Statement from McCabe - Official Site

[derryblade]

Excellent summary and excellent final paragraph. When you look at that record, its nothing short of dreadful. For this club to really change, it needs a clean sweep - with all the losers and failures being removed. Before that happens, I can't see things really improving, unless we fluke it in the play offs, and there really is investment to come in - on the proviso that we are in the Championship.

Most of these interviews included the usual tripe from Kev - quick to blame other factors, rather then his own decisions - although in the Alan B interview I think he finally admitted sacking Wilson was a mistake. I grow tired of hearing stuff about player contracts being too big - well you are the owner, Kev, you must have sanctioned them. I have no sympathy when he bangs on about "I've put £90m in" - that is what happens when you get involved in a football club - it comes with the territory. Also, its all relative - all of us fans have devoted a significant number of our money/wages into supporting the club. In the Rob Staton interview he seemed to imply that putting money in has not worked, so we wont put more money in, but not putting any more money in is not exactly going to bring success. He is open to offers - good, but Im not sure people would be interested in a club that really has no assets, as the assets are in his hands.

No surprise he has emerged right now - its not far off season tickets going on sale.

I don't think there is anything in the statement or the RS interview to promote or increase season ticket sales, it basically smacks of more pain or we get lucky. That's not to say their will be a huge reduction in season tickets if we fail to go up, many supporters will renew regardless, but staying in this league much longer must be affecting future supporters thinking of attending games.

 

[Jan Age]

You forgot:

Should I renew my season ticket? Yes/No

pommpey

True... why ask several questions when this one question, if answered honestly, would answer all of the above.

 

[pommpey]

But the prince joined us within months of that statement, as you may well know it changed things drastically.

Did it?

*checks*

Div one failures then ... div one failures today

"Game changing " was a loose term but in fact it was.

No it wasn't. It was made with full intent, to stop us lot questioning why the fuck Wilson had been shitcanned and who the like for like we had our eyes on with regard Evans. Face it, Ched's cock caused more crisis than the rape and hounding of a pissed, vulnerable female. We failed badly that year and it cost the club badly. McCabe needed to share the losses and to prevent us carping on about 'another Hashemi', he spun us a whopper about the sunny uplands of promotion to the top level at the earliest opportunity. There has been no 'game changing investment'. There's been 'investment', but that has bought shit players, paid off managers and staff, bloated the squad, enabled talent outgoings and marooned us on our third manager since HRH came. And it has changed our game ... we are playing worse.

The path set out just before was oblivion for a couple of years and hopefully a slow build up of a young, talented squad.

You are Comical Ali, and I claim my £5 club-shop gift voucher

I for one was up for it at the time. I for one don't think Weir was doing any better or worse than could be expected at the time.

Really? I though Weir was clearly way out of his depth, tactically inept and by about the end of September, you could imagine the dressing room not having any confidence in his managerial stewardship. The opening game was optimistic, but McDonald governed the centre of the park. Without him we were fucked. And Weir didn't have a Scooby doo how to rearrange that.

I for one suggest we might not be in better shape now than we would have been if the prince had not joined us. Maybe doing a Burton, a Southend or a Gillingham, or a Coventry or a Walsall.

I think that had HRH not come along, we'd have been having this conversation about McCabe going public at the end of 2013-14 season, having just scraped relegation with Clough not even in the frame. It's clear McCabe spun Clough a lot of bollocks and the man called him out on it last summer. I am unsurprised Adkins can't pull rabbits out of the hat with effectively less than Clough had at his disposal.

No, I'm not mad. Just think about it.

I have. And I spent an hour on the blower discussing the whole matter with my mate last night. He agrees with me.

pommpey

 

[Deaneandagana]

That wasn't what the discussion was. There's little in detail other than totals since the Plc group accounts. Players, as Balham has shown, are treated as intangible assets, not trading items when working out profits and losses.
If turnover is £10m and we spend £15m on wages and other football related costs we've still made a loss " trading". Profit on player sales of say £4m just reduce that same as admin costs increase it.

Look at the 2013 accounts, Profit and Loss Account where cost of sales is more than turnover. We traded at a loss.
Further down is a profit on disposal if fixed assets figure. Note 8 gives a split of that figure. Not in detail but there is a figure for profit on player sales which will have been calculated as per Balhams post.

Sean, if we buy a player for £3m on a 3 year contract , would I be right in thinking that the P&L charge in year 1 would be £1m amortisation of the contract?

A subsequent free transfer at the end of year 2 would involve a loss on disposal of £1m or a transfer fee of £2m for the same player at the same time would result in a profit of £1m?

I think you are right that details of such transactions are not disclosed in the accounts - certainly not on a player by player basis.

 

[DHeppenstall]

Right, there is so machismo,testosterone and bollockson this thread its like opening up meatspin for the first time again...

its very simple...either accept that Mcabe puts in money and makes bad decions or we pull our horns in completely and run a balanced budget...easu to say but when we get in players like Hammond on fuck knows how much... £15k ish..a week, thats not going to happen..

Id rather us run a balanced budget,basic wages, good performance related pay...and by basic wages,go to as little as possible...we are a Division 3 club,any footballer who wants more than £2k aweek wants to be told to fuck off anyway...get hungry players in.
Trim the assorted waste like Phipps and Baki....


oh,and nowhere in the accounts does it tell you how much each person has put in...you can get a general idea by reading into it...but you will never get the answer people seem to want without doing a very simple thing...write to the chairman and askhi...hes not bad a replying tofans who take the time to ask him questions.

 

[Sean Thornton]

Sean, if we buy a player for £3m on a 3 year contract , would I be right in thinking that the P&L charge in year 1 would be £1m amortisation of the contract?

A subsequent free transfer at the end of year 2 would involve a loss on disposal of £1m or a transfer fee of £2m for the same player at the same time would result in a profit of £1m?

I think you are right that details of such transactions are not disclosed in the accounts - certainly not on a player by player basis.

Pretty much. Balham Blade gives a good example of how it works.

Depending on the accounting policies though you'd tend not to amortise the asset in the year of disposal though, just take the profit or loss. The result on the bottom line is the same.

 

[Deaneandagana]

Pretty much. Balham Blade gives a good example of how it works.

Depending on the accounting policies though you'd tend not to amortise the asset in the year of disposal though, just take the profit or loss. The result on the bottom line is the same.

Thanks the bit on Balhams post which was confusing was the charge to cost of sales of the initial transfer fee, presumably he means the annual amortisation charge and NOT the total fee itself?

 

[Sean Thornton]

Thanks the bit on Balhams post which was confusing was the charge to cost of sales of the initial transfer fee, presumably he means the annual amortisation charge and NOT the total fee itself?

I think he does. Not sure if amortisation would be charged to cost of sales though. When the Plc group accounts were prepared some years ago now, amortisation was included in administrative expenses. Which it would normally be shown.

 

[Snowman]

Kin ell theers sum knob ends on ere. Most on em wunt no a debit from a credit. Keep going lads and lasses this'll mek a 500. Worra fukin waste o breath an typin wi two fingers. Gee it a rest. IMHO LOL

 

[Deaneandagana]

I think he does. Not sure if amortisation would be charged to cost of sales though. When the Plc group accounts were prepared some years ago now, amortisation was included in administrative expenses. Which it would normally be shown.

Confused now, if the transfer fee is being amortised over the contract length, then the fee can't be charged to cost of sales as well - double hit to P&L?

 

[Sean Thornton]

Confused now, if the transfer fee is being amortised over the contract length, then the fee can't be charged to cost of sales as well - double hit to P&L?

As I understand it the fee is shown as an addition to intangible fixed assets - player registrations - and written off against profits over the length of the contract. I thought that's what BB said?

 

[Bert]

Kin ell theers sum knob ends on ere. Most on em wunt no a debit from a credit. Keep going lads and lasses this'll mek a 500. Worra fukin waste o breath an typin wi two fingers. Gee it a rest. IMHO LOL

Has Blades Mad been fixed yet?

 

[Deaneandagana]

As I understand it the fee is shown as an addition to intangible fixed assets - player registrations - and written off against profits over the length of the contract. I thought that's what BB said?

Example 1: Michael Higdon
Signed for £150k + £50k signing on fee in July 2014. Initial book value and charge to cost of sales of £200k

 

[Snowman]

Has Blades Mad been fixed yet?

Snowman doesn't know because Snowman doesn't presume to be superior to other persons who post on this site and neither does Snowman decide that he is superior to other mere mortals on this or any other site by adopting a persona whereby he refers to himself in the third person. Then again Snowman, who still isn't in the third person, doesn't understand the reference to Bladesmad unless Bert is trying to make a point that persons who might use or pretend to use the vernacular in posting were perhaps worth less than Bert in terms of intellectual ability or intelligence. No doubt Bert will enlighten Snowman.

 

[pommpey]

Snowman doesn't know because Snowman doesn't presume to be superior to other persons who post on this site and neither does Snowman decide that he is superior to other mere mortals on this or any other site by adopting a persona whereby he refers to himself in the third person. Then again Snowman, who still isn't in the third person, doesn't understand the reference to Bladesmad unless Bert is trying to make a point that persons who might use or pretend to use the vernacular in posting were perhaps worth less than Bert in terms of intellectual ability or intelligence. No doubt Bert will enlighten Snowman.

Bert frequently interjects in conversations in a high-handed, patronising manner. The recent squawking about swearing on this largely adult football forum ignoring the frightfully colourful vernacular which is transmitted across the steep embankments at matchdays seems to be somewhat ignored and Bert still doesn't answer whether he challenges burly Sheffielders disputing match officials or chorusing taunts at our collective rivals, be they on the Bramall Lane end or up at Sheffield 6.

Bert also has failed to square his pious standards ranged against the mega-thread 'Twats - the lot of them' (which he started), and the more recent alleging of homosexuality between DC Comics superheroes Batman and Robin, calling them 'bummers'. One would have hoped such unfounded discriminatory and inflammatory asides would have been a thing of the past. I may be mistaken ... both the thread header and his seemingly anti-gay stance may just be 'bantz'.

pommpey

 

[Sean Thornton]

Example 1: Michael Higdon
Signed for £150k + £50k signing on fee in July 2014. Initial book value and charge to cost of sales of £200k

Aah! As you say, that would be a double hit on the P&L. Debit Intangible assets, credit bank account £200k. Amortisation credit Intangiblexassets debit P&L.

 

[Balham]

Confused now, if the transfer fee is being amortised over the contract length, then the fee can't be charged to cost of sales as well - double hit to P&L?

Aah! As you say, that would be a double hit on the P&L. Debit Intangible assets, credit bank account £200k. Amortisation credit Intangiblexassets debit P&L.

Both right - that was an error caused by me copying and pasting and changing numbers.

...and that is the danger of copy and paste on here when I should be doing my job (which is not in financial accounting...for very good reason )

 

[Sean Thornton]

Both right - that was an error caused by me copying and pasting and changing numbers.

...and that is the danger of copy and paste on here when I should be doing my job (which is not in financial accounting...for very good reason )

Thought it must be something like that as the example was otherwise bang on.

 

[Woodwardfan]

Saturday McCabe says the Prince has put in £15 million , Sunday morning it's " going on for twenty million".

Clap clap clap clap clap. Latest wwf fantasy.

My mistake, I had only heard the interview and have now read the transcript. I knew it was £12m by the start of the season.

I heard £8m each this season and it's £8m between them. £15m is still a load of money.

Other areas I've been wrong are :

1) making the assumption the prince and his men are running the club now.
2) believing that KM had stopped putting money into the club and that all new investment by the prince would increase his equity in the club over a period.

My biggest concern is the future and the frame of mind of the prince. They can't make plans until they know what division we are in. I guess the prince will dictate the level of investment and KM will match him - only a guess!! My concern is whether the prince feels duped into the scenario which must be far more severe than he ever imagined and how he reacts to abuse by fans. He can shut up shop at any stage.

Ah well, it turns out each owner has put in £8m this season ( see today's report on a further KM interview with The Star " When Shield met KM)). I didn't think I could be wrong!!

 

[PeteBlade]

Ah well, it turns out each owner has put in £8m this season ( see today's report on a further KM interview with The Star " When Shield met KM)). I didn't think I could be wrong!!

So we've wasted SIXTEEN MILLION POUNDS this season??

How is this possible?

 

[Woodwardfan]

So we've wasted SIXTEEN MILLION POUNDS this season??

How is this possible?

Good word "wasted" Pete. It must be hard for McCabe and his family to sleep at night. Absolute nightmare - serious cash and loads of S2 enemies to boot. Hell on earth!!

 

[Sean Thornton]

Well as ive said thats not what the SH01 - allotment of share form - filed at Companies House shows.

That states a further 8 million shares have been allotted but at as December the shares had not been fully paid for.

They may have been now of course but without further detail, two questions,

1) does that mean they are now loaning Blades Leisure and SUFC money rather than investing ( which doesn't help towards SCMP) ?

2) That would be £26 million invested since the Prince came in. Taking into account the reported and forecast losses, how come Adkins was unable to sign anyone with that sort of money coming into the club? Because no one believes there were no better players out there from what we have.

The 2016 accounts will make interesting reading. Let's hope for Kevs sake it's not another Beattie Flu type comment.

Remember WWF, £8million each "this season" let's see.

 

[Sean Thornton]

So we've wasted SIXTEEN MILLION POUNDS this season??

How is this possible?

Exactly.

 

[Revolution]

Well as ive said thats not what the SH01 - allotment of share form - filed at Companies House shows.

That states a further 8 million shares have been allotted but at as December the shares had not been fully paid for.

They may have been now of course but without further detail, two questions,

1) does that mean they are now loaning Blades Leisure and SUFC money rather than investing ( which doesn't help towards SCMP) ?

2) That would be £26 million invested since the Prince came in. Taking into account the reported and forecast losses, how come Adkins was unable to sign anyone with that sort of money coming into the club? Because no one believes there were no better players out there from what we have.

The 2016 accounts will make interesting reading. Let's hope for Kevs sake it's not another Beattie Flu type comment.

Remember WWF, £8million each "this season" let's see.

I was interested in your take, Sean, because you have a level headed view of these things and know more about them than I do.

If you don't see how this can be accurate either, I do wonder what the hell is actually going on.

 

[Sean Thornton]

I was interested in your take, Sean, because you have a level headed view of these things and know more about them than I do.

If you don't see how this can be accurate either, I do wonder what the hell is actually going on.

The first two years losses since the Prince came in more or less wiped out the £10 million cash he put in.

KMc said we would lose £8 million this season. So half that £16 million covers that loss.

Are we really sat with £8 million in the bank?

 

[madeinsheffield]

£8m eachgone in, and that's on top of the money the club actually generates from tickets, player sales, shop, sponsorship, corporate, etc etc

That's an utter shambles

 

[Esablade]

Just to rule this one out...

So when McCabe says he's put in £8 million this season, does he actually mean he's 'written off' another £8 million shares debt owed to him or something?

 

[1danewhitehouse]

I think this is just McCabe being McCabe and that they've actually put in £8mil between them this season. If you listen to the RS interview, I seem to recall he said something like "We've both put in £8million" and then mumbles "in total" or something to that effect to make it sound like £8million each but in actuality he means £8imillion combined.

 

[Sean Thornton]

Right, there is so machismo,testosterone and bollockson this thread its like opening up meatspin for the first time again...

its very simple...either accept that Mcabe puts in money and makes bad decions or we pull our horns in completely and run a balanced budget...easu to say but when we get in players like Hammond on fuck knows how much... £15k ish..a week, thats not going to happen..

Id rather us run a balanced budget,basic wages, good performance related pay...and by basic wages,go to as little as possible...we are a Division 3 club,any footballer who wants more than £2k aweek wants to be told to fuck off anyway...get hungry players in.
Trim the assorted waste like Phipps and Baki....


oh,and nowhere in the accounts does it tell you how much each person has put in...you can get a general idea by reading into it...but you will never get the answer people seem to want without doing a very simple thing...write to the chairman and askhi...hes not bad a replying tofans who take the time to ask him questions.

If you want to know what's been put in in share capital the annual return will tell you.

 

[Cyprus Blade]

So we've wasted SIXTEEN MILLION POUNDS this season??

How is this possible?