Kevin McCabe is to step down as chairman of Sheffield United with Chris Steer taking his place.
McCabe, who is currently in Australia has revealed he will be continuing his role as a shareholder, but will not partake in running the club, following today`s financial developments.
With a restructuring of the club being put in place to rid the £18million debt, Mr McCabe felt the time was right to step down as he could no longer continue to fund Sheffield United.
McCabe, recently switched his financial arrangements amidst the global economic crisis, a move which backfired, and left the supremo in the position he finds himself in, which is incapable of funding a progressive football club.
The debts owed to McCabe are also significant, but unless he decides to walk away with his money should not harm Sheffield United FC.
The sale of numerous assets including the Chengdu Blades and the recently completed Copthorne Hotel are two of the measures which could be implemented to raise funds for the club and clear this recent bad news.
The idea of a ‘global brand` was very much at the heart of McCabe and with this most recent development, the plan could be scrapped, with the Blades reverting back to being first and foremost a football club firmly rooted in Sheffield.
What still remains, is whether the ‘Sheffield United Group` will continue as a private venture, or we will see a return of Sheffield United PLC, and once again float on the stock market, a real possibility which would happen sooner rather than later.
More news will certainly follow….
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