Statement from McCabe - Official Site

[Rodders]

Bert's youth was spent on the Kop and on terraces up and down the country... in the days before segregation. In later life he moved to the New South Stand. Since he has given up his season ticket (due to spending long periods in foreign parts) he can now be found in the Bramall Lane corner, a location that is void of foul mouthed riff raff.

Berrt

Rodders has also decamped to the Bramall Lane corner and is pleasantly surprised at the decent view, same price as the Kop without the leg cramps and there are no queues for the Gentleman's room or for refreshments.

 

[Woodwardfan]

At the risk of treading on Sean Thornton 's toes as the resident accounting spokesman and leaving aside whether or not the transfer fee represented value for money, the fixed element would have been counted in this season's turnover irrespective of when the cash is actually due. 12 months, 18 months, 4 years...it doesn't matter; it's only the add-ons which would be recognised at a later date.



Playing devil's advocate, if that's the case who would bridge the enormous gap between income and expenditure?

Profit and Loss in the accounts is much different to cash flow though.

 

[Sean Thornton]

Profit and Loss in the accounts is much different to cash flow though.

You can explain that one when the questions come in WWF.

 

[Bert]

Rodders has also decamped to the Bramall Lane corner and is pleasantly surprised at the decent view, same price as the Kop without the leg cramps and there are no queues for the Gentleman's room or for refreshments.

Indeed, you can sit where you like, the view is good and the facilities are better than in other parts of the stadium.

 

[Revolution]

At the risk of treading on Sean Thornton 's toes as the resident accounting spokesman and leaving aside whether or not the transfer fee represented value for money, the fixed element would have been counted in this season's turnover irrespective of when the cash is actually due. 12 months, 18 months, 4 years...it doesn't matter; it's only the add-ons which would be recognised at a later date.

I know that. But if you don't have the money, you can't spend it. Plus although it's not likely, you may never get some or all of it (Benfica/Deano).

 

[CopenhagenBlade]

But we were still more successful in terms of league position than any manager since? And before him right the way back to Harry Bassett.

pommpey

McCabe, was also chairman when we got to the Premier League, or was that justl luck?
The guy has made mistakes, the biggest in my opinion and the one that I disagreed with from the start was appointing Robson. The rest I could understand the reason behind. It is so easy to criticize with hindsight. Everyone was unanimous in their agreement that Adkins was a top appointment, but look how that has turned out. Now the hindsighters are saying he should never have sacked Clough, forgetting how bad the atmosphere was last year

 

[The Bohemian]

Given the sale of players, the cup runs and the fantastic support, I can only conclude that we must be run terribly for us to need the further cash injections that McCabe is claiming.

UTB

Get real Alc's - how many clubs outside the Prem don't need regular bail-outs from owners? And let's not forget, when we win promotion, even more cash will be required for the push to the Premier League.

http://www.insidermedia.com/insider/national/146216-championship-club-club

Although, once the Everton sale goes through and foreign owners control the two thirds of Premier League teams - the % required to get rid of promotion/relegation - that may no longer be an issue.

http://www.footballeconomy.com/content/premier-league-end-relegation

 

[alcoblade]

Get real Alc's - how many clubs outside the Prem don't need regular bail-outs from owners? And let's not forget, when we win promotion, even more cash will be required for the push to the Premier League.

http://www.insidermedia.com/insider/national/146216-championship-club-club

Although, once the Everton sale goes through and foreign owners control the two thirds of Premier League teams - the % required to get rid of promotion/relegation - that may no longer be an issue.

http://www.footballeconomy.com/content/premier-league-end-relegation

It's the level of bailout that I challenge. And if it's real, we should cut our costs, starting by closing the academy.

UTB

 

[Sothall_Blade]

NO idea how much Chengdu cost us in the end. The original purchase was for £200,000. Try and ramp it up all you want but even though a loss, relatively insignificant in the scheme of things. Your assertion of Hungary was wrong. So clearly irrelevant.

The sale of fixed assets, Health club, hotel etc etc netted the football club £5.1 million over two years. Its there in the accounts.

Trading losses from the year ended June 2006 to June 2013 amounted to £32.835 Million. Thats after taking into account net recovery from West Ham of £18.5 million. ( Had McCabe not won that fight, losses would have been over £50 million £54 million if you disregard the assets which you seem to think we lost money on).

For the four years ended June 2013, cost of sales, ie wages etc, were MORE than turnover by £12.2 million ( 2010 £3m, 2011 £3.5m, 2012 £4.6m, 2013 £1.1m). Thats losses entirely due to football BEFORE any administration costs. Try as you will to deny it, the vast majority of those costs will relate to the day to day running of the football club so its not hard to see how losses have racked up. All from the accounts that are available free, to all.

The 2014 accounts show a "profit" of £30.7 million AFTER the debt owed to McCabe of £34m was turned into equity. So we lost £4.2 million. So losses in the FC of £34 million. Then therrs £18m in losses in SU Ltd since it ceased to be a PLC all funded by McCabe.

So thats losses of £52m plus 2015 FC losses (estimated by me) £5m this season forecast (by KMc) £8m i9s a total of £81million. HRH has shares costing £14 million, lets say £15m because Kevin said so and it leaves a shortfall of £51million. Without going into any detail or including PLc losses OR the £8m he's put into shares on SU Ltd, which would make it £59m its cost him)

Now who do you think has paid for that?

I appreciate the details you’ve provided but you seem to be misunderstanding the basic point that I’m making.
Whether it be £1M or £30M that McCabe spent on building an Hotel and Business Centre, that portion of his investment was in bricks and mortar not “football”.
He shouldn’t include that when he talks about the “£90M his family have put into the football club”.

It should be treated as a separate entity. We are a football club not a property developer.
When people listen to McCabe talking on Radio Sheffield about Sheffield United, it’s the football team they’re interested in. Not the investments made in property development.

You seem to be lumping me in with people who think that McCabe has taken loads of money out of the club and not put any in.
I don’t think that and I haven’t said that. He has put loads in. Some spent on football and some on property. Why blur the lines?

 

[Sean Thornton]

I appreciate the details you’ve provided but you seem to be misunderstanding the basic point that I’m making.
Whether it be £1M or £30M that McCabe spent on building an Hotel and Business Centre, that portion of his investment was in bricks and mortar not “football”.
He shouldn’t include that when he talks about the “£90M his family have put into the football club”.

It should be treated as a separate entity. We are a football club not a property developer.
When people listen to McCabe talking on Radio Sheffield about Sheffield United, it’s the football team they’re interested in. Not the investments made in property development.

You seem to be lumping me in with people who think that McCabe has taken loads of money out of the club and not put any in.
I don’t think that and I haven’t said that. He has put loads in. Some spent on football and some on property. Why blur the lines?

Bad bad Kevin, not being specific enough, talking generally throughout a radio interview.. You should have done some research yourself then. Initially didnt you doubt he'd put that money in, now some doesn't count? Dear me. We've got to £60m he's had to fund football losses and thats not enough for you? Plus the profits from those non football venturers are conveniently ignored ( while Chengdu isnt)

Take a look at other clubs and how they've diversified away from football to shore up profits. Then come back to me.

 

[SwissBlade]

How has he spent money ?
Not having a go at you personally swiss but i cant think of a single transfer since relegation from the prem that wasnt funded by an outgoing transfer or ticket sales i.e cup runs

Going all the way back to jags for beattie
Beattie for ched etc etc

Yeah ok, I think it's fair to say that the club has self funded transfers fees. No real argument with that. Without wanting to sound all McCabe, I'm kind of glad we've done that as it apparently "balances the books"

But it's the wages and running costs of the club which have perhaps been more costly, leading to McCabe splashing out on paying managers off, taking hits on player contracts to get them off the books and paying high wages. Not all of this has come from player sales but also from McCabes pocket.

Exactly how much has come from him versus how he's offset this against other business moves is subject to debate, but he's dipped his hand in when we've haemorrhaged money... Rightly or wrongly

 

[SwissBlade]

Good post but isn't KM capable of making a bad choice of Director of Football too? Glen Roeder is available I think!!

Good point about Wilson's squad. What a missed opportunity that year was.

My simple belief is that the whole success of any football club below top 6 in the Premiership is down to the manager. Above that level the money and the ball game changes these days, it's a global cauldron with vast sums of money and high stakes and I honestly believe nobody has a real handle on it, apart from Wenger and Arsenal perhaps. So much money is wasted on players' wages and transfer fees but there's more where the money came from. Management of the prima-donna players must be a nightmare.

At our level the manager makes it happen. His biggest appointments are, in order of importance, the Head Scout and then his coaches.

Regardless of budget, real value has to be achieved in player signings. If they are the right character and add quality to the squad then the dressing room starts to believe in the manager and it gives it a chance. Adkins has failed in that to date. ( Clough did so well with us until he started signing new players!!)

I look at Adkins in these difficult times and wonder whether he is the man for a crisis. He's one of the most positive and enthusiastic managers we have ever had. In the short time he has after games, in his interviews he manages to summarise games very well and he certainly draws everything positive out of situations. When results are poor he looks a bit deluded, naive even. Once he gets the pot boiling though just watch the levels he can take the team and the fans to. Whether he can boil the pot is the big question!! It's a big ask from this point.

It's a good point about relying on McCabe, Prince and Phipps to pick a director of football could be as bad as his Robson selection, but you'd hope that they'd go outside their little bubble to get some suggestions... Nah scrap that, it's nailed on to be Robson!

 

[Sean Thornton]

It's a good point about relying on McCabe, Prince and Phipps to pick a director of football could be as bad as his Robson selection, but you'd hope that they'd go outside their little bubble to get some suggestions... Nah scrap that, it's nailed on to be Robson!

When Staton included Jim in the mix about moving forward I thought KMc rather pointedly said " there are two owners" and wondered if Jim was no longer part of the process?

 

[Woodwardfan]

The benefit of threads like this is that those posters who brazenly quote nonsense, rhetoric and negativity have the chance to learn some facts from posters who know what they're talking about.

I respect those posters above who have challenged Bohemian and Sean Thornton because they will have learned some harsh realities and that's for their benefit and that of anyone who reads it.

What strikes me is the fact that certain posters who constantly breathe negativity and vitriol against the owner and the club don't dare to post on this thread. I wonder why? Come on you slashers, where's your bottle when you're up against people with knowledge?

 

[SwissBlade]

When Staton included Jim in the mix about moving forward I thought KMc rather pointedly said " there are two owners" and wondered if Jim was no longer part of the process?

Interesting and you do wonder what Jims role is if he's not on Facebook/ Twitter.

Jim was always quick to state that he was co chairman, appointed by the prince as his man on the ground, but I find it hard to understand how he can fulfill that role from Saudi Arabia, not sure when he was last in Sheffield but he's said little on social media recently, so perhaps he's slipping away

 

[Woodwardfan]

It's a good point about relying on McCabe, Prince and Phipps to pick a director of football could be as bad as his Robson selection, but you'd hope that they'd go outside their little bubble to get some suggestions... Nah scrap that, it's nailed on to be Robson!

Such a quality man ( if found) plus his team would cost £1m per annum minimum. That's £1m less to spend on the players they're identifying. Questionable?

 

[SwissBlade]

Such a quality man ( if found) plus his team would cost £1m per annum minimum. That's £1m less to spend on the players they're identifying. Questionable?

Might be worth the spend if we get the right players and the right managers... We've probably paid more than that in paying off the last 3 managers

 

[Sothall_Blade]

Bad bad Kevin, not being specific enough, talking generally throughout a radio interview.. You should have done some research yourself then. Initially didnt you doubt he'd put that money in, now some doesn't count? Dear me. We've got to £60m he's had to fund football losses and thats not enough for you? Plus the profits from those non football venturers are conveniently ignored ( while Chengdu isnt)

Take a look at other clubs and how they've diversified away from football to shore up profits. Then come back to me.

No I didn't initially doubt he'd put any money in. I think you're mixing me up with someone else.

 

[pommpey]

The benefit of threads like this is that those posters who brazenly quote nonsense, rhetoric and negativity have the chance to learn some facts from posters who know what they're talking about.

I respect those posters above who have challenged Bohemian and Sean Thornton because they will have learned some harsh realities and that's for their benefit and that of anyone who reads it.

What strikes me is the fact that certain posters who constantly breathe negativity and vitriol against the owner and the club don't dare to post on this thread. I wonder why? Come on you slashers, where's your bottle when you're up against people with knowledge?

Eh? We have McCabe going public and offering some patently debatable matters. We have people on here challenging that. We have you saying speculative conjecture on here is concrete fact. In and amongst that there is 'the truth' and that has it's roots in us sat outside the playoffs in division three.

I don't see much 'fact' in either end of the argument WWF. I see you blowing sunshine out of the arse of a bloke who has made some blindingly catastrophic decisions, seemingly spunked ninety million bucks only for us to end up in the u-bend and not much mitigation for his actions. In your eyes, you vestigially concede he has made some errors but shy away from analysing his words and his patently defensive stance.

What is put up here isn't 'knowledge' as much as my words are 100% fact. If you start with Webber hitting the post at BDTBL and move on linearly from there, you will see McCabe's grubby hands are all over our downfall. That, I am afraid is 'knowledge'.

pommpey

 

[Deaneandagana]

Great thread & excellent debate, been away for the weekend so just catching up - listened to KMc's interview, he comes across as tetchy & prickly from the off, refers to bad (ill) luck on 4/5 occasions whilst in the next breadth reminding listeners of his business acumen and his track record of building successful business corporations - my point being his constant referral to bad luck smacks of desperation & is in stark contrast to the qualities required to build "successful business corporations"

Another take on the current predicament is selling your better players & replacing with inferior ones.

Another, 8 managers in 8.5 years.

And another, sacking the two managers with the highest win ratios in the clubs history?

And more - appointing Robson, sacking Blackwell 2 games into the season, selling Beattie / Blackman in January & your best player at the beginning of the last 3 seasons.

£90m - your decision Kev, no one forced you.

 

[PeteBlade]

The benefit of threads like this is that those posters who brazenly quote nonsense, rhetoric and negativity have the chance to learn some facts from posters who know what they're talking about.

I respect those posters above who have challenged Bohemian and Sean Thornton because they will have learned some harsh realities and that's for their benefit and that of anyone who reads it.

What strikes me is the fact that certain posters who constantly breathe negativity and vitriol against the owner and the club don't dare to post on this thread. I wonder why? Come on you slashers, where's your bottle when you're up against people with knowledge?

This debate generally seems to have been debated quite healthily and without too much arguing so I've no idea why you felt the need to call people out in a way that would only lead to personal arguments.

I especially take exception to the talk of people 'brazenly quoting nonsense' when a few posts before you described us as 'a very well run club'

I think you got off lightly there!

 

[Woodwardfan]

This debate generally seems to have been debated quite healthily and without too much arguing so I've no idea why you felt the need to call people out in a way that would only lead to personal arguments.

I especially take exception to the talk of people 'brazenly quoting nonsense' when a few posts before you described us as 'a very well run club'

I think you got off lightly there!

You totally misunderstood my post. It was not about who and what was said on this thread but those who did not contribute because they are out of their depth. Usually the ones with the most to say.

I said it because at some stage the loudest moaners should be made aware that they are fooling nobody with empty rhetoric.

 

[Sean Thornton]

Eh? We have McCabe going public and offering some patently debatable matters. We have people on here challenging that. We have you saying speculative conjecture on here is concrete fact. In and amongst that there is 'the truth' and that has it's roots in us sat outside the playoffs in division three.

I don't see much 'fact' in either end of the argument WWF. I see you blowing sunshine out of the arse of a bloke who has made some blindingly catastrophic decisions, seemingly spunked ninety million bucks only for us to end up in the u-bend and not much mitigation for his actions. In your eyes, you vestigially concede he has made some errors but shy away from analysing his words and his patently defensive stance.

What is put up here isn't 'knowledge' as much as my words are 100% fact. If you start with Webber hitting the post at BDTBL and move on linearly from there, you will see McCabe's grubby hands are all over our downfall. That, I am afraid is 'knowledge'.

pommpey

There's no doubt McCabes decisions are what has resulted in him risking £60 £90 million, whichever suits at the time, and of course why we are still in L1. Anyone pretending otherwise is deluded. But posts where information in the accounts are both knowledge and facts. The conclusion I may draw from them is my opinion but that's based on audited accounts rather than " he can't have put that much in" "where's it gone then" comments from posters with no clue whatsoever.

His defensive stance is hardly surprising though is it? He's been accused of being a crook a fraudster and having profited from the club, having taken money out and personally, not one of the people posting stuff like that has the first fucking idea about what's happened.

He was in an interview, defensive, no doubt under pressure and will have at least some of the arrogance of the very rich self made men have, yet he's expected to be able to chose his words carefully. I'd suggest it's not that simple, particularly as not many believe he's media savvy and like Jim has a record of being occasionally disingenuous.

An example is your post criticising him for not "replacing our injured striker Hulse". I pointed out that the transfer window had closed and you said you meant not having strength in depth or something. But that's not what you said. That's without a recording device shoved in front of you, and time to reply.

 

[Sean Thornton]

This debate generally seems to have been debated quite healthily and without too much arguing so I've no idea why you felt the need to call people out in a way that would only lead to personal arguments.

I especially take exception to the talk of people 'brazenly quoting nonsense' when a few posts before you described us as 'a very well run club'

I think you got off lightly there!

Not on this thread or any of the posters involved but there are a few on forums who brazenly quote nonsense on a regular basis. Calling him a crook for example, and saying the ground etc only cost him a quid. WWF's remark was fairly polite, I'd call them fuckwits. (Sorry Bert)

 

[PeteBlade]

Yes sorry Woodwardfan I did misunderstand your post, my mistake.

 

[finlaytheblade]

There's no doubt McCabes decisions are what has resulted in him risking £60 £90 million, whichever suits at the time, and of course why we are still in L1. Anyone pretending otherwise is deluded. But posts where information in the accounts are both knowledge and facts. The conclusion I may draw from them is my opinion but that's based on audited accounts rather than " he can't have put that much in" "where's it gone then" comments from posters with no clue whatsoever.

His defensive stance is hardly surprising though is it? He's been accused of being a crook a fraudster and having profited from the club, having taken money out and personally, not one of the people posting stuff like that has the first fucking idea about what's happened.

He was in an interview, defensive, no doubt under pressure and will have at least some of the arrogance of the very rich self made men have, yet he's expected to be able to chose his words carefully. I'd suggest it's not that simple, particularly as not many believe he's media savvy and like Jim has a record of being occasionally disingenuous.

An example is your post criticising him for not "replacing our injured striker Hulse". I pointed out that the transfer window had closed and you said you meant not having strength in depth or something. But that's not what you said. That's without a recording device shoved in front of you, and time to reply.

Good post Sean using your financial nous in a positive way,some fans will never accept that Mccabe has thrown millions at the blades,I'm not a mathematician but it's pretty simple maths to work out he has pumped a fortune in and most has gone on maintaining all the trappings of a
Upper championship club with an academy that costs a fortune to maintain.
He's been let down by managers who have not delivered on the back of good investment ( budget ). Hopefully if we don't make it this year Adkins will be given the time to put his own team together ,Mccabe has been too quick to pull the trigger more than once since the Robson disaster .Each changel has seen us slide further away,I think maybe he's finally learnt his lesson and Adkins will be given time
The frustration our fans show is understandable but just adds to the pressure which is always there at the lane.We have to stick with them now as play offs are there for the taking ,I do think one or two loans will come in to give us a bit of impetus .Let's give it a go critics now will get us no where,lots of fans have given up the ghost so try to relax and ime sure if the players can feel more relaxed we will play a lot better especially at home

 

[Esablade]

There's no doubt McCabes decisions are what has resulted in him risking £60 £90 million, whichever suits at the time, and of course why we are still in L1. Anyone pretending otherwise is deluded. But posts where information in the accounts are both knowledge and facts. The conclusion I may draw from them is my opinion but that's based on audited accounts rather than " he can't have put that much in" "where's it gone then" comments from posters with no clue whatsoever.

His defensive stance is hardly surprising though is it? He's been accused of being a crook a fraudster and having profited from the club, having taken money out and personally, not one of the people posting stuff like that has the first fucking idea about what's happened.

He was in an interview, defensive, no doubt under pressure and will have at least some of the arrogance of the very rich self made men have, yet he's expected to be able to chose his words carefully. I'd suggest it's not that simple, particularly as not many believe he's media savvy and like Jim has a record of being occasionally disingenuous.

An example is your post criticising him for not "replacing our injured striker Hulse". I pointed out that the transfer window had closed and you said you meant not having strength in depth or something. But that's not what you said. That's without a recording device shoved in front of you, and time to reply.

It does make me laugh a bit (dark sense of humour) to think that if we'd stayed in the Prem and McCabe had gone to sell the club at great profit to himself, everyone would be lauding him!

He's the fall guy here in many, many ways and it's all very frustrating as McCabe say's in his interview...still, fans tend to look at things a season at a time, get pissed off when things fizzle out at the end of one, then come back full of optimism at the start of another etc...so to see, what many class as a 'wasted year' is hard to take...if perhaps inevitable?

Personally, I'm just looking forward to the fresh start next season and hopefully getting some new faces in who shake the place/style up a bit.
If that fucks up.

Kick McCabe out! ;D

 

[Barney]

I've got a few questions. Forget all the bollocks and let's get to the point.

• 1. How much has McCabe, alone, invested in the playing squad alone for each season we've been down here?
• 2. As above for the Prince since he came on board.

For anyone that might be able to answer, I'm a straight forward kind of guy, cut out all the shit and the jargon please.

 

[Sean Thornton]

I've got a few questions. Forget all the bollocks and let's get to the point.

• 1. How much has McCabe, alone, invested in the playing squad alone for each season we've been down here?
• 2. As above for the Prince since he came on board.

For anyone that might be able to answer, I'm a straight forward kind of guy, cut out all the shit and the jargon please.

If you are making losses you have to cover them all. Be it football or administration costs. That should be simple enough. But if you read my comments about "football costs" being more than income for four years running, it's your starter for ten.

Since the Prince came on board his initial investment was £10 million. The FC lost £9 million in two years. Look at the accounts. Let's hope you know more about reading them than you do about paying up player contracts and the effects on SCMP.

 

[Barney]

If you are making losses you have to cover them all. Be it football or administration costs. That should be simple enough. But if you read my comments about "football costs" being more than income for four years running, it's your starter for ten.

Since the Prince came on board his initial investment was £10 million. The FC lost £9 million in two years. Look at the accounts. Let's hope you know more about reading them than you do about paying up player contracts and the effects on SCMP.

No, no. Thanks but that's shit and jargon, exactly what I didn't want. I was asking for a definitive figure for both questions. A simple 1. x amount of million for year 1, x amount for year 2 etc. etc. and same for the Prince.