Really Kevin Really?

[Worksop_Blade]

Is it me or has the football club just been shafted:



Real Estate = Bramall Lane + Shirecliffe

Now being leased to the club by McCabe?

Surely adding a lease fee to already straining finances of the Football Club is suicide.

I hope someone can explain a bit better but from where I'm standing the club no longer owns its own ground.

 

[Houso]

Beighton in 5, 4, 3...

 

[TarquinDelouche]

One can only assume this is because prospective investors have suggested it. Doing this would consequently bring down the asking price of the club. Just trying to get my head around an action that, on the face of it, would lower the value of the club...

 

[louthblade]

Presumably Mccabe then has the ground as security against his loans/ equity share and the club would have no debt.

Mccabe/ SUFC plc then has income stream from the club each year.

The club would have no assets except the players, assuming the stands etc are in the transfer, therefore the value of the club is less.

The bigger question is what is the current and future security the football side has for a ground.

We can only hope the sufficient safeguards would be put in place to ensure the football side has a future at the lane and how the PLC will be able to deal with the real estate at a later date - not being able to sell for housing, retail or other purposes

 

[SwissBlade]

Micalijo will also be along shortly.... Does it mention what Julian Winter does between 10-12:30 every second tuesday in the month....

 

[FleaPitBlade]

Essentially, isnt it all owned by the McCabes regardless of what title is on the paperwork?

 

[louthblade]

probably but it moves all the real estate assets away from the club - therefore I reckon making it easier and cheaper to sell the club- then the sold club will have mccabe/plc as land lord/s ala Crystal Palace with Noades and RUFC with Booth not the best of examples of how to move forward.

I hope Mccabe is really the big blade he says he is otherwise watch out.

 

[raul]

It's basically what every two bob property developer has done in the Conference to clubs like Weymouth, Northwich, Chester, Kettering et al. Fly in to universal adoration, flash the cash, then say it was loans all along if the results on the field haven't matched your stated "ambitions" and when the club can't repay them, take the land and everything else not nailed down in lieu.

Win/win.

 

[louthblade]

yep

 

[Selly]

probably but it moves all the real estate assets away from the club - therefore I reckon making it easier and cheaper to sell the club- then the sold club will have mccabe/plc as land lord/s ala Crystal Palace with Noades and RUFC with Booth not the best of examples of how to move forward.

I hope Mccabe is really the big blade he says he is otherwise watch out.

This.

I would get extremely nervous when any talk of splitting the "Club" and the ground is mentioned...

 

[louthblade]

I'm not sure but is this the same position as Portsmouth no physical assets just players perhaps Pompey knows if this is the case.

 

[Grecian2000]

Beighton in 5, 4, 3...

McCabe is only letting this out of the bag because he knows BB is at Le Tour.

It'll be interesting to see what "appropriate terms" are for the rental. No doubt it's just an accounting ploy (like his loan interest) and we've nothing at all to be worried about what with him being a big blade and all that.

 

[Worksop_Blade]

So What happens if by some miracle a rich consortium want to buy the club, full ownership style.

To get Sheffield United out the sticky fingers of the McCabes they would have to stump up £30+ million to repay debt owed, £5 million for Shirecliffe and £25 million for the Lane.

Even Sheikh Mansour would turn his nose up at that proposition, all I think this move has done is increase the likelihood that if said miracle did happen, United would find itself in a new modern stadium with plenty of land around it. Leaving Scarborough with a massive piece of City Centre land for empty apartments to sit on.

 

[louthblade]

Also what will the rent be £3m p.a( rumoured interest) ? say for ten years debt repaid to Mccabe/ Plc they still have the assets.

The club has no physical assets to use for security against future borrowings no chance of a new ground without some benefactor to fund us a brand new soulless bowl to play in.

 

[metalblade]

I am going to refrain from making a comment on this thread, are the boozers any good near the DVS maybe a Rovrum fan could the us !!!

 

[bladeinspaceandtime]

So What happens if by some miracle a rich consortium want to buy the club, full ownership style.

To get Sheffield United out the sticky fingers of the McCabes they would have to stump up £30+ million to repay debt owed, £5 million for Shirecliffe and £25 million for the Lane.

Even Sheikh Mansour would turn his nose up at that proposition, all I think this move has done is increase the likelihood that if said miracle did happen, United would find itself in a new modern stadium with plenty of land around it. Leaving Scarborough with a massive piece of City Centre land for empty apartments to sit on.

Not the most appealing part of the city to build apartments on. I wonder what the value of the land is? Anyway, i'm sure things will be mighty fine as McCabe did say there is no bigger Blade than him

 

[JohnDenver]

The SUFC PLC address is interesting.

We are Bladesmen
We are Bladesmen
Super Bladesmen
From 5 Place Du Champ De Mars, Brussels.

Snappy.

 

[Tuns]

I also got said letter.

I do not profess to be a financial expert but surely the bricks and mortar are the only assets actually worth much.

To sum up his reign: Division 3, sold our best young talent in years in flash, record debts, 1 year in the top flight, lost the hotel we built, soon to lose all our other assets.

In return we get to pay him back for the results of his tenure/decision making/bad luck for seemingly ever and we got a roof on the kop bogs.

I still hold out hope he has a masterplan but it increasingly feels like damage limitation from a man who has had enough but can't escape.

 

[Worksop_Blade]

The SUFC PLC address is interesting.

We are Bladesmen
We are Bladesmen
Super Bladesmen
From 5 Place Du Champ De Mars, Brussels.

Snappy.

The Home of Football:



Not even a window sticker from the club shop.

 

[louthblade]

I also got said letter.

I do not profess to be a financial expert but surely the bricks and mortar are the only assets actually worth much.

To sum up his reign: Division 3, sold our best young talent in years in flash, record debts, 1 year in the top flight, lost the hotel we built, soon to lose all our other assets.

In return we get to pay him back for the results of his tenure/decision making/bad luck for seemingly ever and we got a roof on the kop bogs.

I still hold out hope he has a masterplan but it increasingly feels like damage limitation from a man who has had enough but can't escape.

What about the asset value of our players? hmmmm yeah you're correct perhaps that's why Lowton was sold.

 

[super_pig]

umm.. so presumably you 'do' own the freehold then Kev??

 

[dingledog]

Its a mugging, he really thinks we are stupid

 

[SotonBlade]

He's not willing to invest any more so he is trying every avenue to try and get others to invest. It's sad but it's what it has come to. I don't see McCabe selling this club down the river by any means, many will disagree with me on that one. Taking ownership of the clubs ground away from the football club and giving it to the PLC is a sad day.

 

[Worksop II]

C'est la Vie as BB might say

Not fuckin suprised as I would say

 

[TarquinDelouche]

The Home of Football:

View attachment 5166

Not even a window sticker from the club shop.

Well, it IS on the 20th floor...

 

[Kenilworth]

McCabe is only letting this out of the bag because he knows BB is at Le Tour.

Did 'ee tek 'is tacks?

 

[JohnDenver]

I'm largely ignorant of business affairs, but we've all known for a long time that McCabe has SUFC by the testiculars regardless of how he shuffles the financial deckchairs.

Speaking of such things, I once read a book about about a man who was desperate to dispose of the body of his murder victim. Eventually he swam out to sea with it on his back, only for rigor mortis set in, so they both ended up in Davy Jone's locker.

Hey ho.

 

[HoodedClaw]

I have a bad feeling about this

 

[TarquinDelouche]

I'm trying to see this in a positive light, but I can't shake the sense that it has a "Hang on lads, I've had an idea" kind of feeling to it.

 

[Caveblade]

As a lay person it is difficult to unravel and understand accounting, but my view for what it is worth;
1. Mr McCabe is getting 10% interest on his loans to the club, that is a damm site more than you or can get on our savings. Not bad in reality.
2. SUFC built a hotel, the magic of accounting appears to have transferred ownership of said hotel to Mr McCabes company, how does that benefit the club?
3. All of a sudden we no longer own our own ground? How the hell has that happened? who benefits from that?
4. Millions of pounds have poured into the club during Mr McCabes tenure, I appreciate that there are running costs to any business but I don't see that money getting ploughed back into the club? And we have still managed to amass a paper debt of £50 million?

I have become as cynical about KM as I have about politicians, spin and bluster and very little truth. He is no different to McDonald and his cronies. Everyone seems to to forget that during McDonalds tenure McCabe was a director and as such a part of the problem, the only difference being he managed to avoid the dirt that was flying about and come out of it in control. A lot of the tactics employed by Green / McDonald such as sell your best players and then let slip that you have a gazzaesque signing up your sleeve seem very familiar, I give you "had a text from Roberto di Matteo".

McCabe has failed simple as, he has taken us back to the same starting point (or worse) only difference is a roof on the bogs and we are £50 million worse off!!!!

To finish, what kind of half baked business gets into the middle of its busiest trading period and has not planned or fixed a budget. Bullshit Mr McCabe why don't you get some testicular fortitude and start to tell the fans the truth instead of leaving DW to try and bluster his way through his lack of funding.