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Thread: McCabe has now got to sell his shares

  1. #1
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    McCabe has now got to sell his shares

    This morning, the High Court of Justice, Business and Property Courts of England and Wales, issued its judgment requiring Sheffield United Limited (SUL), a company controlled by Mr Kevin McCabe, to sell its shares in Blades Leisure Limited (Blades), the parent of Sheffield United Football Club Ltd, to UTB, LLC, a company owned by H.R.H. Prince Abdullah bin Mosa'ad bin Abdulaziz Al Sa'ud.

    The judgment also dismissed all of the claims which SUL had made against Prince Abdullah, UTB and SUFC and Blades board member Mr Yusuf Giansiracusa. After over 20 months of contentious litigation, the Club is delighted that this judgment brings an end to the uncertainty over Sheffield United's future ownership and allows us to focus our full attention on the season ahead.

  2. #2
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    They didn't do too bad leaving Wilder and the team to get on with things did they regardless of the back room goings on.

  3. #3
    There are some great words for scrabble in that press announcement.

  4. #4
    Incidentally the shares have to be sold to the Prince ( or the artist formerly known as squiggle) for 5 million.

    With the current position in football and debt if I was McCabe I would want the money in a suitcase full of banknotes before I parted with even 1 share.

  5. #5
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    Quote Originally Posted by Grist_To_The_Mill View Post
    There are some great words for scrabble in that press announcement.
    😁😁😁

  6. #6
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    Now that the issue has been dealt with, surely McCabe is entitled to half of the 120 million that Sheffield Utd got for being promoted to the Prem, as that happened before this ruling?

  7. #7
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    Who cares about that lot.

  8. #8
    He must be livid.

  9. #9
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    Quote Originally Posted by Brin View Post
    Now that the issue has been dealt with, surely McCabe is entitled to half of the 120 million that Sheffield Utd got for being promoted to the Prem, as that happened before this ruling?
    How do you work that out??

  10. #10
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    Quote Originally Posted by Brin View Post
    ������
    It's not "FUNNY" Scores 11

  11. #11
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    Quote Originally Posted by Brin View Post
    Now that the issue has been dealt with, surely McCabe is entitled to half of the 120 million that Sheffield Utd got for being promoted to the Prem, as that happened before this ruling?
    They didn't actually get anything for being promoted.
    They will get 100 million plus from tv rights this season because they are in the prem.
    This is income for the current season not prize money for last season.
    It is, or rather will be, income of the club not an owners' bonus.

  12. #12
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    Quote Originally Posted by wrinkly View Post
    They didn't actually get anything for being promoted.
    They will get 100 million plus from tv rights this season because they are in the prem.
    This is income for the current season not prize money for last season.
    It is, or rather will be, income of the club not an owners' bonus.
    I'm quoting on the premise what I heard on football heaven last week, where the guest speaker said all clubs get 120 million for getting in to the Prem. Yes I know it comes from TV rights etc and not just given to them but, McCabe part owned the club that helped get them secured in to the Prem with his donations so, does he get half of the 'TV rights' the club will now be paid or not?

  13. #13
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    Quote Originally Posted by Brin View Post
    I'm quoting on the premise what I heard on football heaven last week, where the guest speaker said all clubs get 120 million for getting in to the Prem. Yes I know it comes from TV rights etc and not just given to them but, McCabe part owned the club that helped get them secured in to the Prem with his donations so, does he get half of the 'TV rights' the club will now be paid or not?
    He'll get his 5 million and then he's done. The income from TV rights will eventually go the limited company that is the club. It is merely part of the income of the club for being in the prem, exactly the same as gate receipts, merchandising etc.
    The Prince will have to buy the Stadium and Hotel as well, presumably McCabe will get some, or all, of that.

  14. #14
    Quote Originally Posted by wrinkly View Post
    He'll get his 5 million and then he's done. The income from TV rights will eventually go the limited company that is the club. It is merely part of the income of the club for being in the prem, exactly the same as gate receipts, merchandising etc.
    The Prince will have to buy the Stadium and Hotel as well, presumably McCabe will get some, or all, of that.
    I think the Prince now has to buy the training ground.

    The 5 million for the shares is based on the valuation of the club decided by the court, a figure thought to be too low, so McCabe gets less.

    A very lucrative case for the legal people.

  15. #15
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    Quote Originally Posted by Grist_To_The_Mill View Post
    I think the Prince now has to buy the training ground.

    The 5 million for the shares is based on the valuation of the club decided by the court, a figure thought to be too low, so McCabe gets less.

    A very lucrative case for the legal people.
    I think that the Prince bought half the club for 1. Part of the agreement was that he also invested 10 million (I think) in the club and a clause in the agreement was that he could buy the other 50% for 5 million. I believe that the 5 million is per the agreement rather than the court's valuation.

  16. #16
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    Quote Originally Posted by wrinkly View Post
    He'll get his 5 million and then he's done. The income from TV rights will eventually go the limited company that is the club. It is merely part of the income of the club for being in the prem, exactly the same as gate receipts, merchandising etc.
    The Prince will have to buy the Stadium and Hotel as well, presumably McCabe will get some, or all, of that.
    McCabe sold the hotel to the club so that isn't his anymore. Depends which company it now falls under, who gets what.

  17. #17
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    Quote Originally Posted by Brin View Post
    McCabe sold the hotel to the club so that isn't his anymore. Depends which company it now falls under, who gets what.
    That's a very good point Brin. The hotel and stadium are, reportedly, owned by Sheffield United Ltd, as you say, the club. So, in effect, the Prince's company, which will own 100% of the club, will be buying the properties from itself.

  18. #18
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    Quote Originally Posted by wrinkly View Post
    That's a very good point Brin. The hotel and stadium are, reportedly, owned by Sheffield United Ltd, as you say, the club. So, in effect, the Prince's company, which will own 100% of the club, will be buying the properties from itself.
    Dont let Middlesborough know.

  19. #19
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    So both City clubs are now foreign. Who'd have thought it.

  20. #20
    McCabe’s solicitors are probably wanting him to appeal.

    Kerching!

    New car on the way

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