Letter to shareholders

[The Crab]

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

I'll be amazed if he's here at the start of it at this rate.

What a Clusterfuck

 

[Revolution]

Did I say I was okay with it? ( The answers no, by the way, save you a post)

I pointed out that Addison suggestion would have exactly the same effect as what's already happened. Nothing more.

Ok.

Incidentally, these documents answer the question we pondered in a thread earlier this year about how the documents work and who had given what notice.

 

[Sean Thornton]

Ok.

Incidentally, these documents answer the question we pondered in a thread earlier this year about how the documents work and who had given what notice.

Be interested to revisit that. Do you have a link?

 

[Sothall_Blade]

It’s been reported

It really hasn't Danny. I haven't seen Dr Rakan Al Harthy mentioned in The Star before. Or on here for that matter.
That's just one example.

 

[Sothall_Blade]

If the Star don't report this they aren't doing their job.

I am also of the view it shouldn't be in public, but its too late now.

They should take them down before too many people get chance to read them.
Besides, I've saved my copy now

 

[Addison]

Be interested to revisit that. Do you have a link?

See post 17 ST and the skeleton arguments.

 

[Harrisblade]

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?

The "fan base" aren't actually invited - the shareholders are.

 

[Sean Thornton]

See post 17 ST and the skeleton arguments.

The question is does the Prince want the properties. He must have been aware of the differing valuations with and without leases so it's not unfair to suggest he may not.

 

[Grappler]

It really hasn't Danny. I haven't seen Dr Rakan Al Harthy mentioned in The Star before. Or on here for that matter.
That's just one example.

I must have missed this somehow, who is he and what does he have to do with SUFC?, I assume he is a friend or adviser of the Prince?

 

[Sean Thornton]

I must have missed this somehow, who is he and what does he have to do with SUFC?, I assume he is a friend or adviser of the Prince?

Nothing to do with SUFC. Loaned money via UTB.

 

[Grappler]

Nothing to do with SUFC. Loaned money via UTB.

Cheers Sean, he loaned money to UTB or he was loaned money by UTB?

 

[Sean Thornton]

Cheers Sean, he loaned money to UTB or he was loaned money by UTB?

To. The court documents give more info.

 

[Revolution]

It’s been reported

Where? There are huge amounts of new material.

 

[Grappler]

To. The court documents give more info.

Thanks.

 

[Kentblade]

Why do you think this would cause Wilder to move on?

He's just recently signed a new contract, before which he met with the owners and was informed about all of this.

Contracts mean nothing these days in football.
Action speaks louder than words.

I am working on the basis of the amount he has for a transfer budget.
if McGoldrick, 30 plus at Ipswich is now his attention then it cannot be very large.

Only time will tell but he is a good manager who imho would have got us into the premiership last season with adequate funding.

UTB

 

[Sothall_Blade]

The Charwell Loan
29. The Court will see reference to the “Charwell Loan” in two contexts:
a. Firstly, the circumstances of the Charwell Loan and its true nature (namely a disguised inducement or bribe to Prince Abdullah in his role as Saudi Minister for Youth and Sports) form part of the Defendant’s allegations of unfair prejudice in its section 994 Petition.
b. Secondly, that its repayment on 30th April 2018 and in particular an application that the Defendant issued to secure its repayment on the due date, are deployed by both sides in very different ways to explain or justify the stances taken at this stage.

30. By the end of 2016 SUL had invested £1.6m more than UTB into Blades leading to a disparity in the respective partners’ investments in the company (Sewell 3 para 26 at [4/29/797]).

31. In February 2017 SUL was looking to divest itself of its interest in Blades, and the Properties, and a potential investor called Dr Rakan Al Harthy (“Dr Rakan”) was identified. In the talks that were ongoing, Prince Abdullah secured an agreement by Dr Rakan to lend (through his company, Charwell Investments Limited) a sum of £3m to Blades. The loan was interest free with repayment due by 30th April 2018 [2/20/311].

32. By July 2017 UTB had still not injected £1.6m into Blades (to bring the partners to parity) and SUL was informed that Dr Rakan had agreed that UTB would assume £1.6m of the Charwell loan and repay it instead of Blades. Thus providing UTB’s share injection of £1.6m. In this way UTB secured further time to come up with the £1.6m and obtained further shares in Blades to that value.

33. At this stage Dr Rakan was the principal behind Sela Sports, a substantial company operating in the major Saudi media and sports industry. The Prince was the Saudi Minister for Youth and Sports (Petition paras 42-45 at [1/12/107]).

34. SUL now has reason to believe that UTB never repaid the full £1.6m to Charwell and it infers that the majority of this sum was written off by Dr Rakan as a favour to the Prince (Sewell 3 para 64 at [4/29/807]). This was a disguised means of conferring a benefit on the Prince which was a serious breach of the Prince’s duties to SUFC (SUL says that the directors of Blades had a duty not to act in such a way as might bring the Football Club into disrepute).

35. In the period leading up to the repayment date of 30th April 2018 Mr Giansiracusa sent an email to the Blades directors pointing out the potential dire consequences of a failure to repay including the possibility of Blades insolvency and a points deduction by the English Football League (see email dated 20th April 2018 timed at 15:16 at [2/20/330]).

 

[Sean Thornton]

Where? There are huge amounts of new material.

They could have posted a link. Other than that it's unlikely that sports reporters would become embroiled in legal matters particularly when they need a relationship with whoever ends up owning the mess.

I'd imagine their target audience aren't that interested in becoming apprentice Rumpoles like many of us on here.

 

[LJBlade]

Contracts mean nothing these days in football.
Action speaks louder than words.

I am working on the basis of the amount he has for a transfer budget.
if McGoldrick, 30 plus at Ipswich is now his attention then it cannot be very large.

Only time will tell but he is a good manager who imho would have got us into the premiership last season with adequate funding.

UTB

But he will have been told what the budget was before he signed his new deal. Nothing new has happened (from his perspective) since he signed his new deal other than Brooks leaving and he said he wasn't surprised when that happened.

 

[Grappler]

The Charwell Loan
29. The Court will see reference to the “Charwell Loan” in two contexts:
a. Firstly, the circumstances of the Charwell Loan and its true nature (namely a disguised inducement or bribe to Prince Abdullah in his role as Saudi Minister for Youth and Sports) form part of the Defendant’s allegations of unfair prejudice in its section 994 Petition.
b. Secondly, that its repayment on 30th April 2018 and in particular an application that the Defendant issued to secure its repayment on the due date, are deployed by both sides in very different ways to explain or justify the stances taken at this stage.

30. By the end of 2016 SUL had invested £1.6m more than UTB into Blades leading to a disparity in the respective partners’ investments in the company (Sewell 3 para 26 at [4/29/797]).

31. In February 2017 SUL was looking to divest itself of its interest in Blades, and the Properties, and a potential investor called Dr Rakan Al Harthy (“Dr Rakan”) was identified. In the talks that were ongoing, Prince Abdullah secured an agreement by Dr Rakan to lend (through his company, Charwell Investments Limited) a sum of £3m to Blades. The loan was interest free with repayment due by 30th April 2018 [2/20/311].

32. By July 2017 UTB had still not injected £1.6m into Blades (to bring the partners to parity) and SUL was informed that Dr Rakan had agreed that UTB would assume £1.6m of the Charwell loan and repay it instead of Blades. Thus providing UTB’s share injection of £1.6m. In this way UTB secured further time to come up with the £1.6m and obtained further shares in Blades to that value.

33. At this stage Dr Rakan was the principal behind Sela Sports, a substantial company operating in the major Saudi media and sports industry. The Prince was the Saudi Minister for Youth and Sports (Petition paras 42-45 at [1/12/107]).

34. SUL now has reason to believe that UTB never repaid the full £1.6m to Charwell and it infers that the majority of this sum was written off by Dr Rakan as a favour to the Prince (Sewell 3 para 64 at [4/29/807]). This was a disguised means of conferring a benefit on the Prince which was a serious breach of the Prince’s duties to SUFC (SUL says that the directors of Blades had a duty not to act in such a way as might bring the Football Club into disrepute).

35. In the period leading up to the repayment date of 30th April 2018 Mr Giansiracusa sent an email to the Blades directors pointing out the potential dire consequences of a failure to repay including the possibility of Blades insolvency and a points deduction by the English Football League (see email dated 20th April 2018 timed at 15:16 at [2/20/330]).

Ah, so everything's not as bad as it first seemed then............

 

[Rodders]

They could have posted a link. Other than that it's unlikely that sports reporters would become embroiled in legal matters particularly when they need a relationship with whoever ends up owning the mess.

I'd imagine their target audience aren't that interested in becoming apprentice Rumpoles like many of us on here.

The Star will never print anything remotely insightful of this, just a summary headline of “Kev and the Prince are having a battle over SUFC” and a few lines following; it will upset their relations with the Club too much.

 

[Sean Thornton]

The Star will never print anything remotely insightful of this, just a summary headline of “Kev and the Prince are having a battle over SUFC” and a few lines following; it will upset their relations with the Club too much.

Exactly. It's hardly the vehicle for in depth legal matters either. Not on the back page anyway.

 

[Blade58]

latest from the Stir:

https://www.thestar.co.uk/sport/foo...unding-needed-to-keep-blades-afloat-1-9253755

 

[Pinchy]

Contracts mean nothing these days in football.
Action speaks louder than words.

I am working on the basis of the amount he has for a transfer budget.
if McGoldrick, 30 plus at Ipswich is now his attention then it cannot be very large.

Only time will tell but he is a good manager who imho would have got us into the premiership last season with adequate funding.

UTB

Why can’t he bring McGoldrick (believing him to be worth a look) on trial whilst maintaining offers for more expensive targets.

It’s a rhetorical question of course. He’s doing exactly that.

 

[Sothall_Blade]

They could have posted a link. Other than that it's unlikely that sports reporters would become embroiled in legal matters particularly when they need a relationship with whoever ends up owning the mess.

I'd imagine their target audience aren't that interested in becoming apprentice Rumpoles like many of us on here.

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

 

[Harrisblade]

latest from the Stir:

https://www.thestar.co.uk/sport/foo...unding-needed-to-keep-blades-afloat-1-9253755

McCabe seems to want the 2 partners to hand over the money in addition to anything from Brooks sale, HRH wants the Brooks money to be used instead.

But difficult to see what is 'real' and what is tactics

 

[Pinchy]

latest from the Stir:

https://www.thestar.co.uk/sport/foo...unding-needed-to-keep-blades-afloat-1-9253755

Accurate as well. Including the enhanced recruitment budget of £7m steadfastly ignored by the S2 financial knee-jerkers.

 

[Pinchy]

McCabe seems to want the 2 partners to hand over the money in addition to anything from Brooks sale, HRH wants the Brooks money to be used instead.

But difficult to see what is 'real' and what is tactics

...as Fancourt J noticed and commented upon.

 

[Blade58]

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

where's this come from Sothall?

 

[Blade56]

What pulls my chain is McCabee made my shares worthless with his manoeuvring but want me to come so he can cry on my feckin shoulder.

 

[Blade56]

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

Like feckin WOW, where can we read that snippet?

I've just scrounged tonight's Stir off an neighbour and there's a 2 page section on the whole horrid affair, not read it yet so can't post jist.