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Breaking News Chairman's Statement - OS

Forums New posts
I'm pretty certain, it's the Sainsbury's money we're waiting on, It's the only source of income outside of the normal day to day football we have, hence my comment yesterday about Ron trying to negotiate a down-payment from them, although as you rightly pointed out yesteday Matt, Sainsbury's aren't a charity.

FWIW, I don't think Ron has the money YET, otherwise he would have coughed up, but the HMRC decision has given us another week to sort something out. Now whether Ron can get some sort of written agreement from Sainsbury's that he can show HMRC, or better still the money, inside the next week is the question.

BTW I'm still a big fan of Ron, and am sure he'll get us through this.
 
Am I right in thinking this means our shares as shareholders are basically worth **** all then.
 
pboreham said:
Either way, its his PR that has ruined his reputation with me.

Constant lies, treating fans like idiots. He is a very own "comical"-Ali... 'nothing to see here, all is fine'.

I fail to see how its not his fault though. If he brought a club on the brink and subsidised debt, fair play - but that was what 5 years ago? In that time, we've had back to back promotions, 2 cup finals, big cup games, sold players - yadda, yadda - everyone knows the spiel.

Bad financial management is surely the bottom line of Rons reign?
Click to expand...

All well and good Paul, we've brought money in. But all of it is still a drop in the ocean compared to what's been written off on the other side. As YB said, we were in trouble then, we're still in trouble now but at least we have plans to move forward.

For years the stadium has been the path to take us away from the breadline we've been living on for so long - to avoid the situations we're now facing. Getting to this stage has cost us an absolute fortune. Casually throw in a global recession and a credit-crunch and life turns that bit more difficult, but for me, it's still something we've HAD to pursue.
 
BLUEBLOOD said:
Assuming we go into admin next Wednesday, and the adminstator puts the non playing personnel out of a job (like i THINK they MIGHT) is their anything to stop RM turning full circle to become a debtor and try to claim the £12m or so back that his companies have stumped up, or is the fact that he has stated he's written off these debts law abiding ??
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12 mill? Even if he did do that surely he would get **** all!

I think the debts are deffered rather than written off not 100% sure on that.
 
From the Trust site..

Shrimpers Trust Reaction to SUFC Statement

The Trust are devastated that Southend United FC have reached this position. All the information received from the Club over the last few weeks suggested that this course of action was not likely.

The Trust will be doing everything in its power over the next few days to establish what, if anything, is possible to prevent the Club going into administration and what the fans can do to help. Further statements will be issued accordingly.
 
Gremlin said:
Good post, Matt. I wonder what HMRC's attitude towards negotiation on the piece in bold might be now that Ron has bad-mouthed them in the press. Not the best move he's ever made, methinks.
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Especially, as I said earlier the BBC have taken that line & made it the focal point of their headline story on their football website!
 
BrettieAngell said:
12 mill? Even if he did do that surely he would get **** all!

I think the debts are deffered rather than written off not 100% sure on that.
Click to expand...

i see what you mean Rich .. what i was trying to say is if an admin man had to raise say £2m to pay off all debts then its possible (unlikely admittedly) that through a firesale, a benefactor or something like £2m MIGHT just be squeezed, however if the RM/Martin Dawn/SEL debts were included it'd be closer to £14m at which point the admin will say "no chance.end of" and close the club down full stop
 
Also, as other clubs who have dangerous debt previously, they get the news out early so all can be done to prevent this scenario. ie Accrington Stanley.

Then funds can be generated through fans, fundraisers, donations etc.

But by keeping it all quiet and hush hush we now have a week till we are possibly doomed.

this is why i get the opinion of the fact more could have been done
 
BLUEBLOOD said:
i see what you mean Rich .. what i was trying to say is if an admin man had to raise say £2m to pay off all debts then its possible (unlikely admittedly) that through a firesale, a benefactor or something like £2m MIGHT just be squeezed, however if the RM/Martin Dawn/SEL debts were included it'd be closer to £14m at which point the admin will say "no chance.end of" and close the club down full stop
Click to expand...

yeah I see what you are saying mate.
 
Rusty Shackleford said:
The only way to **** off HMRC is to not pay them. And we've already done that.
Click to expand...

Precisely. They're big boys, they've had worse. They just want the cash - end of.

Ron's best avenue has to be to persuade them that they can get x pennies in the pound via administration; or £1 in the £ in 3 weeks' time (if that is, in fact, the case) - and point out that their primary (and indeed sole) goal should be to maximise recovery for the Exchequer, and nothing else.

Matt
 
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