Letter: Let's hope that The Prince proves to be the 'good owner'

Firstly I've not read the 138 page judgement fully yet - however it was no surprise to many of us when The Prince won the case. The contract did not require the parties to offer the shares to the other party FIRST in the event of a decision to sell or transfer the shares.

Monday, 23rd September 2019, 1:21 pm
Updated Monday, 23rd September 2019, 1:31 pm
Sheffield United Chairman, Kevin McCabe.

In my opinion if that term had been in the contract as it should have been then The Prince could not have transferred or sold his shares to his associate.

The sale of the shares of the League One / Championship club should / would have gone through for £5m plus the property at market value.

Everyone happy. One could assume (as the Judge probably did?) that if that option term had been important to either of the parties it would have been in the contract but it wasn't so as a consequence The Prince could do what he did and sell / transfer his shares to an associate so he did not have to buy the property.

Both parties then spent a lot of money to defend their positions even when The Prince finally agreed to buy the property at market valuation following United's promotion to the Premier League. All the other arguments put up in Court were, I believe, to be an attempt to find a way that the contract had been broken in some other way.

As I see it Kevin McCabe has lost financially in 2 ways, firstly the costs of litigation have been high with more to come if there is an appeal and secondly, more expensively, he and his family have lost out on the uplift in the value of the club now that it has been promoted and there is a buyer in the background - an uplift however he could not have expected though it might have wished for when Mr McCabe put in his £5m bid to buy out The Prince. I suppose the property is now more valuable as it is a Premier League ground so he will gain there.

It would be interesting to be a fly on the wall when Mr. McCabe discusses what I believe to be the 'missing' contract term with his lawyers and whose fault it is that it's missing!

Let's hope that The Prince proves to be the 'good owner' that indeed Kevin McCabe has been for many years. And thanks Kevin for being such a good custodian of The Blades.