Julian Winter

[alcoblade]

Im speculating here as im not a shareholder and havent looked at the accounts, but I would imagine a high proportion of the losses will be "paper losses" through writing down the value of assets in the accounts. You can look like you're losing a lot of money when your actual cash flow position is fine.

Hmmm, perhps, but I doubt it. It's not just assetts that we've bought / overpaid for. With £20M plus wage-bills, there's shit loads of cash that has been exiting the business as well as write down's.

UTB

 

[puppet]

Anyone remember Bryan Robson secretly filmed on C4? If he wasn't drafted in to try and sell the club I'll stand hanging. Might go some way to explaining the investment into the squad during his tenure. was he sacked on results on the pitch or results on the 'selling the club' side of things?
I've sat in front of McCabe at Fans Forums and the old now worthless shareholder meetings, he's no fucking Blade. I nearly got sacked for my 'behaviour' (arguing back as a fan) at one of those meetings when I was providing the sound system in my old job. We needed a Business Centre - revenue towards funding PLAYERS WAGES - he ran it from day one via its now owners Forsyth. He KNEW that was a loss leader to a football club same with the hotel he bought for a POUND. You swallow all the Blade crap you like, I've seen him for what he is as far back as 1999.

 

[alcoblade]

same with the hotel he bought for a POUND. You swallow all the Blade crap you like, I've seen him for what he is as far back as 1999.

Who's refering to McCabe's Bladeness?

Lots of owners support the club they own. Lots of owners don't support the club. They all lose money.

I'm much less sure about what McCabe's initial intentions were. It was probably to make lots of money - but that hasn't been debated on this thread. The outcome, that he's lost lots of money, isn't in serious doubt.

I'm perplexed by the constant references to the Hotel. It was owned by a McCabe company. It's still owned by a McCabe company. I don't see the relevance of it being transferred for £1 or £10,000,000. But in making the point, and ignoring the fact that a shit load of debt was also transferred with it, your real emotional and subjective position is exposed.

UTB

 

[Micalijo]

SUFC Hotel Ltd was a subsid of the football club or plc I believe (can't reacll which but doesn't really matter). McCabe has a big pot and money was borrowed to build the hotel. Say £19m plus interest. Hotel was built and it was only worth say £15m so immediately there is a £4m paper loss in the football club/plc accounts.

Note 32 to the 2010 accounts says that the hotel company was sold to Scarborough Partnership Ltd for £1 but before that deal £4m of cash from the Tevez wedge was used to pay off hotel debt.

Therefore the property was no longer in negative equity, McCabe has a chance of making wedge out of it and the football team is weaker because £4m of the Tevez wedge has gone on property.

Love United hate McCabe

 

[broomhillblade]

Could someone enlighten me: How did McCabe make his fortune in the first place?

Did he get lucky? Some of his decisions over the past ten years or so have hardly been those of a shrewd businessman (or can it all be blamed on the recession?).

 

[metalblade]

Could someone enlighten me: How did McCabe make his fortune in the first place?

Did he get lucky? Some of his decisions over the past ten years or so have hardly been those of a shrewd businessman (or can it all be blamed on the recession?).

Property made McCabe his money something he is good at, sadly when it comes to running a football business he is a proper fookin numpty.