Ownership developments

[Esablade]

Appears party A was trying to force the issue one way or the other with £5 a go knowing the other guy was bound to respond. Classic put up or shut up, can't blame party A. Someone clearly is not afraid to leave the party for the right price, but therein lies the problem, party B doesn't want to pay market rates if they can dodge it, classic souk stuff.

I'm all up for some T shirts saying "Uck a prince", any takers, I'll boo the ucker every time I'm near him from now on.

Yep..looks like he’s trying to get full. control for a cheekie £5 million!

I’ve said before on here ( though the courts may decide differently) I don’t see how Princey can take over without the fans behind him...he doesn’t and won’t have that if this is. correct..

 

[bladesmanluke]

And yet again those owning the club are busy fighting amongst themselves.

It will be a miracle if this club ever gets back in the PL.

It will be a miracle if this club stays in the championship beyond the end of this season

 

[super_pig]

No. It’s Brooks and, much the more so, his leech. Darling David wanted away. Sorry Bladey Blades. Uncomfortable, the truth, I know.

not reight bothered pinch. .. decent price for a fringe player .. makes a change

 

[bertieblade]

No, it looks like that is part of the original budget, which includes both fees and wages.

Judging by this document, unless I'm totally misreading it, the original budget was lower than we thought, and the Brooks money will be going to fund operating losses during the ownership dispute.

If that is the case, we can only assume that the sell on monies received from the sales of Walker, Maquire and Murphy was used to fund last years losses of £6 million but I thought they had both invested subsequent to that income being notified?

 

[LoughboroBlade]

Prince vs McCabe < Brealey vs Woolhouse.

For now, at any rate.

Where does McDonald vs The Count fit in?

 

[HoodedClaw]

I’ve only skimmed through it but saw figures quoted as ( a knock down from £10 million?) £5 million for shares and £20 million for propoerties...with Princey trying to get out of buying properties but renting them at a low rate?

McCabe I would guess would have taken £25 million for the lot???

Yep, I forgot the initial £10m share subs by the prince.

So effectively McCabe was offering the whole lot for £25m instead of £30m.

As you say the Prince is trying for full control for £5m and reduced rent of the properties.

 

[South Bucks]

Yep..looks like he’s trying to get full. control for a cheekie £5 million!

I’ve said before on here ( though the courts may decide differently) I don’t see how Princey can take over without the fans behind him...he doesn’t and won’t have that if this is. correct..

Yep, fans could get this sorted quite quickly by making it clear which party they oppose and who will be given a very rough ride from now on if they win on unreasonable terms. Bad guys thrive on secrecy and procrastination and apathy feeds into the hands of unscrupulous money makers. Smells like another Blackpool farce brewing for me if our fans take little interest.

 

[LJBlade]

Contrary to those who think the Brooks transfer was all down to his agent it looks like we had to raise money from somewhere to stay afloat. Bearing in mind it was probably what the business world calls a "distressed sale" we did well to get £12m or whatever for him.
http://www.quadrantchambers.com/seminars/preserving-assets-full-time-whistle-for-the-siskina

Wilder lying again then?

 

[super_pig]

they’ve invested nowt.. simple maths tells you they’ve used theyve used the harry/kyle rams dale murphy money to cover last year and the brooks money for this
can understand kev not wanting to put anything in but the prince has put fuck all in and expects to buy the club at half price through some loophole .. no wonder kev is annoyed

 

[SHOREHAMST.com]

McCabe is no angel but I genuinely don't believe this is his fault. It sounds like his supposed business partner has tried to fuck him over.

Better the devil you know in this case. His Royal Quietness has been silent for five years whilst he served in government. There's no Phipps, no Baki, nobody at all speaking to the fans from that side of things about any of this.

"We want to own your club but we don't wish to address this matter or, frankly, talk to you at all"...good mantra?

The radio silence coupled with the fact he's attempted to shaft a fellow co-owner so he can pick us up on the cheap (and that's on paper, not an opinion) leads me to feel this guy might not be who we want holding the reins. McCabe has at least had the decency to tell us a little of what's going on.

Ideal scenario is we finish strongly in the Championship this season, McCabe wins back control of the club and immediately sells us on to someone else. Just as long as he hires someone who knows what they're fucking doing to oversee the sale. It could well be that it's another case of 'rotten luck' to coin one of his frequently used terms, or it could be that in reality, he's a fucking woeful judge of character and he might want to let someone else sort out a sale for him.

McCabe's biggest fuck up was appointing Robson, in my opinion. Still grates a bit just thinking about it.

The fuck up im referring to is parting with 50% of the Crown Jewels to a man he obviously didn’t know well enough.

 

[robbiez666]

No, it looks like that is part of the original budget, which includes both fees and wages.

Judging by this document, unless I'm totally misreading it, the original budget was lower than we thought, and the Brooks money will be going to fund operating losses during the ownership dispute.

I read it that way as well. The £7 million seemed to me for everything (including operating costs, wages, Academy etc)

 

[TJB.]

The fuck up im referring to is parting with 50% of the Crown Jewels to a man he obviously didn’t know well enough.

Nobody complained at the time and if he'd not tried to manipulate a better deal for himself and carried on as before, nobody would be complaining now.

People are complicated and I'm of the opinion that you never truly know someone. I imagine that's amplified tenfold in business and when millions of pounds are involved.

 

[dc_blade]

I read it that way as well. The £7 million seemed to me for everything (including operating costs, wages, Academy etc)

I'd have to go back and have another look, but I think the bigger number (12 million?) was for operating costs for the year, while the 7 million figure was for squad improvement (fees plus wages). In any case, looks like the Brooks fee will be going to cover the whole thing--normal operating costs plus transfer dealings.

 

[Esablade]

I read it that way as well. The £7 million seemed to me for everything (including operating costs, wages, Academy etc)

£7 million quid all in for Wilders ‘increased budget’...well, he is being ‘backed’

 

[stringer]

Rob Staton just posted no news waffle that has been rehashed in The Stir. You know things are a bit slow on the football front at both clubs when the local hacks are just repeating information everyone has known for a while.

You knew all this already? Why didn’t you post it?

 

[BushBlade]

Nobody complained at the time and if he'd not tried to manipulate a better deal for himself and carried on as before, nobody would be complaining now.

People are complicated and I'm of the opinion that you never truly know someone. I imagine that's amplified tenfold in business and when millions of pounds are involved.

I did. I said it was a shit deal that would end in tears, that the Prince didn’t seem to understand how much he could potentially lose before (if) we got to the PL.

Neither party has come out of this looking good.

 

[BushBlade]

I'd have to go back and have another look, but I think the bigger number (12 million?) was for operating costs for the year, while the 7 million figure was for squad improvement (fees plus wages). In any case, looks like the Brooks fee will be going to cover the whole thing--normal operating costs plus transfer dealings.

The professional business managers of the football club (who are accepted to be independent of both sides in the litigation) have produced a cash flow that, on certain assumptions about what may happen this summer, indicates that up to £10 million is needed by the club between 1 July 2018 and January 2019 to keep it afloat. That £10 million however includes a substantial amount, over £7 million, to fund activity in the current transfer window (i.e. the purchase of new players and the additional wage costs resulting from it). It allows only £600,000 as income from player sales. Both sides accept that there is one player sale that is likely to happen that could itself fund the cash requirement for the forthcoming season if a significant part of the fee is paid up front rather than deferred.


Edit; for those who can’t be arsed to read it

Running costs - £3m for half a season
Transfer fees and wage bill increase - £7m

Didn’t include Brooks money.

 

[wavy-blade]

It will be a miracle if this club stays in the championship beyond the end of this season

Be even more of a miracle if Wilders here at the end of next season !

 

[Blade56]

It says a whole lot of nothing.

What it does say is what we don't want to hear....A trial is not expected to take place for some time....

That's a club in limbo for 12 months and I bet legal costs will be circa £12m

 

[Woodwaaard]

I understand that the "manoeuvre" was made by the Prince to avoid paying for McCabes assets

The agreement between the two was that if any one person owns more than 50% then they would have to by McCabe's assets at a fully agreed valuation
McCabe's definition of any one person, in this case, is the Prince

The Prince's proposed "manoeuvre" was to get another member of his family to buy McCabe's 50% shares so that the Prince wouldn't have to buy the assets

McCabe says that this is against the spirit of the agreement
Prince says that this is not his problem and he's complying with the letter of the agreement

Hence the fall-out

 

[super_pig]

I understand that the "manoeuvre" was made by the Prince to avoid paying for McCabes assets

The agreement between the two was that if any one person owns more than 50% then they would have to by McCabe's assets at a fully agreed valuation
McCabe's definition of any one person, in this case, is the Prince

The Prince's proposed "manoeuvre" was to get another member of his family to buy McCabe's 50% shares so that the Prince wouldn't have to buy the assets

McCabe says that this is against the spirit of the agreement
Prince says that this is not his problem and he's complying with the letter of the agreement

Hence the fall-out

do we really want someone with this level of ethics owning our club??

 

[McGrath]

This all very very worrying. When it gets to high court, then that is bad.

I can see why Wilder wanted to walk, and to be quite frank I'm pretty surprised he hasn't. It's to be hoped that both have convinced him of an amazing future in store for Sheffield United once one of them wins soul control

 

[TJB.]

McCabe says that this is against the spirit of the agreement
Prince says that this is not his problem and he's complying with the letter of the agreement

I take it this is where the 'unfair' aspect of the counter-claim comes into play, which from what I understand is up to the interpretation of the court?

 

[Addison]

" 21. 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 Blades and FC afloat yet neither is willing to give ground"

" Both sides are risking further reputational or financial damage by exposing the financial weakness of FC to the public gaze"

I think that says everything about our 2 owners. Promoting self interest before the good of the Club. We have to hope 1 of them wins outright and we are not faced with the nightmare scenario of the status quo being preserved.

Its obvious they are even arguing about how the budget given to CW is going to be financed although it now looks like the Brooks money will solve that in the interim. The only impact this is having is the dragging of the Clubs good name through the Courts making us a less attractive proposition on the pitch. The very fact they have presented submissions suggesting the Clubs future is at risk to enhance their own case underlines how not fit for purpose they are as owners.

The winner should do the decent thing and sell up. I vote for none of the above.

 

[Woodwaaard]

McCabe was quite happy to sell up
He's consistently stated that he would like to sell to the right person

He feels that the Prince has tried to take the proverbial by finding a legal loophole and exploiting it for his own ends

Moral: Always read the small print of any proposed contractual agreement

 

[BushBlade]

" 21. 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 Blades and FC afloat yet neither is willing to give ground"

" Both sides are risking further reputational or financial damage by exposing the financial weakness of FC to the public gaze"

I think that says everything about our 2 owners. Promoting self interest before the good of the Club. We have to hope 1 of them wins outright and we are not faced with the nightmare scenario of the status quo being preserved.

Its obvious they are even arguing about how the budget given to CW is going to be financed although it now looks like the Brooks money will solve that in the interim. The only impact this is having is the dragging of the Clubs good name through the Courts making us a less attractive proposition on the pitch. The very fact they have presented submissions suggesting the Clubs future is at risk to enhance their own case underlines how not fit for purpose they are as owners.

The winner should do the decent thing and sell up. I vote for none of the above.

This is about a £3m cash injection. KM wants both parties to loan the club £1.5m each. Prince said no, both parties should give the club £1.5m, no repayment. KM said fuck off, I’m not risking losing anymore. (Because if he loses the main court case and loses ownership of the club he’ll lose the £1.5m, unless it’s a loan, the the Prince would have to pay him back.)

Judge basically called them cunts.

 

[Esablade]

McCabe was quite happy to sell up
He's consistently stated that he would like to sell to the right person

He feels that the Prince has tried to take the proverbial by finding a legal loophole and exploiting it for his own ends

Moral: Always read the small print of any proposed contractual agreement

McCabe is quite happy to sell up....just for £25 million not £5 million....

 

[SHOREHAMST.com]

Nobody complained at the time and if he'd not tried to manipulate a better deal for himself and carried on as before, nobody would be complaining now.

People are complicated and I'm of the opinion that you never truly know someone. I imagine that's amplified tenfold in business and when millions of pounds are involved.

Nobody complained at the time (actually, I think some did), because we’d brought a foreign billionaire owner on the scene and look what it had done for other clubs. The most Sheffield United thing ever was... we found one with no dosh.

Back to McCabe. I agree with you on that you never truly know someone. However, if we know that, surely McCabosaurus does - he’s a knowledgeable bloke ain’t he? Don’t jump in to bed with someone so hastily for a quick buck. Mind you we all know he’s a sucker for a quick buck, don’t we. Remember when we rang Hull back and told them that we’d changed our mind on their previously rejected offer of circa £2m for a certain someone. I’ll leave the rest.

And certainly don’t agree to selling the entire club to him on the 12th of never. He might not be who you think he is...

It sounds to me like it’s McCabe who’s moved the goalposts on the sale. If he agreed back then that he’d sell the club for x amount and he’s now requesting 5 times that - that’s his stupid fault. If I was the prince I’d take him to court.

What do I know, eh.

 

[Woodwaaard]

McCabe is quite happy to sell up....just for £25 not £5 million....

Yes...

Well, he was

 

[Addison]

This is about a £3m cash injection. KM wants both parties to loan the club £1.5m each. Prince said no, both parties should give the club £1.5m, no repayment. KM said fuck off, I’m not risking losing anymore. (Because if he loses the main court case and loses ownership of the club he’ll lose the £1.5m, unless it’s a loan, the the Prince would have to pay him back.

Judge basically called them cunts.

Yeah I think you're abridged version explained it better than me