losses up 1m quid

All advertisments are hidden for logged in members, why not log in/register?




Sean Thornton said:
No it's what they put in in 14/15. The Princes initial £10m has virtually all been swallowed up by losses. The £8m share injection is 2015/16.
Click to expand...
£8m each, or £8m combined? From the way McCabe phrased it it could have been either.
 
Sean Thornton said:
No it's what they put in in 14/15. The Princes initial £10m has virtually all been swallowed up by losses. The £8m share injection is 2015/16.
Click to expand...

Which is interesting because the talk at the time of the Prince's arrival was about 'breaking even' and investment in the playing side...

'As part of the transaction a significant equity commitment has been made by our new partner, HRH Prince Abdullah bin Mosaad bin
Abdulaziz Al Saud to finance Blades Leisure group operations for the forthcoming two years on the basis that the underlying activities are operating on a breakeven basis allowing funds to benefit the
enhancement of on field contribution. As part of the investment '

If the club is running OL of around £5m per year then the Prince would appear to be servicing these losses..by your reckoning?
 
Esablade said:
Which is interesting because the talk at the time of the Prince's arrival was about 'breaking even' and investment in the playing side...

'As part of the transaction a significant equity commitment has been made by our new partner, HRH Prince Abdullah bin Mosaad bin
Abdulaziz Al Saud to finance Blades Leisure group operations for the forthcoming two years on the basis that the underlying activities are operating on a breakeven basis allowing funds to benefit the
enhancement of on field contribution. As part of the investment '

If the club is running OL of around £5m per year then the Prince would appear to be servicing these losses..by your reckoning?
Click to expand...


Looking at the Balance sheets who else do you think has serviced them? The FC lost money, around ten million over two years and the Princes ten mill isn't in the bank. That clearly wasn't the intention in the beginning even taking into account a bigger wage bill arising from a promotion push.
 
Sean Thornton said:
Looking at the Balance sheets who else do you think has serviced them? The FC lost money, around ten million over two years and the Princes ten mill isn't in the bank. That clearly wasn't the intention in the beginning even taking into account a bigger wage bill arising from a promotion push.
Click to expand...

So what did McCabe service with his half?
 
Sean Thornton said:
He didn't put cash in. He transferred £37m debt into equity.
Click to expand...

Right...no wonder Princey's pissed off..he comes in hoping to be the knight in shining armour, buying players, getting promotion etc...and ends up serving debts McCabe has built up...

What was this 'equity' btw?
 
Esablade said:
Right...no wonder Princey's pissed off..he comes in hoping to be the knight in shining armour, buying players, getting promotion etc...and ends up serving debts McCabe has built up...
Click to expand...

No. Trading losses. That occurred while HRH was here. Nothing historical.

The debts were transferred to equity, therefore they don't need "servicing"

Re your edit, equity in this case was £10m to shares and the balance to a share premium account. Look at the balance sheet.
 
Last edited:
Sean Thornton said:
No. Trading losses. That occurred while HRH was here. Nothing historical.

The debts were transferred to equity, therefore they don't need "servicing"
Click to expand...

So Princey's keeping the club afloat, basically, whilst McCabe is writing off debts he's accrued, through his own mistakes...debts he never had a cat in hell's chance of recovering anyway?

Would you say that's a fairer appraisal?

What was/is this 'equity' he transferred the debts to?
 



Esablade said:
So Princey's keeping the club afloat, basically, whilst McCabe is writing off debts he's accrued, through his own mistakes...debts he never had a cat in hell's chance of recovering anyway?

Would you say that's a fairer appraisal?

What was this 'equity' he transferred the debts to?
Click to expand...


They've effectively put the same in. If you don't understand it, I'm not the author of accounts made simple. You also appear to be failing to understand that the debt he's transferred to equity was money he's paid into the club to cover losses ( his fault I know). He's writing off his own money if you like, not the clubs.


This really is pretty basic stuff.

Shares. As I've explained.
 
Sean Thornton said:
They've effectively put the same in. If you don't understand it, I'm not the author of accounts made simple. You also appear to be failing to understand that the debt he's transferred to equity was money he's paid into the club to cover losses ( his fault I know). He's writing off his own money if you like, not the clubs.


This really is pretty basic stuff.

Shares. As I've explained.
Click to expand...

Oh I understand alright....
 
wizadry said:
Would it be fair to say we are losing money at a rate of knots since HRH has been here at a much higher rate than at anytime under McCabe as sole director?
Click to expand...

This season, based on McCabes interview losses will have more or less doubled in the last two years.
We had huge losses the season after PL relegation, which McCabe covered.
 
PeteBlade said:
Well this is a much needed positive boost for all o_O


Kev and his pals doing a sterling job.
Click to expand...


In respect to putting millions after millions into the club, emphatically yes.

In relation to choosing a manager who can spend those millions wisely and effectively, no.

Hardly a crime, but the owners pay more for their mistakes than any of us, well the one who's a fan does anyway, because he has the serious financial loss as well as the emotional misery we all have. Yes I know we all have a financial cost for supporting the Blades but imagine your weekends if failure to gain promotion was going to cost you another £10m in League 1 before you could hope to increase income to cover the costs of this 'big club', that on top of the emotion.:eek:
 
Woodwardfan said:
In respect to putting millions after millions into the club, emphatically yes.

In relation to choosing a manager who can spend those millions wisely and effectively, no.

Hardly a crime, but the owners pay more for their mistakes than any of us, well the one who's a fan does anyway, because he has the serious financial loss as well as the emotional misery we all have. Yes I know we all have a financial cost for supporting the Blades but imagine your weekends if failure to gain promotion was going to cost you another £10m in League 1 before you could hope to increase income to cover the costs of this 'big club', that on top of the emotion.:eek:
Click to expand...

If I was worth hundreds and hundreds of millions of pounds I imagine Id get over it.

I always feel the need to point out that these chaps don't invest in football clubs out of the kindness of their hearts, they all do it as there's something in it for them.

If they made the same level and frequency of poor decisions in their business lives as they do for our football club they'd be ousted from their positions or bankrupt.
 
Sean Thornton said:
This season, based on McCabes interview losses will have more or less doubled in the last two years.
We had huge losses the season after PL relegation, which McCabe covered.
Click to expand...
Which quashes the theory that McCabe wants to stay in this league then?

I know you might not be able to answer this but has any team ever lost as much as we have in the lower echelons of football in such a short space of time?
 
Esablade said:
I wanted to hear your take on events...and the money McCabes put into the club over the years...
Click to expand...

I hope youre fooling yourself because you're fooling nobody else. You don't have the first clue.

It's not my take, it's what the accounts show. You could have given your take on it but why take a risk.....
 
wizadry said:
Which quashes the theory that McCabe wants to stay in this league then?

I know you might not be able to answer this but has any team ever lost as much as we have in the lower echelons of football in such a short space of time?
Click to expand...

Staying in this league makes no sense whatsoever. The only people who say that are the ultra deluded who despite all the evidence think he's not only taking money out of the club but that he's actually making money.

Portsmouth are the obvious one but I don't know the figures, although most of it would be in the PL days, like Bolton.
 



This smells of more austerity, more sales of decent players, more recruitment of average to poor players, more failure.
 
You must log in or register to reply here.

Similar threads

ucandomagic
Matchday 24 – Stoked up for the New Year, and some Playoff Facts (rather than Emotions).
Replies
22
Views
1K
ThirdGenBlade
T
Coolblade
A few observations from the stats (Tractor Boys)
Replies
19
Views
2K
Balham
Balham
Deadbat
Season Review / School Report 24/25: Part 6 - Attack
Replies
4
Views
1K
Deadbat
Deadbat
Deadbat
Oxford 0 United 1 - report/ratings
2
Replies
41
Views
5K
KMC-1889
KMC-1889
Deadbat
United 2 Wednesday 1 - report/ratings
Replies
29
Views
2K
Keen Blade
Keen Blade

All advertisments are hidden for logged in members, why not log in/register?

All advertisments are hidden for logged in members, why not log in/register?

Back
Top Bottom