Shareholders Meeting in The Copthorne Hotel.

[silentjourneyhome]

I didn't think you were SJH. It's good you clarified things because the impression was given that McCabe was being stopped. As I said, the sleeping soundly bit was turned from a shareholders question to a McCabe statement.

I don't think we're really much the wiser. Less so even. What do you think being there? Just PR?

I think you are probably correct Holden. Mr McCabe was extraordinarily diplomatic, referring to the Prince as a ‘decent man’ several times. For what it’s worth I think Mr McCabe probably believes this at heart but it hasn’t prevented them being in their current situation.

Mr McCabe said that during the banking crisis he set out to clear all the Clubs debt with high street banks believing that any bank could have gone bust at that time. Having largely achieved this the next two aims were to return to the Premiership and to reunite the real estate with the Club. To facilitate this a clause was enacted stating that if any party had 75% ownership of the Club they would have to buy the real estate and this seems to be what the dispute relates to.

Someone asked whether the dispute was in respect of the value attributed to the real estate. KM replied that it was not the value but probably more to do with the option being triggered.

He said that upon becoming the joint owner the Prince had agreed to commit his time,influence and knowledge but his subsequent appointment as the Saudi minister for Youth and Sport had presented him from doing so. Instead it had been necessary for him to rely upon his self appointed representatives (initially Jim and Sela). There were now three further representatives and interestingly KM pointed out that VW was the only Prince appointee who had a knowledge of football prior to his appointment. The Price and VW wanted the Club to cast its net wider for players rather than concentrating upon English and Irish ones.

Someone asked how much the Prince had invested so far. KM replied that upon becoming joint owner the Prince was required to invest a certain amount. Since then, over the last three years the Prince and KM had invested equal amounts.

Later KM advised that the McCabes had brought in several sponsors but the Prince had not brought in any.

Most of the above was new information to me so at least I learned something. However, it is up to myself and the other Bladesmad readers to then interpret the facts and that is a far harder task!

[Holden_C]

I think you are probably correct Holden. Mr McCabe was extraordinarily diplomatic, referring to the Prince as a ‘decent man’ several times. For what it’s worth I think Mr McCabe probably believes this at heart but it hasn’t prevented them being in their current situation.

Mr McCabe said that during the banking crisis he set out to clear all the Clubs debt with high street banks believing that any bank could have gone bust at that time. Having largely achieved this the next two aims were to return to the Premiership and to reunite the real estate with the Club. To facilitate this a clause was enacted stating that if any party had 75% ownership of the Club they would have to buy the real estate and this seems to be what the dispute relates to.

Someone asked whether the dispute was in respect of the value attributed to the real estate. KM replied that it was not the value but probably more to do with the option being triggered.

He said that upon becoming the joint owner the Prince had agreed to commit his time,influence and knowledge but his subsequent appointment as the Saudi minister for Youth and Sport had presented him from doing so. Instead it had been necessary for him to rely upon his self appointed representatives (initially Jim and Sela). There were now three further representatives and interestingly KM pointed out that VW was the only Prince appointee who had a knowledge of football prior to his appointment. The Price and VW wanted the Club to cast its net wider for players rather than concentrating upon English and Irish ones.

Someone asked how much the Prince had invested so far. KM replied that upon becoming joint owner the Prince was required to invest a certain amount. Since then, over the last three years the Prince and KM had invested equal amounts.

Later KM advised that the McCabes had brought in several sponsors but the Prince had not brought in any.

Most of the above was new information to me so at least I learned something. However, it is up to myself and the other Bladesmad readers to then interpret the facts and that is a far harder task!

Very interesting. The 75% bit especially. I wonder if McCabe offered to sell him his shares?

Thanks SJH. .

[silentjourneyhome]

Thanks Holden. One final point - in my notes I wrote something that I interpreted as being that KM and the Prince had invested equally over the LAST three years. I note that someone on S24 is saying it was the first three years. I wouldn’t argue too strongly re this. At the end of the day it was certainly 3 years out of the five.

[Holden_C]

Thanks Holden. One final point - in my notes I wrote something that I interpreted as being that KM and the Prince had invested equally over the LAST three years. I note that someone on S24 is saying it was the first three years. I wouldn’t argue too strongly re this. At the end of the day it was certainly 3 years out of the five.

The Prince invested £10m in share capital in the year ended June 2014. In 2016 he put in another £4m and in 2017, another £2.6m.

[rodcurrie]

The Prince invested £10m in share capital in the year ended June 2014. In 2016 he put in another £4m and in 2017, another £2.6m.

The tight gits,i'm sure some will be thinkin Marvin.UTCB

[Holden_C]

The tight gits,i'm sure some will be thinkin Marvin.UTCB

Well the new line of anti McCabe thinking is bringing the Prince in is just another Kev c0ck up Rod.

[GuancheBlade]

Its a cheap line though isn't it. Maintaining our culture and heritage doesn't mean putting it in a glass case. I kind of get the feeling that King Kev just wants HRH to go on, changing nothing, whereas HRH wants us to develop with overseas players, and maybe other initiatives. (I guess that's what the Van Winckle thing was about).

Q: Which was the last team to get promotion with just British and Irish players? Genuinely don't know.

Burnley?

[mahatmafoot]

Chelsea?

Burnley?

[shorehamoldboy]

as the new seekers used to sing looks like were gonna be beg steal and borrowing again this summer 😭

[tomytony]

More like the Road to Nowhere the longer this drags on.

Imagine a comedian starting a routine with " met a bloke in the airport lounge, got chatting and sold him half a football club for a £"

Thing is the punchline's not been written yet.