Ownership developments

[Deaneandagana]

Agree. Not sure what the Prince intentions are and would worry about him getting some control but this court case and the uncertainty that comes with it is very much down to McCabe. He brokered the partnership and now it is a mess. It was MCCabe who signed off the deal back in 2013 was it and the various clauses. Some one on his side has dropped the ball big time and now we are open to 2 or 3 years of court wrangling that could see us lose our best manager for a long time and maybe all hope of returning to the top table of English football.

Like with the majority of abysmal managerial decisions (Weir, Adkins, Adams et) and CEO/staff appointments (Robinson, Birch, Winter) he has made mistake after mistake. The Wilder appointment might be the only big positive move he has made since we went down. Wilder has got him out of the cart. Most other key decisions have been disastrous.

Chris is a lucky lad - remember.

 

[BushBlade]

There’s a very simple way of ensuring that you’re not having to rely on goodwill in business, and that’s by not signing up to something that relies on one party acting in “the spirit of the agreement”. Isn’t it a fairly basic rule when getting your lawyers to look at a contract to make sure you are fully protected for all eventualities? The potential for disagreement between the two parties was always a major risk of going into joint ownership, and McCabe complaining about this not being in the spirit of the agreement is basically an admission that he’s made another very unwise business decision.

I tend to agree that the opportunity to get out of the deal so easily should have been spotted and closed out before the contracts were signed but the question of whether the Prince’s actions were legal or not is the basis of the forthcoming court case.

There must be someone on here who’s a specialist in contract law who can tell us what they think about all this?

 

[Deaneandagana]

He's put millions in. In cash. That alone distances him from those chancers. Those facts alone negate your opening sentence.

We aren't talking about crooks here,but businessmen who've fallen out.

Again, he's put millions in. Which makes your second paragraph invalid. The fact is that it's covered losses doesn't stop it from being investment. I shares btw, not repayable loans.

YesMcCabe got into bed with him. A wealthy ish businessman. As I said, how could McCabe see an issue 5 years down the line? Especially after the Prince has put £16m in?
With hindsight, now it's gone wrong, you aren't even using facts, just speculating to suit. Making things fit. It was confirmed that his government job would curtail his involvement somewhat, now conveniently forgotten, as is the fact that whilst undertaking that post, continued to co-fund.

I have no idea what HRH's plans for us are. Like the rest of us. Nor McCabes, who I guess is ready for a fight.

Sean, if it were you or I and we had invested the sums of money KMc has, then would it not be prudent to have a legal document drawn up that was sufficiently water tight and robust to cover any eventually particularly those eventualities arising through dispute.

I think KMc & his advisors are guilty of nothing more than professional negligence which is now impacting the club.

 

[Esablade]

I doubt if it will be that lengthy.
It's probably about whether the supposed sneaky moves count as fraud and are therefore unacceptable or sharp business practice which will be allowed even though one of the now ex-partners will lose out.

It’s not fraud is it...

1. Mr knew that that was a low price. He expected UTB to serve a counternotice to buy Sheffield's shareholding at the same price. The low price for its own shares would be compensated, Mr believed, by the fact that UTB and Sheffield would thereupon become bound to cause FC to exercise the FC Options, thereby realising the full market value of the Properties (estimated to be about £20 million) for Sheffield.
   
   
2. expected, UTB did indeed serve a counternotice, but before it did so it transferred 80% of its own shareholding to another corporate vehicle, UTB 2018, LLP. As a result, when the counternotice was served, UTB claimed that it did not then own more than 75% of Blades' shares and so the FC Options did not have to be exercised. Indeed, UTB took steps to ensure that FC did not purport to exercise them. If effective, this manoeuvre would mean that UTB was entitled to purchase all Sheffield's shares at a low price and retain the benefit of the underrented long leases of the Properties, with Sheffield not being able to realise their full value.
   
   
3. and Sheffield. They felt that they had been tricked out of their entitlement. The parties fell out badly.

...he’s just got McCabe over a barrelll...of..erm , money...

 

[INTAKE BLADE]

One of the things both Sheffield clubs have in common is to self implode when the goings good. Set of Bastards.

 

[Eppyblade]

Wow just wow

Some extreamly revealing and worring Information in there. Really not happy about airing our dirty washing in public like that.

Not much point in the brooks sale being undisclosed now and it looks extreamly likely it will only cover costs for the up coming season

I think the prince has played a master stroke and the best kev can hope for is keeping his 50%. You can see the confidence from the princes side when they will only offer up the 1.5m for Wilders increased transfer budget as a gift to be match be Kev.

From all that it’s still very difficult to work out who would benefit us the most, unfortunately to seems neither

 

[alcoblade]

Whoever wins will just sell us straight on. The prince will make a quick buck and the rest of us just might walk out the door behind Wilder

Why would the buying and selling of our club (rife throughout football) result in the fans “walking”?

 

[blade too long]

we have 2 businessmen who shook hands argueing over which 50 per cent share is bigger now we are doing well.
the fact we could go up and get a hundred million tends to focus the value of ownership

2 years ago it was 50 per cent of debt, the promise of much more has reared up some heads
its like a will reading, brothers an sisters suddenly become the most worthy after being equal

 

[Harrisblade]

It’s not fraud is it...

1. Mr knew that that was a low price. He expected UTB to serve a counternotice to buy Sheffield's shareholding at the same price. The low price for its own shares would be compensated, Mr believed, by the fact that UTB and Sheffield would thereupon become bound to cause FC to exercise the FC Options, thereby realising the full market value of the Properties (estimated to be about £20 million) for Sheffield.
   
   
2. expected, UTB did indeed serve a counternotice, but before it did so it transferred 80% of its own shareholding to another corporate vehicle, UTB 2018, LLP. As a result, when the counternotice was served, UTB claimed that it did not then own more than 75% of Blades' shares and so the FC Options did not have to be exercised. Indeed, UTB took steps to ensure that FC did not purport to exercise them. If effective, this manoeuvre would mean that UTB was entitled to purchase all Sheffield's shares at a low price and retain the benefit of the underrented long leases of the Properties, with Sheffield not being able to realise their full value.
   
   
3. and Sheffield. They felt that they had been tricked out of their entitlement. The parties fell out badly.

...he’s just got McCabe over a barrelll...of..erm , money...

So it really shouldn't take to long for a court to sort out.
Which was my point really (despite the supposedly informative froth )

 

[alcoblade]

Or he just wants to sell us on to make a few bob

I ask myself why and try as I might, I just don't see a connection with the club. I see a purely financial gain. An business opportunity to make money. If he had the clubs well being at heart, would we find ourselves in the position we do?

Perhaps I'm doing him a disservice who knows, but we'll find out........................... eventually

5 years ago, when he bought into a distant tinpot club that was on its’ ass, what did anyone think this bloke’s motives were?

 

[Bruce Wayne]

If the Prince is genuine and wants to take us forward he needs to be better at PR. We just don't know him or what his vision is for the club. I can see why he would not want to invest at this stage with additional transfer funds as a promotion to the PL will make his task of getting control even harder.

 

[sheffielder]

Why would the buying and selling of our club (rife throughout footbsll) result in the fans walking”?

Might because we have fuck all idea what the prince intends to do with it when he gets it. Do you have another example of how a man gained 100% control of a club like this before?

Unless I have read it wrong he could get lock stock and barrel for an extra £20m and it would become a good onward investment either to sell or build on yet he just wants the club with no signs of a big cash injection.

Just so I am clear I don’t see how the Prince would be able to extend the ground or do fuck all to take this club on. Not sure his landlord might do him any favours

 

[sheffielder]

If the Prince is genuine and wants to take us forward he needs to be better at PR. We just don't know him or what his vision is for the club. I can see why he would not want to invest at this stage with additional transfer funds as a promotion to the PL will make his task of getting control even harder.

I might be wrong but when they made the deal 5 years ago the price of the club would be considerably less than what they woild her out of the premier league now. They would make serious profit even after purchase

 

[alcoblade]

Might because we have fuck all idea what the prince intends to do with it when he gets it. Do you have another example of how a man gained 100% control of a club like this before?

Unless I have read it wrong he could get lock stock and barrel for an extra £20m and it would become a good onward investment either to sell or build on yet he just wants the club with no signs of a big cash injection.

Just so I am clear I don’t see how the Prince would be able to extend the ground or do fuck all to take this club on. Not sure his landlord might do him any favours

I don’t pretend to understand what’s happening. But I can’t see how this ownership wrangle would stop anyone supporting the club.

If the Prince wins, through the courts, then it would be difficult to see what he’s done wrong.

It does appear that this is another bad business deal by McCabe though.

 

[Deadbat]

I have no idea what HRH's plans for us are. Like the rest of us.

That quote sums it all up. 5 years and we still have no idea of his plans.

 

[Deadbat]

Sean, if it were you or I and we had invested the sums of money KMc has, then would it not be prudent to have a legal document drawn up that was sufficiently water tight and robust to cover any eventually particularly those eventualities arising through dispute.

I think KMc & his advisors are guilty of nothing more than professional negligence which is now impacting the club.

Nail on head.

 

[snootyfenooty]

Aw diddums. Define me irate and show me an example in my posts?

Of course you're allowed an opinion. You suggested you'd be done with us, I was asking you why the ridiculous notion of playing FGR should affect you if it came about.

You could have a look at my reply to Deadbat to see whether I believe HRH is some "nasty Arab". I'm afraid that's a product of your imagination rather than on anything I've posted.

What's an FGR? It's difficult to respond to you if you insist on speaking in esoterics.

 

[alcoblade]

That quote sums it all up. 5 years and we still have no idea of his plans.

What are any chairman’s plans?

There’s the obligatory XYZ is 5 years statements from most. In the end, they all want to get as high as possible for as little as possible.

 

[Yellarbellyblade]

Am I a fence sitter when I say I don’t give a fuck who wins as long as the club is stronger after

 

[BigBed]

In short, they're still no further forward.

 

[snootyfenooty]

Might because we have fuck all idea what the prince intends to do with it when he gets it. Do you have another example of how a man gained 100% control of a club like this before?

The Glaziers bought Man U for fuck all. It was a leveraged buyout whereby the loan was repaid by future club profits. Doesn't seem to have done them any harm despite a few fans spitting their dummy out and facing the realities of forming another club.

 

[snootyfenooty]

Am I a fence sitter when I say I don’t give a fuck who wins as long as the club is stronger after

Count me in. I don't get the dry-cries on behalf of McCabe.

 

[Tjmblade]

Nah mate, it ain't king Kev's fault.

Sounds like it is if you read court papers prince was willing just to give 1.25m McCabe wanted to loan the club 1.25m shows where priorities lie ? McCabe according to court papers initiated sale of shares for 5m in order to force prince to buy properties worth 20m so he could make in essence 25m from sale ! And that’s all in legal court papers but McCabe fucked up and didn’t realise the loophole that he had been using himself to keep the lease at a lower rate like McCabe did. McCabe’s only got himself to blame

 

[sheffielder]

The Glaziers bought Man U for fuck all. It was a leveraged buyout whereby the loan was repaid by future club profits. Doesn't seem to have done them any harm despite a few fans spitting their dummy out and facing the realities of forming another club.

But unless I am wrong he won’t be able to break the lease nor would he be able to develop the ground/ infrastructure.

If he was in it for the money I don’t get why you wouldn’t take the lot, unless there is a deal in the offing.

Maybe he might pull a Man City, who knows but it doesn’t look likely does it.

 

[Eppyblade]

But unless I am wrong he won’t be able to break the lease nor would he be able to develop the ground/ infrastructure.

If he was in it for the money I don’t get why you wouldn’t take the lot, unless there is a deal in the offing.

Maybe he might pull a Man City, who knows but it doesn’t look likely does it.

He won’t be able to break the lease but it will leave kev with a football ground and training ground which is no use to him. I suspect The princes plan will then be to buy it on the cheap day for example 10m. Leaving him buying a top 10 championship team for circa 15 million. That’s good buisness

 

[snootyfenooty]

But unless I am wrong he won’t be able to break the lease nor would he be able to develop the ground/ infrastructure.

If he was in it for the money I don’t get why you wouldn’t take the lot, unless there is a deal in the offing.

Maybe he might pull a Man City, who knows but it doesn’t look likely does it.

The pair of them are bluffing each other. If the case was cut and dried it wouldn't be going to the High Court. Nor would it be taking a year to prepare their respective case. If it goes McCabes way we are in for a repeat of the past 20 years, i.e. a mixture of Champ/L1 and a possible shot of the Prem. If it goes the Princes way, who knows? I don't think he's going to these lengths just to make a few million. Your average Sheffielder simply cannot grasp that there might actually be some big-time thinking behind it all.

 

[Dellas Cowboys]

Idiots

It's like watching cats play chess.

 

[finlaytheblade]

Surely McCabe being a business man with vast experience would have caviats written into any contract he made with a comparitive stranger.
He will have a lawyer surely who. would cover this.Can't beleave he would be nieve enough to leave himself open to being conned...If so he's a bloody fool.
Unfortunately the club could suffer big time.
We have to be ready to make a big protest if the wrong man wins.
But that Doasnt mean boycotting matches there are other ways of getting him out.

 

[Bruce Wayne]

I might be wrong but when they made the deal 5 years ago the price of the club would be considerably less than what they woild her out of the premier league now. They would make serious profit even after purchase

So what exactly can the judge rule here? I'm not sure how this case will change the buying/selling debacle that is going on. They'd be better off meeting up in the cricketers and settling it over a feight.

 

[sheffielder]

So what exactly can the judge rule here? I'm not sure how this case will change the buying/selling debacle that is going on. They'd be better off meeting up in the cricketers and settling it over a feight.

Best not do it on match day, the prince might struggle navigating some tight doorways