Kevin McCabe Forced To Sell Sheffield United Share

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

  1. dreamboy3000

    dreamboy3000 Well-Known Member

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    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.
     
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  2. AthersleyRed

    AthersleyRed Well-Known Member

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    Chairmen shouldnt be allowed in football
     
  3. Dub-Tyke

    Dub-Tyke Well-Known Member

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    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.
     
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  4. Young Nudger

    Young Nudger Well-Known Member

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    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. Sil

    Silkstone Red Well-Known Member

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    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

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    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.....
     
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  7. Ton

    Tonjytyke Active Member

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    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

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    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.
     
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  9. Bak

    Baka Well-Known Member

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    Please, Toilet Paper Prince, sell them to Steve Dale.
     
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  10. higgybaby

    higgybaby Active Member

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    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
     
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  11. Red

    Redhelen Well-Known Member

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    Tbh I dont think their stay in the premier league will be a long one.
     
  12. dreamboy3000

    dreamboy3000 Well-Known Member

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    This all makes for a good read......

     
  13. Dep

    Deputy Dawg Active Member

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    138 pages
    Who wrote it Red Rain
     
  14. man

    mansfield_red Well-Known Member

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    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
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  15. Micky Finn

    Micky Finn Well-Known Member

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    I bet you serious coin that he hasn’t taken anything remotely close to 100m out of the club.
     
  16. Ste

    Stephen Dawson Well-Known Member

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    He's been bluffed big style.
     
  17. Wellsie

    Wellsie Well-Known Member

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    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

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    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

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    They always get top dollar as well. £10,000,000 for Brooks, £7,000,000 for Kyle Naughton, £3,000,000 for Matthew Lowton
     

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