Blades post massive loss

[Norfolk N Chance]

Sheffield United chairman Kevin McCabe has revealed 'tough decisions' have been taken after the club announced losses of £18.7million.

The figures for the year ending 30th June are in sharp contrast to the profit made in the previous 12 months and McCabe is keen to ensure the club's long-term future is not placed under threat.

The Blades have unveiled plans to restructure some of their external business activities - including selling their stake in Chinese club Chengdu Blades and the nearby Copthorne Hotel - in a bid to avoid financial problems similar to those being endured by rivals Sheffield Wednesday and leave the club debt free by 2013.

McCabe said: \"Some tough decisions have been taken to totally reshape the group.

\"The time is right to ensure the club is positioned to avoid the type of damage that is currently afflicting, or set to affect, so many other clubs.\"

The Blades made a profit of £6million the previous year, but that was due almost entirely to the payment received from West Ham over the Carlos Tevez affair.

\"I firmly believe the Blades are now in the right position to progress,\" added McCabe.

\"I believe we have the team in place to drive the Blades on as we return to a back-to-basics approach at the football club.\"

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[benaldo]

You can hear the despair in Speeds voice in every recent interview on radio dee dah. The blunts are in for big trouble, I can honestly see them \"doing a wednesday\". Not that I've got anything personal against the blades, except that their supporters seem to have a high percentage of cnuts amongst them.

Team on the slide for sure. I don't wish any ill to any club (barring Leeds) but I really think they are in big, big trouble. :dry:

[bedale rover]

benaldo wrote:

You can hear the despair in Speeds voice in every recent interview on radio dee dah. The blunts are in for big trouble, I can honestly see them \"doing a wednesday\". Not that I've got anything personal against the blades, except that their supporters seem to have a high percentage of cnuts amongst them.

Team on the slide for sure. I don't wish any ill to any club (barring Leeds) but I really think they are in big, big trouble. :dry:

not sure i agree

as quoted above they have assets to sell and their costs are reasonable

and most importantly they have acted early to arrest the slide

they will be fine

[who_are_ya]

I too would be worried if i was a blade,maybe explains why they went for the cheap option in Speed.

[DonnyBazR0ver]

I think mots Blades fans worked out the reality of the situation however, all of those with their head in the sand have now been 'educated'. We hear them on Football Heaven regularly.

May be they now understand JR's declaration of a power shift in South Yorkshire !

[hoolahoop]

Think this might deter them from posting shite on OwlsTalk for a while, most are only too ready to see their fellow Deedars go out of business.......reality hits.
The power shift is well on it's way barring some moronic oligarth investing in these 2 clubs!

[donnywhitegaz]

His last sentence made me chuckle,has he not seen them play  or looked at the table,imo there will be hard times ahead for them  

[hoolahoop]

donnywhitegaz wrote:

His last sentence made me chuckle,has he not seen them play  or looked at the table,imo there will be hard times ahead for them  

Yeh and you're next...............only joking Gaz.  

[donnywhitegaz]

hey up hoola,i can only see good times for both our clubs,i said this last year and while im no fan of jr him and bates are doing fine jobs of running both clubs and cant realistically see a problem for either of us for s few years to come,while the rest of the footballing world will be suffering,only a few days ago ipswich released a big loss also

[Drover]

The loss may be massive,but it's not their biggest loss,They had a bigger loss when we took Billy of their hands  

[Norfolk N Chance]

Sheffield United chairman Kevin McCabe has announced he will step down from his role at Bramall Lane next month.

McCabe will be replaced by the current Blades vice-chairman Chris Steer at the Championship club's annual general meeting in December.

\"I've always said a chairman should be in the territory and be accessible,\" McCabe told BBC Radio Sheffield.

\"It's not on with where I live [Brussels] and where I do business both nationally and internationally.\"

McCabe, who makes his money in the international property market, took over as chairman in 2008 on a temporary basis.

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And he is confident Steer is capable of performing the role better than he has been able to over the past 18 months.

\"Chris is a super guy - he's got a great accord with supporters,\" he said. \"His dedication to the cause for Sheffield United is total. He'll be taking the chair on and I think that's a positive.

\"Because he's there at Bramall Lane regularly he has more of an input. Whether it's spending more time with staff, more time with Trevor [Birch] who has the responsibility of chief executive or travelling with Gary [Speed] to the games.

\"It's appropriate for Chris to fly the flag as the key ambassador - which he is very good at doing.\"

I don't think this signifies anything dramatic, but obviously that he doesn't feel he can or want to continue to be football club chairman, something he's mentioned since relegation that he was prepared to step down then

Capt'n Blade
News of the change of chairmanship comes a day after the club announced losses of nearly £19m but McCabe insists the two events are unconnected and rejects any idea that he is looking to sell up from the club.

\"The time is right, it's coincidental with reshaping the club,\" he said.

\"I don't see myself getting my money out. If a Roman Abramovich were to come along I would contradict myself but do I see that happening?

[DearneValleyRover]

bedale rover wrote:

benaldo wrote:

You can hear the despair in Speeds voice in every recent interview on radio dee dah. The blunts are in for big trouble, I can honestly see them \"doing a wednesday\". Not that I've got anything personal against the blades, except that their supporters seem to have a high percentage of cnuts amongst them.

Team on the slide for sure. I don't wish any ill to any club (barring Leeds) but I really think they are in big, big trouble. :dry:

not sure i agree

as quoted above they have assets to sell and their costs are reasonable

and most importantly they have acted early to arrest the slide

they will be fine

The assets they have to sell will probably cover the Club debt but not the £50m they owe McCabe, once all the assets have gone how will they reduce the £50m and where will money for players come from? We are in a very healthy position compared to the city of DeeDah  

[Old Popsider]

Pass the bucket for Sheff U collection.

 Make sure there's a hole in the bottom to mimick the bottomless hole they're in!!

[Viking Don]

If we really do overtake our near neighbours in real terms I hope we (by we I mean you lot) don't become like them in future years. It's swings and roundabouts.