Well, we were due some bad news. - Statement on property transfer

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metalblade said:
And still we have certain poster's sucking his arse
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I'm stunned about that. Certain poster is either him, related to him or is on his payroll. As suspected many times in the past.

pommpey
 

At risk of all sorts if incoming accusations as happens whenever I post about either party - my wish is only for the best and fairest outcome for my football club.

For balance, the McCabe's take is as follows:

————

A spokesperson for Mr Kevin McCabe said:

“Kevin McCabe was devastated to read the statement issued by Sheffield United Football Club yesterday evening and the understandable outrage of the club fans at the highly misleading impression it gave.

There are a number of things that Blades fans should know. In essence: it was Abdullah who reneged not Kevin. The Prince wanted Kevin to transfer the stadium to an unidentified third party last month and Kevin felt this was not appropriate and could jeopardise the future of the stadium as United’s home ground.

Mr McCabe has been a lifelong supporter of the Blades and has routinely provided additional cash from his own pocket whenever the club needed it. He has guaranteed obligations of the club without hesitation.

It is Prince Abdullah who is refusing to finance the club adequately. Blades fans should know that the football club refused without any justification to pay an agreed debt of around £100,000 to the McCabes’ company. This left the McCabes with no choice but to make a formal demand for the money; which then resulted in payment. This would not have been necessary had Prince Abdullah ensured that the club was adequately funded.

The McCabes have taken legal advice and will be sending formal letters to the club insisting that the statement is taken down and an apology made.

————

So the claim is effectively that it was actually not the McCabe's who reneged on the agreement and that it was the wish to purchase via a third party. If this is indeed the case, this would effectively make the McCabe's the 'claimants' in taking it to arbitration wouldn't it?

So we're at the stage both sides are saying 'it's not me, it's him'.

Arbitration was always the prescribed outcome if either or both parties failed to agree and complete.
 
broomhillblade said:
Does anyone know how much cash McCabe put into the club over the years, and how much he's taken out - or is it all hidden in a fog of creative accounting?
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The last balance sheets with details of loans share capital etc show £80m, net, but that includes a lot of shares worth very little and a currently worthless share premium account of around £28m from memory. The cost of doing business.
 
pommpey said:
Heh.

Totally agree with Metal on all points. People on here have lambasted me, Metal and a few other for our constant, scathing attacks on the anointed one for years. I have heard such bullshit coming from people as they have outwardly justified McCabe's craven desire to control and mismanage the club whilst serially hiring and firing dud managers (or were they?) and sold our best players to stave off some or other financial armageddon. The fucking abject failure to connect the dots because of blind, cocksucking loyalty is all there to see, and all you lot - you know who you are - should hang your fucking heads in shame. Yep, we've had it all 'he's put more money into the club than you have so STFU' and 'he's such a fucking billy big Blade' and other such platitudes, with the mythic heroism bestowed upon him that he actually 'saved' the club. No one can join the fucking dots either on the strange correlation of our dismally sour times and his stewardship. It's just 'coincidence'. Well, c'mon. Out with it now, eh? How do you feel now that this craven carpetbagging fuckhole plans to detonate a shitbomb under our sacred ground, eh? Billy big Blade, huh? I mean, as much as he has put in, he'll certainly get back now in hearts, clubs, diamonds and spades, won't he? He'll willingly stymie Sheffield United and see them turfed off their own historic ground, simply because sometime recent, he once again (amongst other times) lack the nous to assess what a partnership with a Saudi businessman would result in, and furthermore misjudged that we'd end up up the top end of the Premier League thanks to the mercurial talents of one Chris Wilder and some budget players he imagined would be still clogging it out in Div One whilst some in his adoring fanbase licked his snippet valve. It fucking sickened me to stand in that fucking Copthorne lobby last May to hear our fans sing his fucking praises as he stood at that fucking reception desk. I think even he was embarrassed to hear it but hear it he did, and so did I. I said to my nephew at the time, 'he fucking doesn't deserve that, the useless fucker'. The people who did were those dedicated individuals on that fucking coach that had just gingerly picked its way through those delirious fans and not him. I am glad to the top of my heart he's lost that fucking court case and now faces being labelled underneath the likes of Brearley and Woolhouse and Green (and more) as our notorious unfit and unproper shower of bastards who have kept us suppressed for too damned long.
Hang your fucking heads in shame all you lot who refused to see this coming. I live 226 miles away from our wonderful palace of joy and I could see it from here. And you lot decided to give all of us lot a hard time whilst making his stay prolonged and pathetic. Oh, and if you think any of us are celebrating 'being right' think again. This is yet another distasteful episode Sheffield United will have to go through, and hopefully it won't affect our illustrious manager or his team. None of us lot are punching the air about that.

pommpey

ps: I just hope some of the sacked/resigned/left by mutual consent managers will break cover now and spill the beans on why they went. Tenner one each it was because of him and his bullshit.
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“ furthermore misjudged that we'd end up up the top end of the Premier League thanks to the mercurial talents of one Chris Wilder ”

If there is a single adjective that describes the opposite of everything Chris a Wilder represents, this is it! 😇
 
Foxy said:
At risk of all sorts if incoming accusations as happens whenever I post about either party - my wish is only for the best and fairest outcome for my football club.

For balance, the McCabe's take is as follows:

————

A spokesperson for Mr Kevin McCabe said:

“Kevin McCabe was devastated to read the statement issued by Sheffield United Football Club yesterday evening and the understandable outrage of the club fans at the highly misleading impression it gave.

There are a number of things that Blades fans should know. In essence: it was Abdullah who reneged not Kevin. The Prince wanted Kevin to transfer the stadium to an unidentified third party last month and Kevin felt this was not appropriate and could jeopardise the future of the stadium as United’s home ground.

Mr McCabe has been a lifelong supporter of the Blades and has routinely provided additional cash from his own pocket whenever the club needed it. He has guaranteed obligations of the club without hesitation.

It is Prince Abdullah who is refusing to finance the club adequately. Blades fans should know that the football club refused without any justification to pay an agreed debt of around £100,000 to the McCabes’ company. This left the McCabes with no choice but to make a formal demand for the money; which then resulted in payment. This would not have been necessary had Prince Abdullah ensured that the club was adequately funded.

The McCabes have taken legal advice and will be sending formal letters to the club insisting that the statement is taken down and an apology made.

————

So the claim is effectively that it was actually not the McCabe's who reneged on the agreement and that it was the wish to purchase via a third party. If this is indeed the case, this would effectively make the McCabe's the 'claimants' in taking it to arbitration wouldn't it?

So we're at the stage both sides are saying 'it's not me, it's him'.

Arbitration was always the prescribed outcome if either or both parties failed to agree and complete.
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The Arbitration process is defined in the Property Options Agreement. We do not know if it is a binding process or not. It relates to the purchase of the 5 properties identified in the Court Judgement. It does not cover the Kop sites that Scarborough currently own. The Arbitration process will concern itself with agreeing the value of the properties. Whether there will be agreement to include the Kop sites remains to be seen but at the moment civil war has broken out again.

The third party issue IMO is a red herring. If Scarborough seek to pursue this at Arbitration there seems little prospect of agreement as SUFC will argue this is outside the scope of the Property Options Agreement and they will be back in Court incurring considerable additional costs. KM has lost dramatically in Court once before on third party issues I doubt he would want to go through that again.

Both could say they are the Claimant for the purposes of Arbitration based on SUFC's withdrawal of the offer or Scarboroughs perceived original agreement and then subsequent unreasonable demands. It doesn't really make any difference to the process.

As far as balance in the statements provided by each party are concerned one is an official Club statement the other are comments contained in an emotive press article penned by a supporter of the dark side from a newspaper that is no friend of Sheffield United. I'll leave people to draw their own conclusions.
 
pommpey said:
I challenge anyone ... anyone on these boards to step forward with a case for McCabe. I'm listening. Everyone is.
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I may have got this wrong but if I have I would like an explanation of where and not just to be shouted down.
(Shortest version possible).
McCabe has lost the club for £5m (value of a PL club £150m) and is being forced to sell the ground for an agreed price. He's going to be millions, probably £100m out of pocket since taking United on. There are pockets of land which aren't included in that deal and he wants as much as possible for them (i suspect talk of flats is leverage) put yourself in his position, anybody who has just gone through the last 18 months that McCabe has would do the same, I would.
 
8lade said:
McCabe has lost the club for £5m (value of a PL club £150m) and is being forced to sell the ground for an agreed price.
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The £5 million pound valuation was set by McCabe when he offered £5 million for the Princes 50% of the club

So it was Kevs Valuation, no one elses

The agreement to sell the rest of the Real Estate in the deal was agreed and signed by Kevin McCabe

Kevs agreement, no one elses
 
8lade said:
I may have got this wrong but if I have I would like an explanation of where and not just to be shouted down.
(Shortest version possible).
McCabe has lost the club for £5m (value of a PL club £150m) and is being forced to sell the ground for an agreed price. He's going to be millions, probably £100m out of pocket since taking United on. There are pockets of land which aren't included in that deal and he wants as much as possible for them (i suspect talk of flats is leverage) put yourself in his position, anybody who has just gone through the last 18 months that McCabe has would do the same, I would.
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He won’t be anywhere near £100m down if he gets £50m for the properties. Maybe £30-£35m. Most of which on shares which were virtually worthless before HRH became involved.

Any legal gamble on either side would always be financially dependent on promotion. No promotion, the likelihood is he’d have lost another £20m or so.
 
Worksop II said:
The £5 million pound valuation was set by McCabe when he offered £5 million for the Princes 50% of the club

So it was Kevs Valuation, no one elses

The agreement to sell the rest of the Real Estate in the deal was agreed and signed by Kevin McCabe

Kevs agreement, no one elses
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Point 1, agreed however McCabe has agreed (via court order) to pay this.
Point 2, the rest of the real estate (or however it is worded) again good point but the pockets of land are not under the umbrella of this statement, otherwise there wouldn't be a case. If it's proven that they are then I'll fall into line with everybody else; thanking McCabe for his stewardship, wishing him all the best, and asking him to leave quietly.
 
Sean Thornton said:
He won’t be anywhere near £100m down if he gets £50m for the properties. Maybe £30-£35m.
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As ever I trust your financial acumen on this however it's still galling to lose half a Premier league club for 5m. (OK at this point we can invoke the 'he brought it on himself' statement).
 
8lade said:
As ever I trust your financial acumen on this however it's still galling to lose half a Premier league club for 5m. (OK at this point we can invoke the 'he brought it on himself' statement).
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It is, but he got his arse kicked in court, was personally criticised by the Judge and looks now to be taking action which will damage the club going forward. Will screwing a few extra million out of HRH satisfy him? Or is he trying to win control back?
 

8lade said:
As ever I trust your financial acumen on this however it's still galling to lose half a Premier league club for 5m. (OK at this point we can invoke the 'he brought it on himself' statement).
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But you're making this assessment now, not when the price was agreed. If you sell a company/property and the new owner turns it into something higher value then that's just business. Generally speaking, who would buy any company if they didn't think they could, at the very least, make it profitable?
 
Sean Thornton said:
Will screwing a few extra million out of HRH satisfy him?
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This I think, I'm not sure how much it could amount to 5 to 10 million I guess, would I do it? I'd hope to do it on the quiet (as McCabe did) but I guess that wasn't going to happen when people (Prince Abdullah in this case) was hoping to curry favour with the supporters. Having said that McCabe is a business man so I don't think this will make a difference to him but it could've been a bargaining chip to keep it quiet for the prince.
 
PokerBlade said:
But you're making this assessment now, not when the price was agreed. If you sell a company/property and the new owner turns it into something higher value then that's just business. Generally speaking, who would buy any company if they didn't think they could, at the very least, make it profitable?
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and Prince Abdullah stated from day 1 he was buying into United as a money making enterprise, I don't think this has changed and I'm still waiting for United to be sold on.
But I stand by the statement, it's gutting to effectively lose £70m on a deal 'gone wrong'.
 
8lade said:
This I think, I'm not sure how much it could amount to 5 to 10 million I guess, would I do it? I'd hope to do it on the quiet (as McCabe did) but I guess that wasn't going to happen when people (Prince Abdullah in this case) was hoping to curry favour with the supporters. Having said that McCabe is a business man so I don't think this will make a difference to him but it could've been a bargaining chip to keep it quiet for the prince.
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Whilst most reasonable people accept KM should receive a fair price for the properties keeping quiet is not a trait of KM. In fact its becoming a consistent problem for him throughout this process. His continued use of the press to misrepresent facts does him no favours, the latest article from the Daily Fail, an anathema to most Blades, being the prime example.

If he wanted to keep the issues quiet he would have just confirmed that the parties were going to Arbitration as they couldn't agree on a price. Yet his PR machine were instructed to raise the matter in Public first with a veiled threat that Land would be built on. The response from SUFC was perfectly understandable.

I have no problem with him wanting to get the best price but his continued attempts to undermine the Club with inferences that the Prince is not managing the Club's finances adequately confirms the view of Justice Fancourt about KM's character;

"I consider that Kevin McCabe is only able to recall events or even look at documents through the prism of his own subjective beliefs and understanding of how things were, or how in his opinion they must have been, and his belief about who was in the right and who was wrong. There are numerous instances in which the account that he vigorously asserted and defended in the witness box was obviously wrong, or the opinion that he espoused was without any proper factual basis"
 
I bet there are posters using this forum who are still wondering why when we were messing about for six years in league one with a team not worth a wank that McCabe could never ever find a buyer for the club. Really the events of the last few days should tell even the dumbest of our fanbase it was never viable once McCabe split the team from the infrastructure to as he said at the time to safeguard Bramall Lane. A few of us had major concerns at the time, you only have to drive to Rotherham via Meadowbank Road to see a dilapidated Millmoor with a new half built stand standing idle and overgrown due to a greedy scrap merchant to see why.
More like it was Kevin's way of making sure he got is money back if anyone was dumb enough to buy a club which didn't own it's stadium or training ground, anyone here think Mr Chansiri is likely to sell that shower of shit in S6? Nope it was never going to happen until that is CW had us looking like we might just get promoted, then suddenly he has found American investors and wants rid of the Prince ............................. he is full of 💩💩💩💩💩💩💩
 
8lade said:
and Prince Abdullah stated from day 1 he was buying into United as a money making enterprise, I don't think this has changed and I'm still waiting for United to be sold on.
But I stand by the statement, it's gutting to effectively lose £70m on a deal 'gone wrong'.
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Prince Abdullah's intentions are irrelevant.

Let's say I have a business and its current value (to keep the maths simple) is £10. I sell half of it for £5. In a years time the business is worth £100. It's silly to be "gutted" that you don't have 100% of the company IF the success of it is only because of that extra £5 investment you got. Because the company wouldn't be worth anything if it had gone bust for want of a fiver.

The only way your position holds is if you assume that we would've reached this valuation in this timeframe WITHOUT the Prince's money. Otherwise you haven't actually missed out on anything.
 
It’s a shame Mr McCabe wasn’t as vocal when he actually owned the club, I seem to remember him being silent for months on end, only popping up to introduce another new manager.
 
184blade said:
It’s a shame Mr McCabe wasn’t as vocal when he actually owned the club, I seem to remember him being silent for months on end, only popping up to introduce another new manager.
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Yep, we barely heard from him during the League 1 years.
 
McCabe always puts me in mind of playing football as a nipper, the kid who's ball it was got arse on and took ball home he is doing his level best to try to ruin United.
 
PokerBlade said:
Prince Abdullah's intentions are irrelevant.

Let's say I have a business and its current value (to keep the maths simple) is £10. I sell half of it for £5. In a years time the business is worth £100. It's silly to be "gutted" that you don't have 100% of the company IF the success of it is only because of that extra £5 investment you got. Because the company wouldn't be worth anything if it had gone bust for want of a fiver.

The only way your position holds is if you assume that we would've reached this valuation in this timeframe WITHOUT the Prince's money. Otherwise you haven't actually missed out on anything.
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I'm saying he's gutted that he has to sell his half of a company tentatively valued at 150m for 5m, effectively losing 70m. Ok he's getting market value for the other assets but he's still effectively losing out.
My comments about the prince are that it appears most people on here are singing his praises, whilst McCabe is now viewed as a c**t, not a view I share which is why I have not written it in full. Judge the prince after 10 years in charge at which point I suspect the same people will have the same view of him as they do McCabe.

Edit: and as regards the other assets he has been given a figure to sell those, for which he must comply and is doing. The problem is from the additional areas of land he has removed from the whole (correct me here but he always had plans to build student accommodation which always seemed a bit mad to me but has now worked in his favour).
 
8lade said:
I'm saying he's gutted that he has to sell his half of a company tentatively valued at 150m for 5m, effectively losing 70m. Ok he's getting market value for the other assets but he's still effectively losing out.
My comments about the prince are that it appears most people on here are singing his praises, whilst McCabe is now viewed as a c**t, not a view I share which is why I have not written it in full. Judge the prince after 10 years in charge at which point I suspect the same people will have the same view of him as they do McCabe.

Edit: and as regards the other assets he has been given a figure to sell those, for which he must comply and is doing. The problem is from the additional areas of land he has removed from the whole (correct me here but he always had plans to build student accommodation which always seemed a bit mad to me but has now worked in his favour).
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Thats not correct Justice Fancourt valued the Club less the property options at £104m.
 

Addison said:
Thats not correct Justice Fancourt valued the Club less the property options at £104m.
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Ok fair enough, I was working off the generic valuation for a Premier League club that was on one of those podcasts.
 
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