Letter to shareholders

[Blade56]

Have we all seen this? Sorry if posted elsewhere.....

​

 

[Houston_Blade]

A good old whinge-fest is in the offing here. "Weer's munneh gone Kev?".

 

[Harry's Game]

Splendid.

 

[Blade56]

Brave or foolish to be in front of fans only 11 days before the transfer deadline. Not bothered if he's been caught wi his trousers down, just want to know how it affects club, fans and the future.

Does anyone think letter smacks of desperation?

Cheeky git forgot to sign my letter anall

 

[Davalon]

Let's hope there's one or two fear allaying signings before then, otherwise

 

[TJB.]

Brave or foolish to be in front of fans only 11 days before the transfer deadline. Not bothered if he's been caught wi his trousers down, just want to know how it affects club, fans and the future.

Does anyone think letter smacks of desperation?

Cheeky git forgot to sign my letter anall

The bit about the timescale will be interesting and I look forward to finding out what's said on that matter. I'd also like to know from the horse's mouth why he only wanted the £1.25m injection to be a loan and not a gift. I have an idea of course, but I'd like to hear his stance.

I don't know about it smacking of desperation but it could well be that the situation itself is even more desperate than we understand. Yet again though, we will only be privvy to information supplied by McCabe's side of things as no such meeting will take place for UTB LLC (going by form).

 

[Bashar Al Asaba]

Letter To Shareholders.

One of The Proclaimers lesser known B-sides.

 

[Kentblade]

Not wishing to reopen history but while Kevin McCabe has put large amounts of his income in I find it totally unbelievable that he has allowed this position to arise.
We know all about the former but what do we know about the other party, probably very little.

Judging from other clubs there must be someone or a consortium of investors who would wish to buy out such a well supported club with the possibility of taking the club further.
We are now in a total quandary as I cannot see a solution, not even by the high court.

All I can see is Wilder moving off before the season is out.

UTB

 

[Bladesman]

 

[Dkc]

So the Prince can't or won't cough up the investment cash we were hoping for. So ideally, he exits stage left and we find another investor.

Problem is, he's already into the club by 10+ million (?) and he's unwilling to exit gracefully unless he gets all that back and more, as the value of the club has increased now it's in the Championship. The two parties differ widely on what the current valuation is, and thus how much Princie is entitled to if and when he slinks his hook. Sad state of affairs, and no one else will be willing to come in until this is resolved. Best we can hope for is a speedy resolution.

 

[Champagneblade]

All this communication seems a little one-sided.

It would be good to hear the Prince’s POV.

We’re only getting McCabe’s side here. Maybe Prince didn’t want to put money in to inflate the value of McCabe’s assets?

 

[bricktop]

Can’t make my position this any clearer, but as soon as that fucking wanker Abdullah fucks off the better for me. It is clear to me that he doesn’t give a fuck about Sheffield United, he is just in it for what he can get out of it. Some regular readers will have observed that I refer to him by either his first name or the Saudi, as I don’t have any respect for him, and his position in the Saudi Royal Family still means that I owe him zero deference by calling him Prince, as I certainly am not Saudi Arabian or one of the subjects of his family.

As far as I’m concerned he can fuck off back to the sandpit, and concentrate his efforts on a more suitable activity such as producing the shitroll for the Saudis ro wipe their arses on and leave the football to the experts.

McCabe doesn’t come out of this with any great credit either.

 

[Esablade]

Does anyone think letter smacks of desperation?

Batten down the hatches!

 

[Lmaobob]

Fuck me so we gotta wait until at least 28th (realistically) to sign anyone?

 

[Revolution]

I advise anyone interested in this dispute to go to the link referred to in the letter and read the judgment that can be found there. It explains the background to the dispute in detail, and also explains why the parties fell out over exercise of options.

 

[bromtom]

Batten down the hatches!

Abdullah caught me with a counter (It wasn't me)
Tried to buy me out fully (It wasn't me)
Not sure it's even legal (It wasn't me)
Now our bullshit is public (It wasn't me)

 

[Dkc]

https://shepwedd.com/sheffield-unit...ited-(sul)-shareholders'-meeting---july-2018=

 

[Revolution]

Para 21 of the judgment:

"I am driven to the conclusion that this litigation is being used, by both parties to an extent, to seek to apply commercial pressure to the other, and not simply to resolve the issues that are raised in it. Each side can comfortably afford to provide the necessary funding to keep [the club] afloat, yet neither is willing to give ground....Both sides are risking further reputational or financial damages by exposing the financial weakness of [the club] to the public gaze"

Shame on both sides.

Same old crap again. Fiddling while Rome burns.

Neither side can be trusted. Neither side will get us anywhere other than back down a division.

 

[Whiston Blade]

2m to spend on players, might as well tempt Monty and Brown back.

 

[Revolution]

Having skim read all of the stuff in that link, I think it is a major error to put it in the public forum. It lays bare a number of serious problems at the club.

I am very worried about how this is going to play out.

 

[Esablade]

Having skim read all of the stuff in that link, I think it is a major error to put it in the public forum. It lays bare a number of serious problems at the club.

I am very worried about how this is going to play out.

I don’t think McCabe wanted to (obvs) but it looks like shit or bust time for the bloke...

 

[Sean Thornton]

Brave or foolish to be in front of fans only 11 days before the transfer deadline. Not bothered if he's been caught wi his trousers down, just want to know how it affects club, fans and the future.

Does anyone think letter smacks of desperation?

Cheeky git forgot to sign my letter anall

Not desperation, possibly desperate times.

 

[Pedro's Winger]

Well done McCabe for being prepared to front up.
Better than nowt.

 

[bornablade]

I'm surprised how relaxed Chris seems through all of this.

 

[Sean Thornton]

All this communication seems a little one-sided.

It would be good to hear the Prince’s POV.

We’re only getting McCabe’s side here. Maybe Prince didn’t want to put money in to inflate the value of McCabe’s assets?

I thought the sale of shares price was already agreed? HRH wanted McCabe to gift the money required, which would do the opposite of what you're thinking. McCabe has no property assets in the FC or BL.

 

[Sean Thornton]

I'm surprised how relaxed Chris seems through all of this.

Big pay off.

 

[Davalon]

Like death and taxes.

 

[ShockingBadBuy]

I'm surprised how relaxed Chris seems through all of this.

Big pay off.

Really good last few years for his CV. Very well paid. Loved by tens of thousands. Great prospects. No fault of his, in all likelihood, if everything goes tits up this year.

On the balance sheet of reasons to be cheerful versus reasons not to be ("my football club is badly run") .... I'm not that surprised he seems relaxed, tbh.

 

[Revolution]

I will be amazed if Wilder is still here at the end of the season.

 

[Addison]

Para 21 of the judgment:

"I am driven to the conclusion that this litigation is being used, by both parties to an extent, to seek to apply commercial pressure to the other, and not simply to resolve the issues that are raised in it. Each side can comfortably afford to provide the necessary funding to keep [the club] afloat, yet neither is willing to give ground....Both sides are risking further reputational or financial damages by exposing the financial weakness of [the club] to the public gaze"

Shame on both sides.

Same old crap again. Fiddling while Rome burns.

Neither side can be trusted. Neither side will get us anywhere other than back down a division.

Agree neither should be trusted. No formal agenda for the meeting so a one sided open mic slag off of Prince Abdullah again. You do wonder how KM's legal team are earning their money. After being criticised in open Court by the Judge about exposing the Clubs financial weakness to the public domain he's going to do it again.

A letter to all shareholders enclosing a copy of the Court judgement with perhaps an estimation of when the full hearing is likely to be heard should have been sufficient. It seems KM wants to try and gain support amongst the fan base for his side of the story.

Interesting statement in the letter " this means that all decisions have to be agreed by both owners or the Club is left in deadlock". Isn't that the case under any 50?50 partnership?