Kevin McCabe Forced To Sell Sheffield United Share

Discussion in 'Bulletin Board' started by dreamboy3000, Sep 16, 2019.

  1. dreamboy3000

    dreamboy3000 Well-Known Member

    Joined:
    Oct 20, 2005
    Messages:
    53,975
    Likes Received:
    21,381
    Trophy Points:
    113
    Location:
    DB3K Towers
    Style:
    Barnsley (full width)


    So he pumps millions in over many years to improve the stadium, training ground, team etc as a fan who's watched them for 60 years. He wanted to move them to the next level so sold half the club to someone for a quid thinking they were rich when they aren't. Now he's forced to sell his shares for just five million pound. So the skint guy now owns a Football club outright that is in the premier league so worth a small fortune, for the princely (pardon the pun) of five million and one pound.

    Kevin has had his pants down with this decision. I actually feel sorry for him.
     
    judith charmers and Connor like this.
  2. AthersleyRed

    AthersleyRed Well-Known Member

    Joined:
    Oct 11, 2011
    Messages:
    5,113
    Likes Received:
    3,183
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    Chairmen shouldnt be allowed in football
     
  3. Dub-Tyke

    Dub-Tyke Well-Known Member

    Joined:
    Apr 27, 2014
    Messages:
    3,211
    Likes Received:
    3,455
    Trophy Points:
    113
    Yeah, I feel for McCabe too.

    At the end of the day, he’s simply put a lot of money into his local team he’s supported all his life. Nothing wrong with that at all. I think a lot of us would do the same if we had the money.

    As an aside, Utd also invested the money into their academy, training facilities, hotel, car parks and stadia. Whereas their rivals in S6 haven’t touched Hillsborough for 30 years. That’s one reason why I prefer Utd more to Weds.
     
    Connor likes this.
  4. Young Nudger

    Young Nudger Well-Known Member

    Joined:
    Jul 18, 2005
    Messages:
    14,466
    Likes Received:
    3,095
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    Counting great crested newts
    Location:
    Hiding in a reed bed at the local RSPB nature rese
    Style:
    Barnsley (full width)
    Errrmm - this could be bad news.
    But could be good news for the Blunts.
    I foooking hope not !!!
    McCabe is skint - it’s only the managerial prowess of Wilder that got them to the Premier.

    The fake sheikh (as the Blunt fans call him) has now the opportunity to offload the Premier League club to a financially big player.
    Which means of course more money spent on players to secure their premier status.
     
  5. She

    Shepley Red Well-Known Member

    Joined:
    Dec 26, 2007
    Messages:
    5,941
    Likes Received:
    5,859
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    Building Surveyor
    Location:
    Meltham, Huddersfield
    Style:
    Barnsley (full width)
    Why feel sorry for someone that clearly failed to any due diligence on this Prince fella before letting him join the board? McCabe sold a 50 per cent stake for just £1 back in 2013 on the basis that the Saudi Prince would provide significant investment in the squad. People had assumed he was minted when he joined the club but evidence subsequently suggested otherwise.
     
  6. BramptonTyke

    BramptonTyke Well-Known Member

    Joined:
    Sep 6, 2018
    Messages:
    730
    Likes Received:
    518
    Trophy Points:
    93
    Gender:
    Male
    Occupation:
    Shop worker
    Location:
    Brampton
    Style:
    Barnsley (full width)
    Not one jot of sympathy for him. Hes put 100m in over the years but im damn sure hes took a hell of lot more back out. Went up on cheap to prem twice while selling all their best players turning a healthy profit for himself. And how many years did he let them rot in league one because he wouldnt spend any money on the squad??? Serves him right for jumping into bed with the devil to try and save money. In end its cost him his club.....
     
    Tykeored, Redhelen and Shepley Red like this.
  7. Ton

    Tonjytyke Well-Known Member

    Joined:
    Nov 17, 2018
    Messages:
    3,396
    Likes Received:
    4,761
    Trophy Points:
    113
    Gender:
    Male
    Style:
    Barnsley (full width)
    I liked the comment from Sheff U Independent Supporters Assoc. "Prince it is then" ... and they say there's no loyalty or gratitude in football.
     
  8. Dub-Tyke

    Dub-Tyke Well-Known Member

    Joined:
    Apr 27, 2014
    Messages:
    3,211
    Likes Received:
    3,455
    Trophy Points:
    113
    He’s put in over £100m. I don’t think he’s taken over £100m back out. So therefore he’s sill in debt. Mistakes aside (which we all do), he did his best with his local team.

    He ‘let them rot’ in L1 because he couldn’t risk putting more in - he has his limits.
     
    judith charmers and Redhelen like this.
  9. Bak

    Baka Well-Known Member

    Joined:
    Feb 16, 2014
    Messages:
    5,622
    Likes Received:
    5,618
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    Please, Toilet Paper Prince, sell them to Steve Dale.
     
    Stephen Dawson and Cowboy like this.
  10. higgybaby

    higgybaby Well-Known Member

    Joined:
    Jan 28, 2014
    Messages:
    673
    Likes Received:
    778
    Trophy Points:
    93
    Occupation:
    welder
    Location:
    elsecar
    Style:
    Barnsley (full width)
    At the end of the day mcabe was a victim of his own clubs success, I bet if he'd got 5 million when they where in league 1 he'd have bit his hands off. Then the millions of the premier league came and the trouble started
     
    Redhelen, cudeth red and Kettlewell like this.
  11. Redhelen

    Redhelen Well-Known Member

    Joined:
    Sep 29, 2018
    Messages:
    34,747
    Likes Received:
    40,744
    Trophy Points:
    113
    Gender:
    Female
    Style:
    Barnsley (full width)
    Tbh I dont think their stay in the premier league will be a long one.
     
  12. dreamboy3000

    dreamboy3000 Well-Known Member

    Joined:
    Oct 20, 2005
    Messages:
    53,975
    Likes Received:
    21,381
    Trophy Points:
    113
    Location:
    DB3K Towers
    Style:
    Barnsley (full width)
    This all makes for a good read......

     
  13. Dep

    Deputy Dawg Well-Known Member

    Joined:
    Oct 4, 2017
    Messages:
    612
    Likes Received:
    560
    Trophy Points:
    93
    Gender:
    Male
    Style:
    Barnsley (full width)
    138 pages
    Who wrote it Red Rain
     
  14. man

    mansfield_red Well-Known Member

    Joined:
    Aug 18, 2011
    Messages:
    9,312
    Likes Received:
    14,998
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    So the mechanism was that if party A makes an offer to purchase party B's shares for £X then party B can either accept, or instead elect to buy A's shares for the same price. If either party went above 75% ownership they would be obliged to purchase property assets for £35 - 40m. If the Prince acquired Mccabe's shares he would go above 75%.

    Mccabe thought the Prince was in financial difficulty and couldn't afford to purchase the assets. He therefore concluded that if he offered just £5m for the shares then the Prince wouldn't have the ability to buy Mccabe's shares as even if he had £5m available he wouldn't be able to finance the resulting property transaction. If this were true then the Prince would have no option but to sell to Mccabe, even though £5m was some way below the real value.

    The Prince, however, transferred some of his own shares to another company meaning that the acquisition of Mccabe's shares wouldn't push him above 75%. This meant he would be able to pick up Mccabe's shares for £5m whilst avoiding the obligation to spend a further £35 - 40m (which he didn't have) on the property. The Court held that this attempt at avoidance wasn't valid and the Prince has been ordered to now purchase the property, but as the club has gone up since this all started in December 2017 I doubt he cares.

    Mccabe tried to obtain the shares on the cheap (having acted a **** for some time by the sounds of it) and got his comeuppance. He himself set the price at which the Prince could buy the shares by making the offer and I have very little sympathy for him. Ironically if he had set a price which was reflective of the true value it sounds as if the Prince probably wouldn't have been able to match it.
     
    Last edited: Sep 18, 2019
    BobT and Stephen Dawson like this.
  15. Micky Finn

    Micky Finn Well-Known Member

    Joined:
    Nov 2, 2005
    Messages:
    15,238
    Likes Received:
    11,668
    Trophy Points:
    113
    Occupation:
    Light bender
    Location:
    It depends who's asking...
    Style:
    Barnsley (full width)
    I bet you serious coin that he hasn’t taken anything remotely close to 100m out of the club.
     
  16. Stephen Dawson

    Stephen Dawson Well-Known Member

    Joined:
    Apr 25, 2018
    Messages:
    31,129
    Likes Received:
    27,234
    Trophy Points:
    113
    Gender:
    Male
    Style:
    Barnsley (full width)
    He's been bluffed big style.
     
  17. Mid

    Mido Well-Known Member

    Joined:
    Apr 1, 2006
    Messages:
    11,569
    Likes Received:
    6,759
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    No Barnsley FC manager can ever moan about our board again when Chris Wilder got Sheff Utd promoted with that going on in the background.
     
  18. BramptonTyke

    BramptonTyke Well-Known Member

    Joined:
    Sep 6, 2018
    Messages:
    730
    Likes Received:
    518
    Trophy Points:
    93
    Gender:
    Male
    Occupation:
    Shop worker
    Location:
    Brampton
    Style:
    Barnsley (full width)
    Add all the player sales up like jagielka walker maguire brown et al then all the tv money. Sure it comes to over 100m....
     
  19. Sim

    Simon De Montforte Well-Known Member

    Joined:
    Nov 14, 2009
    Messages:
    5,033
    Likes Received:
    4,291
    Trophy Points:
    113
    Style:
    Barnsley (full width)
    They always get top dollar as well. £10,000,000 for Brooks, £7,000,000 for Kyle Naughton, £3,000,000 for Matthew Lowton
     

Share This Page