And you think we are in trouble

[tommy tucker]

Just heard on the bbc sports news that Hearts are multi millon pounds in debt .Has put all there squad up for sale and are about to go into administaton and maybe deducted 15 points . At least we are safe at present we have a sugar daddy called Sainsburys and at least we have still got players for next season .And we are not quite in hearts state as yet . :smile:

 

[Tampa Blue]

So what level is our debt at ?

 

[Firestorm]

So what level is our debt at ?

Total debt I would say about a third to 20% of the debt Hearts have.
Debt being called in probably about 1-2% (Hearts owe 25M to companies who have are themselves in Administration and are trying to realise their assets)

 

[SS3]

Southend United Ltd = Liabilities in the region of £10.1M

Southend United Ltd Parent company, South Eastern Leisure, Currently liabilities of £1.9M

South Eastern Leisure Parent Company, Martin Dawn PLC Currently £16M of Liabilities - Albeit with Assets to the value of £13.2M

But generally, we are £10M in dept as a company/football club.

However, an accountant will have a better way of explaining.

 

[tallboyblue]

Just heard on the bbc sports news that Hearts are multi millon pounds in debt .Has put all there squad up for sale and are about to go into administaton and maybe deducted 15 points . At least we are safe at present we have a sugar daddy called Sainsburys and at least we have still got players for next season .And we are not quite in hearts state as yet . :smile:

Providing of course that Sainsbury`s don`t get fed up with Ron and start looking at the site in Southend that Tesco are not interested in now.

 

[chapperzUK]

Southend United Ltd = Liabilities in the region of £10.1M

Southend United Ltd Parent company, South Eastern Leisure, Currently liabilities of £1.9M

South Eastern Leisure Parent Company, Martin Dawn PLC Currently £16M of Liabilities - Albeit with Assets to the value of £13.2M

But generally, we are £10M in dept as a company/football club.

However, an accountant will have a better way of explaining.

I believe that figure is more like £6.8m, and all of these figures are at accounts ending 2011. SEL UK Ltd is owned by Martin Dawn PLC and Mezcal Investments, which I believe isn't registered in the UK so not possible to get accounts on them.

 

[Cricko]

Its all down to SUFC you know...RM is such a successful business man as you can see,,if only he didn't have such a dead weight around his leg like us that he HAD to keep alive rather than our club funding him,the world would of been conquered by now :winking:

 

[Firestorm]

Providing of course that Sainsbury`s don`t get fed up with Ron and start looking at the site in Southend that Tesco are not interested in now.

well, as its owned by Tesco I dont think they will be selling it to a supermarket very soon.

 

[Fairport]

But the news is that Hearts have various potential buyers in line. This is what usually happens at the vast majority of clubs who get into financial difficulties and would be likely to happen here if we end up in the same situation as Hearts.

 

[Jam_Man]

But the news is that Hearts have various potential buyers in line. This is what usually happens at the vast majority of clubs who get into financial difficulties and would be likely to happen here if we end up in the same situation as Hearts.

Thats weird, I thought no one wanted to buy football clubs....

 

[A Century United]

Thats weird, I thought no one wanted to buy football clubs....

1. The number of firm offers for a distressed football club is about 1% of the initial expressions of interest.

2. Where has any one said that no one wants to buy football clubs? What is uncertain is that there is anybody out there with pockets deep enough to buy our football club, especially as we aren't in Administration - and if we were would still end up owned by Ron.