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Sheffield to bid for Hungary’s FTC

Kevin McCabe, chairman of UK football club Sheffield United, said he will bid for Hungarian club Ferencváros (FTC) and adjoining property in September.

“We are now planning the development of Ferencváros,” said McCabe, who is also the chairman and chief executive of property developer Scarborough Holdings Plc. “Real estate, leisure and football; that's what the business is built on,” he told Hungarian daily Népszabadság in an interview today. FTC is on the block due to mounting debt. The club, stadium, and surrounding property is expected to fetch a minimum of Ft 7 billion or around €30 million ($40.7 million). “We’ll do the same thing we did with Sheffield,” said McCabe. “Next to the stadium we have a hotel, restaurant, club, bar and offices. We have similar plans for Ferencváros.” McCabe added that the price would depend on whether it is necessary to build a new stadium or renovate the existing one. Hungary’s Treasury Property Directorate (KVI), which is selling ownership rights to the land for the Hungarian state, says the new owner will have to invest a minimum of Ft 1.2 billion, or €4.8 million ($6.5 million), in modernizing the stadium. (Read more)