Jump to content

Kevin McCabe (businessman)

From Wikipedia, the free encyclopedia

Kevin McCabe
McCabe with the Sky Bet League One Trophy in 2017
Born
Kevin Charles McCabe

(1948-04-25) 25 April 1948 (age 76)
Sheffield, West Riding of Yorkshire, England
Occupations
Known forEnglish property businessman and former owner and chairman of Sheffield United F.C.

Kevin Charles McCabe (born 25 April 1948) is an English property businessman and former chairman and owner of Sheffield United F.C.. McCabe has had a long business career starting in the 1970s with multiple companies predominantly in real estate and has also been involved with a number of football clubs in both England and oversees.

Business career

[edit]

Scarborough Group

[edit]

In June 2007, McCabe sold his entire 60 per cent stake in Scamp Holdings Ltd, a subsidiary of Scarborough Group that owned a real estate investment management operation, together with a significant portfolio of real estate across Europe, to the Australian company, Valad for £850 million.[1] Following the deal McCabe retained a position on the board until his resignation in October 2009 after receiving the final $56.5 million payment for the European property assets.[2]

The Scarborough Group has actively invested in the property sector in China since 2003 with the most high-profile project being the partnership with Top Spring Group in which Scarborough has a substantial stake and McCabe is vice-chairman. Scarborough also has a significant stake in Rainbow Department Stores, following its demerger from Top Spring in 2009.[3]

Sheffield United

[edit]

A supporter of Sheffield United, McCabe formed a £50 million joint venture between Sheffield United and Scarborough Holdings to invest in low-risk commercial property. United Scarborough, a £50 million property joint-venture with his Scarborough property vehicle, sold two properties for a £1.6 million profit, £800,000 of which expanded the 2006–07 profit/loss margin.[4]

Sheffield United acquired a 90% controlling stake in Chengdu Football Club in January 2006, and changed the name of the club to Chengdu Blades Football Club.[5] Then in November 2010 it was reported by various media sources that the club was to sell the majority of its stake in Chengdu Blades as Sheffield United announced losses of nearly £19 million.

Carlos Tevez and West Ham United

[edit]

In May 2007, McCabe launched a legal fight against an independent commission's decision not to punish West Ham United F.C. with a points deduction after the signing of Carlos Tevez and Javier Mascherano.[6] which was believed to be breaching rules governing the ownership of football players. Sheffield United were relegated from English football Premier League on the final day of 2006–07 season. McCabe said that Sheffield United would turn to the European Commission for compensation if an independent arbitration panel failed to overturn their relegation from the Premiership.[7]

A statement made by the committee on 17 June explained that "Sheffield United are asking the arbitral panel to determine two matters. The first, is whether the decision by the independent disciplinary commission on 27 April to fine West Ham, rather than dock points, was legally flawed such as to require the issue to be determined afresh by a disciplinary commission at some point in the future. The second is whether the Premier League acted unlawfully by not de-registering Tevez. Fulham are seeking similar relief. The arbitral panel have no power to decide what the penalty to be imposed upon West Ham should be. This will be within the exclusive remit of the disciplinary commission, if one is convened as a result of the arbitral panel's decision."[8]

A two-day arbitration tribunal was held on 18 June 2007 to examine the decision by an independent committee set up by the Premier League not to dock West Ham United league points for breaching rules governing the ownership of football players.[9]

McCabe and Sheffield United subsequently lost their arbitration appeal after the tribunal found in favour of the FA Premier League on both issues and dismissed the claims of Sheffield United. The three-man panel did not have the power to change West Ham's punishment but could have ordered a new independent commission to judge the case. The tribunal said they had "sympathy" with "the Blades", while West Ham had been "deliberately deceitful" and yet remained in the Premier League.[10]

As a result of the hearing, McCabe announced that Sheffield United would be "going to the High Court to appeal". McCabe accepted that Sheffield United will not be reinstated to the Premier League, but would be looking for up to £50 million in compensation.[11]

On 13 July 2007, Sheffield United lost its High Court appeal against the Premier League. An arbitration panel upheld the original decision not to dock West Ham points over the transfers of Tevez and Mascherano. The Blades went into the High Court hearing seeking to prove that the arbitration panel made an "error in law" by not ordering a new disciplinary commission to deal with the affair – but the High Court rejected the argument. McCabe continued to insist the club is due compensation, and indicated "other avenues that I think may be worth pursuing" after the High Court ruling.[12]

Sheffield United initiated legal proceedings against West Ham United on 16 August 2007, for substantial compensation after the club was relegated from the Premier League in 2006–07 season. United have estimated the cost of their relegation at between £30 million and £50 million. The Blades subsequently failed in this High Court bid to force the Premier League to take disciplinary action against West Ham, and claim West Ham failed to disclose vital information at the hearing. However, West Ham deny Sheffield United's claims.[13]

On 7 November 2007 McCabe confirmed that Sheffield United's case for compensation following their relegation from the Premier League would be heard by a Football Association tribunal in mid-2008. Having failed in their attempt to have the original punishment overturned, United will seek monetary recognition and a financial settlement.[14] On 23 September 2008, McCabe revealed that the independent tribunal had finally ruled in his club's favour, finding that West Ham United F.C. did breach a duty to Sheffield United and should pay damages in an amount sufficient to compensate Sheffield United for the losses it suffered as a result of that breach of duty[15] It was also revealed that the tribunal will decide on the amount of compensation to be paid at a later sitting.

In a statement on their club website West Ham United said that they would take legal advice before deciding whether to appeal the decision.[16] On 15 October 2008, West Ham United filed an appeal with the Court of Arbitration for Sport.[17] Subsequently, Sheffield United filed a response which denied the jurisdiction of the Court of Arbitration for Sport. The FA supported Sheffield United's position in a letter to the Court of Arbitration for Sport which stated that 'The FA's position is that any award made by an arbitration tribunal convened under FA Rules is final and binding on the parties. FA Rules do not provide for right of appeal to CAS'.[citation needed] On 10 November 2008, a hearing took place in the High Court in which Sheffield United were successful in their application for a temporary injunction to prevent West Ham United's appeal to the Court of Arbitration for Sport.[18]

It was announced on 8 January 2009 that the FA and Premier League would launch a new inquiry into the conduct of West Ham United over the Carlos Tevez affair, in light of the findings of the independent tribunal which found that West Ham United were in further breach of Premier League rules after the independent disciplinary commission's decision of 27 April 2007[19] On 16 March 2009 Sheffield United and West Ham United announced that they had reached an out-of-court settlement. It has been reported that West Ham have agreed to pay between £15–£25 million although the actual figures have not been made public.

In a joint statement, Scott Duxbury, the West Ham chief executive and Kevin McCabe said: "Both clubs are pleased to announce that a satisfactory settlement for compensation has been reached which brings the dispute between Sheffield United and West Ham United to an end. The tribunal will not be resuming."[20]

Saudi investment

[edit]

On 30 August 2013 McCabe announced that Sheffield United had reached a deal with a foreign investor who will become equal owners of the club and will provide new funds.[21] On 3 September it was confirmed that Saudi Prince Abdullah bin Mosaad Al Saud of the royal House of Saud and whose brother was a former President of Al-Hilal FC had bought a 50% stake in United's parent company 'Blades Leisure Ltd' for the fee of £1 with the promise of providing "substantial new capital" with the aim of returning the Blades to the Premier League as "quickly as possible".[22][23]

In late 2017, McCabe served a roulette notice on Prince Abdullah, giving him the option to sell his 50 per cent at £5 million or buy McCabe's 50 per cent for the same price. Prince Abdullah chose to buy but McCabe refused to sell, a decision that ended up before the High Court of Justice, Business and Property Courts of England and Wales.[24] In September 2019, after 20 months of litigation, the High Court issued its judgment, requiring McCabe's company to sell its shares in Blades.[25] McCabe sought permission to appeal from the High Court and Court of Appeal but both appeals were rejected.[26] As a result, Prince Abdullah became the sole beneficial owner of the club.

Football ownership and involvement oversees

[edit]

Chengdu Blades

[edit]

In 2006 Chendu Taihe were bought by Kevin McCabe, McCabe renamed the club Chengdu Blades and changed their logo to be modelled on Sheffield United's own logo to two crossed steel swords and changed the kit to red and white stripes to reflect Sheffield United. Furthermore, the club's reserve team were also sent to Hong Kong and renamed "Sheffield United (Hong Kong)".

Ferencvárosi TC

[edit]

On 14 February 2008 Kevin McCabe the chairman of Sheffield United Public limited company acquired a tender to purchase Hungarian football club Ferencvárosi TC. Ferencváros' real estate was bought for £8.45 million by McCabe's Hungarian company Esplanade Limited liability company with a view to start paying off the £5 million debt.[27] Ferencváros Torna Club officially agreed to sell the football club, Ferencváros Labdarúgó ZRt. to Esplanade Kft., McCabe's company in Hungary in April 2008. [28] McCabe relinquished his ownership of the club in 2011. [29]

Central Coast Mariners

[edit]

In 2009 Kevin McCabe invested $1 million into A-League club Central Coast Mariners and soon after joined the board of the club.[30] Kevin McCabe helped the Mariners to develop a new academy as a way of bringng in youth talent. McCabe wanted to use Central Coast Mariners as a way of bringing Australian talent to Sheffield United, one player who did arrive at Bramall Lane from Australia as a result of McCabe's links was David Carney who was signed from Sydney FC, Carney showed potential under Bryan Robson however failed to get game time with Robson's replacement Kevin Blackwell. Sheffield United also used their links with Australia as a way of loaning out their own youth players from Sheffield to help them develop, United would also sell the Mariners players with the most notable being Nick Montgomery who went on to play for the Mariners 113 times in the A-league and also both captain and manage the club. [31]

References

[edit]
  1. ^ "Blades boost after £850m McCabe sale". The Sheffield Star. 27 June 2007. Retrieved 27 June 2007.
  2. ^ "McCabe's planned restructure of Valad impaled by pay-off". Property Week. 9 October 2009. Retrieved 5 October 2013.
  3. ^ "McCabe to rebuild Valad". Property Week. 11 September 2009. Retrieved 5 October 2013.
  4. ^ Growth Company Archived 8 June 2007 at the Wayback Machine. Retrieved 15 June 2007
  5. ^ Sheffield United take over Chengdu football club. Retrieved 21 June 2007
  6. ^ West Ham handed record £5.5m fine. Retrieved 18 June 2007
  7. ^ Blades will take fight to Europe. Retrieved 18 June 2007
  8. ^ "Blades call on Anfield chief", Yorkshire Post, 18 June 2007. Retrieved 2 July 2007.
  9. ^ Premier League v Sheffield Utd. Retrieved 18 June 2007
  10. ^ "Blades lose appeal on relegation.", BBC, 3 July 2007. Retrieved 4 July 2007.
  11. ^ "Blades secure date at High Court.", BBC, 5 July 2007. Retrieved 6 July 2007.
  12. ^ "Sheff Utd lose High Court appeal.", BBC, 13 July 2007. Retrieved 14 July 2007.
  13. ^ "Blades seek Hammers compensation.", BBC, 16 August 2007. Retrieved 17 August 2007.
  14. ^ "Sheff Utd fight for compensation.", BBC, 7 November 2007. Retrieved 7 November 2007.
  15. ^ "Tevez Tribunal Decision Explained.", BBC, 23 September 2008. Retrieved 28 September 2008.
  16. ^ "West Ham ponder Tribunal ruling.", BBC, 23 September 2008. Retrieved 28 September 2008.
  17. ^ "West Ham United / Sheffield United: The Court of Arbitration for Sport Will Rule First on Its Jurisdiction." Archived 6 December 2008 at the Wayback Machine, 15 October 2008.
  18. ^ "Case No: 2008 Folio 1064", Bailii Database, 26 November 2008. Retrieved 5 December 2008.
  19. ^ "Fresh inquiry into Tevez affair.", BBC, 8 January 2009. Retrieved 8 January 2009.
  20. ^ "West Ham United and Sheffield United reach agreement to end Carlos Tevez affair", Times website, 16 March 2009. Retrieved 16 March 2009.[dead link‍]
  21. ^ "Sheffield United set to receive new foreign investment". BBC Sport. 30 August 2013. Retrieved 3 September 2013.
  22. ^ "Blades are fit for a prince". Sheffield Star. 3 September 2013. Archived from the original on 4 September 2013. Retrieved 3 September 2013.
  23. ^ "United secure new international partner". Sheffield United FC Official Website. 3 September 2013. Retrieved 3 September 2013.
  24. ^ "The bitter battle for Sheffield United – 'He tried to screw me, he got screwed'". The Guardian. 3 February 2020. Retrieved 15 December 2020.
  25. ^ "Sheffield United ownership: Prince Abdullah wins court battle". BBC News. 16 September 2019. Retrieved 16 September 2019.
  26. ^ "Kevin McCabe refused right to appeal in Sheffield United ownership saga". The Guardian. Retrieved 21 January 2020.
  27. ^ "Blades' Kevin McCabe buys into Ferencvaros". The Telegraph. 14 February 2008. Retrieved 8 November 2024.
  28. ^ "Blades chief wins Ferencvaros bid". 13 February 2008. Retrieved 8 November 2024.
  29. ^ "Euro Footy Focus: Can Hungary's most famous club lead a Budapest revi…". archive.ph. 3 May 2014. Retrieved 8 November 2024.
  30. ^ "Central Coast Mariners' Ownership History". The Beautiful Game. 17 January 2024. Retrieved 8 November 2024.
  31. ^ Staff, KEEPUP (3 September 2012). "Nick Montgomery set for Central Coast". Central Coast Mariners. Retrieved 8 November 2024.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Kevin_McCabe_(businessman)&oldid=1258302707"