COSU Statement - 25th June 2024

[Smiffy]

ICYMI.

This needs its own thread.

Big statement of intent from COSU released at 5am today UK time. If this goes through and Ratty is no longer "owner", they need and deserve our backing in huge numbers. The risk they are taking to save our club is unfathomable.

Consortium issue major update on their bid to buy Southend United

THE consortium keen on buying Southend United believe buying the club now is the only way it can be saved.

www.echo-news.co.uk

THE consortium keen on buying Southend United believe buying the club now is the only way it can be saved.

The National League revealed last night how Blues must post a bond of £1million to prove they can fulfil their fixtures next season. And, in a statement issued early this morning, the custodians of Southend United (COSU) have expressed their frustration towards the League.

The statement said: "COSU is extremely disappointed in the National League's latest actions, especially the timing and the short lead time to comply.

"At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it's remarkable that our League is only making the situation more difficult to resolve."

The group insist the problems are not as bad as things may seem and they will now not wait for the revised Fossetts Farm plans to be agreed before taking control of the club.

The statement added: "To our fans, the situation is not as hopeless as may appear from the outside.

"We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.

"It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.

"Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and Those words are banned at Fossetts to continue subsequently.

"This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.

"To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future Those words are banned issues.

Ron and the Council know what is required and have given us assurances that they are aligned and are working towards delivering that outcome.

"We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay united and positive."

 

[JD]

How would the SUFC balance sheet be handled in this transaction?

 

[Jon h]

So if the council and citizen housing agree hots today the takeover should happen today

 

[Che's Left Foot]

Utmost respect to COSU. Grande cajones

 

[Ealingshrimp]

Huge respect to COSU. If this happens we need to bow before them at every match.

 

[wildheart]

Lets pray that this can happen. The general election is not going to help either. Thank you COSU for giving us hope!

 

[Tommy2holes]

How does this differ from what is previously agreed?

I'm reading that they want to buy the roots hall site and club ownership outright.

 

[Suomi Shrimper]

Everyone else involved has taken a leap of faith in this saga, now it's the Martins' turn.

Ron, Jack et al - this is it. Do the right thing and let the sale progress without the Fossetts deal being locked in. You'll get what you've agreed with Cllr Cowan eventually, but if you don't hand the club over you could lose everything.

 

[Supershrimper]

This goes through I'm getting the latest team shirt with COSU on the back.

Massive respect to every single one of them (and their partners and family)

 

[southendkid]

To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation

Is this just the new housing deal or will COSU need further assurances to buy the club now (e.g. debts owed to Ron at least partially forgiven)?

 

[OldBlueLady]

 

[Smiffy]

How does this differ from what is previously agreed?

I'm reading that they want to buy the roots hall site and club ownership outright.

Nothing overall has changed in terms of the deal, just the way in which they want it done.

By De-coupling the club ownership from the property deal, it should expedite things in terms of COSU owning the club. Then Rat & Rat Jr can iron out the property deal with SCC in the background. That side is clearly many weeks/months away from being "done". We don't have that time.

It is a huge risk on COSU part and also needs the Rat to play ball in terms of giving up his ownership, but like it says in the statement, it is now the only way we survive. We don't have the time to wait for the Martin's and SCC to keep going back and forward with counter offers, DD and everything that goes with it.

COSU need to take control of the club immediately, or we end up in the Essex Senior League, or die....

 

[Pak66]

To help not hinder !

 

[NZamba Legend]

But if this iteration is pushed through, the club will survive but will still be renting RH from Ron. We won’t be able to develop the site to increase revenue in any way. Knowing the pace Ron works at on top of his greed, that could still take years? In the meantime the club will really struggle financially.

 

[C'mon you Shrimpers]

I ****ing love these guys

 

[rayleighblue22]

well if anyone was looking for people to have balls, youve found it, COSU !!!!.
Honestly fellas thankyou for what you are trying to do to save our beloved club , Balls the size of basketballs!!!
Its a massive risk you are taking and i along with all of us supporters hope this comes off.
Heros all!!!
UTB

 

[Fairport]

We should be thankful, and I am sure we all are, that COSU have basically saved our club. They are right in their statement saying that this FF deal will take many weeks to conclude. Given the scale of the project months or even years could go by before everything is settled. Let's hope that the football side of the business can now be kick started with an aim to get back where we belong in the EFL.

 

[Smiffy]

But if this iteration is pushed through, the club will survive but will still be renting RH from Ron. We won’t be able to develop the site to increase revenue in any way. Knowing the pace Ron works at on top of his greed, that could still take years?

Technically, yes. But we were always going to be tenants for a while anyway, as Ron wouldn't give up the RH freehold until planning from his monopoly village is granted at FF. That's probably a way off!

I'm sure it won't stop COSU carrying out cosmetic changes (toilets/bars/general site spruce up etc) but the major stuff (new stands etc) will obviously need to wait until they have the freehold.

Main thing is, hopefully this structure keeps us alive with the Rat no longer in charge. I'll take that right now.

 

[bazzashrimper]

This is one way to find out if there was substance to Forever Blues statements.

I can only imagine that COSU have a good trust in Cllr Cowan here.

Hats off to them though. I’d happily buy them all a beer.

 

[THE SEVENTIES NORTH BANK]

Two things worry me from that statement. They have assurances from Ron and the council.
Well Ron's assurances are worth zilch. What he promises and what he does are two different things entirely. He's the master of the false promise or assurance. The other thing is they never mention Jack in all of this, he owns 50% of Citizen Housing. So he is a main player, along with Ron and the council. We were told the biggest problems are from Citizen Housing to the council, which is now common knowledge.
Apart from that, this statement is the very best we could hope for. These guys are not giving up, despite being knocked from pillar to post, and are doing their damnedest to save this club. Absolute heroes, every one of them.