When does mediation start?

[Sean Thornton]

I see your point, but the Prince is seeking specific performance as one of his remedies so he is arguing that there is a binding contract. We shall see.

Unclean hands?

 

[snootyfenooty]

The original agreement was that the other side could accept any offer made OR take over for the same amount. HRH made a counter offer but wasn't the same as McCabes. So McCabes offer is off the table. He may have outmanoeuvred himself. Then there's the email sent to McCabe that he wasn't supposed to see.......

McCabe is still in there, whether that's to get back full control or just sell the shares and get market value, we'll have to see. But HRH doesn't want, or can't afford, the ground etc. That's a problem. I wonder if McCabe knew?

You're still forgetting one convenient fact. The Prince still owns 50% of the club. Sold to him by McCabe, the man who, according to "team McCabe" ffs, has the club's best interests at heart.

 

[Yewsman]

The Prince's maneuvering by transferring some of his shares to another company was designed to circumvent the original shareholders agreement. It was clearly not what either party contemplated when they entered into the shareholders agreement. There were also some other arguably "dubious" things that the Prince has done in relation to a loan. That's why I made the point that it would be interesting to have seen what the judge said in relation to costs which might have given a clue as to his thinking on the Prince's maneuvers.

 

[Sean Thornton]

Another director change at BladesLeisure. Hawasli gone, new guy appointed.

The Confirmation Statement filed in July still doesn't show the supposed transfer of shares to UTB LLC 2

 

[Sean Thornton]

You're still forgetting one convenient fact. The Prince still owns 50% of the club. Sold to him by McCabe, the man who, according to "team McCabe" ffs, has the club's best interests at heart.

Rather than comment on the possible legalities, you just choose to knock McCabe. Okay.

 

[snootyfenooty]

Rather than comment on the possible legalities, you just choose to knock McCabe. Okay.

Well, it is another fine mess he's got us into isn't it Stanley?

 

[Sean Thornton]

Well, it is another fine mess he's got us into isn't it Stanley?

We're all demoralised at the moment aren't we?

 

[snootyfenooty]

We're all demoralised at the moment aren't we?

Not me, nor should you be. This is just the latest episode in the book of SUFC fuck-ups at boardroom level and I'm somewhat inured to them by now. I'm sure there will be one or two more in my lifetime.

 

[Sean Thornton]

Not me, nor should you be. This is just the latest episode in the book of SUFC fuck-ups at boardroom level and I'm somewhat inured to them by now. I'm sure there will be one or two more in my lifetime.

?

 

[Revolution]

Unclean hands?

I assume that this will be something thrown into the mix...but if the agreement is so badly drafted as to allow for this practice, that might be a hard argument.

One of McCabe's most vulnerable areas is the fact that the stunt the Prince pulled could have been prevented with better drafting.

 

[broomhillblade]

I initially read the title of this thread as "When does the medication start?"

Nurse...!

 

[Yewsman]

I assume that this will be something thrown into the mix...but if the agreement is so badly drafted as to allow for this practice, that might be a hard argument.

One of McCabe's most vulnerable areas is the fact that the stunt the Prince pulled could have been prevented with better drafting.

Yes you can criticize the drafting but the agreement gave both parties the option to buy the other out in certain circumstances. The prince has circumvented the agreement by transferring some of his shares to a a third party company that he controls. This is at the least devious and at worst dishonest and throws considerable doubt as to his motives. I for one cannot be critical of KM in these circumstances although it appears that either the Prince has changed or KM has misjudged the character of the person he brought in as co-owner. Easy to be wise after the event .

 

[Rusty view]

They're arguing about the start date so they'll be a mediation date set to decide the mediation start date.

Joking aside I'm pretty sure it's next year and I think the judge ordered both to provide funding to the club to keep it running until then.

 

[DifferentClass]

Fucking Hell
I read that about 6 times and still got the word "meditation" and found it hard to make sense of the OP.

Must be this smoooth Aged Amber Rum that Ken Jnr got for me

3pm Sunday, Swami Wilder's Yoga Club, John Street.
Bring Peroni.

 

[Ainsley Harriott]

Just a thought but Arsenal is in that London. Charlton is too.

I'm afraid the phrase "It's grim up North" fully applies in footy too, to most of the foreign owners.

Aye, a lot of them. I won’t argue that point. Some venture out side of it though (I’ll leave out the Manc and Liverpool clubs). Villa have a Chinese owner for example. Even our neighbours have a foreigner. There are a few examples (Barnsley as well). It’s not necessarily London-centric but I do take your point.

 

[Revolution]

Yes you can criticize the drafting but the agreement gave both parties the option to buy the other out in certain circumstances. The prince has circumvented the agreement by transferring some of his shares to a a third party company that he controls. This is at the least devious and at worst dishonest and throws considerable doubt as to his motives. I for one cannot be critical of KM in these circumstances although it appears that either the Prince has changed or KM has misjudged the character of the person he brought in as co-owner. Easy to be wise after the event .

To be clear, I'm not criticising McCabe for this. It's the responsibility of his legal representatives to draft the documents so as to prevent things like this happening, and there may be reasons outside their control and his control why this was not covered (if it in fact wasn't - I haven't seen the documents).

I take your point about this being a devious move. It is clear that the Prince's lawyers have been planning things behind the scenes for some months. Devious behaviour is not necessarily behaviour that amounts to a breach of contract or other civil wrong, however.

 

[Pollingtonblade]

As someone alluded to above it is just typical United that we have a good team, good manager good attendances and all could be ripped apart by a board room wrangle.

 

[BushBlade]

I suspect both sides only want the club to sell it, so in 5 years time we will be where we are irrespective of who wins.
God knows what's going on when clubs such as Hull, Cardiff, Bournemouth et al have found buyers but Sheff United cannot. And with the staff United have in place I would look at the business as something that could genuinely be a profit making organisation in anything from 1 to 3 years.

By getting promoted? If not, how does a club in the championship make a profit and compete with the rest who run at a loss each year or have their income substantially boosted by parachute payments?

 

[8lade]

By getting promoted? If not, how does a club in the championship make a profit and compete with the rest who run at a loss each year or have their income substantially boosted by parachute payments?

Yes and the Wilder, Knill, Mitchell (sorry if I've missed any of the key players off) set up and not paying over the odds can achieve this. We have to at least become a yo yo club but this is achievable.

 

[BushBlade]

Yes and the Wilder, Knill, Mitchell (sorry if I've missed any of the key players off) set up and not paying over the odds can achieve this. We have to at least become a yo yo club but this is achievable.

So you’re saying our only unique selling point is Wilder and his staff? Because there are about 20 clubs in the championship that could be comfortable in the PL and there have been loads of owners with a ‘3 year plan’ that have just lost their money trying to get promotion in vain.

If I had just weighed in £600m like Usmanov, I’d buy the Blades but I wouldn’t be under any illusion that I’m going to make money from it. You can spend a huge amount of money getting into the PL and the profits you’re likely to make won’t be massive. The best you can hope for is an increase in capital value but you have to sell the club to cash in. We need a benefactor, not an investor.

 

[blade too long]

what is success or failure with money

spurs newcastle everton all paid out millions and millions in last decade and won diddly squat

aston villa and boro spent the championship equivalent and got nowhere

when alls said and done its on the pitch that matters, get a good group of players playing as a unit its worth far more than just throwing money at it


as we will prove

 

[blade too long]

as for the mediation , will see princey getting compensation and a smaller share to share any prem windfall, which is really the the golden egg laying goose that everyones after

 

[8lade]

So you’re saying our only unique selling point is Wilder and his staff? Because there are about 20 clubs in the championship that could be comfortable in the PL and there have been loads of owners with a ‘3 year plan’ that have just lost their money trying to get promotion in vain.

What I'm trying to say is that United have a set up which could* get to the prem in the next 1 to 3 seasons. The way the club is achieving this with the personnel in place is by being prudent with money, so that losses accrued are minimal. Yes the uniqueness of Sheff Utd is we are competing and have a set up which maintained will see the ability to be a Premiership club and when that is achieved it will be the club that Kevin McCabe has been trying to build for the last 10 years, one that does not require financial input.
You say there are 20 clubs in the Championship that could be comfortable in the Prem, I disagree (as we are talking about this moment in time and not for instance if Villa got a new manager blew another 25 million quid and went on a winning spree) in the Championship now there are about 8 contenders 7 I could name and I'm leaving an option for the one that suddenly starts performing which nobody predicts.

* I'd say statistically that it's likely based on how United are performing in comparison to the other teams in the Championship in spite of the seemingly huge sums of money others are spending.

 

[Blade58]

Well September has been and gone, so just wondering if anyone has heard owt?