just £40m for the Pigs including the scrapyard?

The main issue of course is without a sale by one or both, is how long they can keep funding us?

 

[Boxer Blade]

If you fell for it I have baby unicorns for sale.

Dont believe him, I ordered and paid for a couple several months ago, still waiting for delivery.

 

[Esablade]

To speculate , I guess the problem McCabe would have in turfing Princey out is the cost.

McCabe's not going to want to chuck £20 million cash his way and I can't see Princey simply walking without owt...McCabe might try and tough it out but Princey could simply 'do a Kev' and say 'the club has to stand on it's own two feet' etc and let McCabe foot the running costs.

Obviously, we don't really know the ins and out's and as other's have said, it could be Princey trying to buy McCabe out and he's not keen.

None of this is good for the club or Wilder..

 

[Sean Thornton]

Dont believe him, I ordered and paid for a couple several months ago, still waiting for delivery.

They were left with a neighbour !!!!!

 

[Worksop II]

McCabe's not going to want to chuck £20 million cash his way

If the Prince has been putting money in to cover costs, the same as McCabe ..... then he has nowt to come .... maybe the £1

It's like selling your house, and asking the buying to fob out for the Electric you have paid for in the last 12 months while you were living there

 

[Worksop II]

They were left with a neighbour !!!!!

I think Crab Courier Services will be able to supply you with a Proof of Delivery .... nudge nudge

 

[Esablade]

If the Prince has been putting money in to cover costs, the same as McCabe ..... then he has nowt to come .... maybe the £1

It's like selling your house, and asking the buying to fob out for the Electric you have paid for in the last 12 months while you were living there

Does that logic apply to McCabe also?

 

[Worksop II]

Does that logic apply to McCabe also?

If you are talking about the Prince doing the buying of the Football Club, then yes .... they are 50/50 partners (i fink)

The Ground etc is sumat different tho'

 

[sheffielder]

If the Prince has been putting money in to cover costs, the same as McCabe ..... then he has nowt to come .... maybe the £1

It's like selling your house, and asking the buying to fob out for the Electric you have paid for in the last 12 months while you were living there

But the club is now in the CHampionship and worth a lot more than it was when he first started. He invested in us getting to the Championship so the value of his half shouldn't be underestimated.

 

[I should coco]

I am no expert, but the I would imagine the club (minus the infrastructure) is worth probably around £30m. So that is £15m each.

I would say that the club minus the physial assets is worth maybe a few million at best, so closer to bugger all each.

We are loss making as we have been in about 19 of ther last 20 seasons. On the day you takeover, there are contractual liabilities to pay players thousands of pounds per week each, stretching out over the next few years.

Some of these players will command transfer fees but I would doubt if these out weigh the total liabilities by much.

Take one of our 'average' players on say £6k per week with 3 years left. That is £1m for one player and we have over twenty of them. Brookes might be saleable for say £15m but after that we would only get £1-3m for Fleck and O'Connell and less (or nothing) for the rest.

 

[Suomi_Blade]

All this discussion is great but besides Wilders "friend" on twitter, plus the usual comment about investment that McCabe said last night, have we actually established if any takeover/owner leaving is actually happening?

This all seems pie in the sky thats being driven by rumour, yeah one of the owners will leave eventually but I dont think eventually is any time soon.

 

[I should coco]

Dont believe him, I ordered and paid for a couple several months ago, still waiting for delivery.

They don't fall off trees you know?

Everybody knows that these unicorns are 'special' and there are only a few times a year when Sean Thornton can climb up the magic beanstalk to get the babies.

 

[Worksop II]

But the club is now in the Championship and worth a lot more than it was when he first started. He invested in us getting to the Championship so the value of his half shouldn't be underestimated.

Agreed, but each half is worth the same ..... so £20m each or £1 each ... its the same with reference to each other, which I reckon sums up to zero

 

[Esablade]

If you are talking about the Prince doing the buying of the Football Club, then yes .... they are 50/50 partners (i fink)

The Ground etc is sumat different tho'

McCabe has transferred the ground to another one of his companies..so that’s out of the picture for now.

 

[UnitedBlade]

If the Prince has been putting money in to cover costs, the same as McCabe ..... then he has nowt to come .... maybe the £1

It's like selling your house, and asking the buying to fob out for the Electric you have paid for in the last 12 months while you were living there

The problem with telling the Prince you’re getting nothing for the privilege of selling his 50%, is he’ll say fine, fuck you, no more funding of losses from me. This increases the burden on McCabe.

There has to be a negotiation which helps him with his losses and perhaps gives him a reward if the club gets to the PL later.

Kevin also has to have another partner willing to invest substantially. Or someone mega rich and vetted who will buy them both out.

We are at a crossroads, it could go either way. It doesn’t look simple to me either.

 

[Sean Thornton]

They don't fall off trees you know?

Everybody knows that these unicorns are 'special' and there are only a few times a year when Sean Thornton can climb up the magic beanstalk to get the babies.

He never stops moaning. Magic beans don't work, postage costs too high, charged my credit card twice, Thai bride had a cock, the heroin was tea lives and vim....

 

[Worksop II]

The problem with telling the Prince you’re getting nothing for the privilege of selling his 50%, is he’ll say fine, fuck you, no more funding of losses from me. This increases the burden on McCabe.

There has to be a negotiation which helps him with his losses and perhaps gives him a reward if the club gets to the PL later.

Kevin also has to have another partner willing to invest substantially. Or someone mega rich and vetted who will buy them both out.

We are at a crossroads, it could go either way. It doesn’t look simple to me either.

Partners falling out over Money ... who'd have thunk it

 

[SouthEssexBlade]

He never stops moaning. Magic beans don't work, postage costs too high, charged my credit card twice, Thai bride had a cock, the heroin was tea lives and vim....

Sounds like a job for Big Vern.

 

[SUFC Guy]

Could all be pie in the Sky before the ST renewal date! I don't think there is one single piece of concrete evidence that anyone is leaving or coming in is there?

As long as CW and AK stay then I'm not too fussed if owt does happen ownership wise.

 

[west_yorks_blade]

I still have a Garage full of Pitchforks which may be about to become hot items ...

Got any fork handles?

 

[UnitedBlade]

Partners falling out over Money ... who'd have thunk it

Yep, this was always going to happen at some point.

 

[UnitedBlade]

Could all be pie in the Sky before the ST renewal date! I don't think there is one single piece of concrete evidence that anyone is leaving or coming in is there?

As long as CW and AK stay then I'm not too fussed if owt does happen ownership wise.

I reckon Foxy has some evidence but won’t say.

Booooooooo

 

[I should coco]

Yep, this was always going to happen at some point.

Based on what, exactly?

Next thing you know, someone will be posting about a duel to the death in the car park!

 

[sheffielder]

Partners falling out over Money ... who'd have thunk it

You would have thought figures would have been in the paperwork for when we get promoted. We both put x in when in League one and we then put xx when in the championship. Simple I know, but that's the way I roll.

 

[oldblade]

Strange that he seems upset with Princey's contribution as he appears to have put in exactly the same amount as McCabe whilst they've been joint-owners...

At the start of the partnership McCabe also wrote off around £30 million of debt.

 

[Davalon]

End of the day I haven't a clue what is or isn't happening, but irrespective, there's nothing more sad and egotistical than someone on social media essentially saying 'I know something you don't and I'm not telling' followed by a smiley of some sort.