McCabe wants Sheffield United to go private

English Sheffield United chairman, Kevin McCabe, who owns about 75.17 percent of the club via his company Scarborough (UK) Ltd, proposes to make a cash offer for all the remaining shares of the club.

McCabe outlined his plan to the board at a meeting last week on Thursday, ending almost two weeks of speculations.

Although he didn't provide yet a formal offer, early stage negotiations already take place.

Earlier this month McCabe raised his stake when he purchased nearly 20 million shares, including 14 million previously held by director Mick Dudley.

McCabe seeks to delist the club from the AIM Exchange and re-register it as a private company in order to substantially reduce annual costs and also to separate the football from property interests to protect the club from the impact of depressed financial markets.

Such move, which would strip away the bureaucracy associated with public limited companies, would give McCabe more control over the club's affairs.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.