COSU Statement - 25th June 2024

[AustScullyPriorPowell]

The way we can all help, (if this goes through), SPEND

Season tickets, refreshments on match days (supporting local pubs as well), get a shirt, bring ya Aunty Sue to games, Mrs gets merch for valentines etc etc.

INVEST to RE-INVEST

 

[Booma]

Next time you're in town for a game, do hospitality instead of getting a regular ticket. That's an extra £60+ that goes directly to the club.

I went (coincidentally) for Chris Powell's first game and it was a great experience, you are very well looked after. I imagine the standard will rise even further once COSU are in charge.

That’s a great shout now there is no chance of bumping into RM

 

[johnlattimerssponge]

IF this happens, IF, how much more would you be prepared to pay, for one season only, on your season ticket to show support?

I appreciate not all of the fan base are in the same financial situation and for some there maybe more important things to spend there money on.

That said personally if they save our club I would like to be able to contribute financially maybe £50 or £100 as a one off on a season ticket as a thank you gesture for saving our club.

Maybe they could even produce some merchandise like scarfs or training tops etc where every intem sold raises some money ie perhaps £10 on scarfs and £40 on training tops giving those that want and are able to to contribute financially to show our appreciation.

 

[veryoldman]

Maybe all the boycotters will donate the money they have not spent in the last few years to the new owners
I would gladly pay more but think it should be voluntary as I wouldn't want to see people excluded from matches because they can't.

 

[JB Shrimper]

Think we are getting ahead of ourselves. I think it very unlikely Ron will agree to this, of course I hope I am wrong, else this would have been a option long before now.
Ron handing over the club just doesn't sound Ron like.

 

[Streaky]

The way we can all help, (if this goes through), SPEND

Season tickets, refreshments on match days (supporting local pubs as well), get a shirt, bring ya Aunty Sue to games, Mrs gets merch for valentines etc etc.

INVEST to RE-INVEST

For the sake of many of our relationships i would suggest maybe get some flowers as well :-)

 

[Southminster Shrimper]

Could we have some Southend merchandise with the Hawk Tuah girl on it? I'd buy all of it I think

 

[Evening Echo]

SOUTHEND United supporters have been boosted by the consortium’s commitment to save the club.

Read more on this story


Help with Echo links

 

[MikeLapper]

Could we have some Southend merchandise with the Hawk Tuah girl on it? I'd buy all of it I think

A picture of The Rat’s face with ‘Hawk Tuah - Spit on that thang’ below!

 

[kentblues]

Ron wasn’t so much refusing to sell but is unable to sell until the agreement for lease was agreed.

The deal will have been to sell the club debt free (i.e. free of secured debt; the £0.5m winding up order is incidental here).

There are therefore two possible scenarios

1. COSU will now take on the secured debt. This would be extremely brave.
2. COSU will only proceed if Ron releases the charges first, however it is unclear whether Ron is now able to do so. I would expect that the security Ron has over SUFC for Mezcal forms part of the security for whoever lent Ron money in the first place.

The Club has no assets. The security/charges have no value to then sell on. The charges suddenly appeared when administration was a possibility (may be co-incidence), so the charges were either to better position the related companies (Ron) in such an event, and/or probably tidy the balance sheet in anticipation of any sale. Probably a bit of both.

I think its RH that has the issue that can't be worked around. CRBE hold a charge that has real value and no-one now can release that.

 

[dusterman]

Look forward to the battle of Roots Hall further down the line…

 

[TrueBlue]

Some things never change!!!

Jealous

 

[TrueBlue]

That is the only argument i can find for COSU to not do the deal.

Amazes me Ron ain’t called me then

 

[TrueBlue]

TrueBlue, this is Bob, he's just joined the consortium. This is his reaction when I told him about your offer.
He said, ''Yeah, yeah yeah, I've heard it all before.'' ''Let's see if he's a man of his word.''
When can he meet up with you?

Any port in a storm

 

[Avl1983]

Ron wasn’t so much refusing to sell but is unable to sell until the agreement for lease was agreed.

The deal will have been to sell the club debt free (i.e. free of secured debt; the £0.5m winding up order is incidental here).

There are therefore two possible scenarios

1. COSU will now take on the secured debt. This would be extremely brave.
2. COSU will only proceed if Ron releases the charges first, however it is unclear whether Ron is now able to do so. I would expect that the security Ron has over SUFC for Mezcal forms part of the security for whoever lent Ron money in the first place.

Thank you!

 

[SS9_Shrimper]

The Club has no assets. The security/charges have no value to then sell on. The charges suddenly appeared when administration was a possibility (may be co-incidence), so the charges were either to better position the related companies (Ron) in such an event, and/or probably tidy the balance sheet in anticipation of any sale. Probably a bit of both.

I think its RH that has the issue that can't be worked around. CRBE hold a charge that has real value and no-one now can release that.

I make you right Kentblues. Not sure there will be a way around this impasse sadly.

 

[kentblues]

WUP to be dismissed.
Stewarts settled!!

 

[Byford1994]

https://twitter.com/x/status/1805558953129935329

 

[Cricko]

Isn't PG still on the WUP?

 

[Yorkshire Blue]

The Club has no assets. The security/charges have no value to then sell on. The charges suddenly appeared when administration was a possibility (may be co-incidence), so the charges were either to better position the related companies (Ron) in such an event, and/or probably tidy the balance sheet in anticipation of any sale. Probably a bit of both.

I think it’s RH that has the issue that can't be worked around. CRBE hold a charge that has real value and no-one now can release that.

There’s been fixed and floating charges over SUFC since 1999. Last year these were then rejigged in anticipation of the sale.

As for it not having any value imagine the phone conversation

Ron: hey there Mr Lender. You know that security you took for the £18m I borrowed from you
Lender: yes, I think it was a bit more than £18m I lent you but go on…
Ron: well it turns out it’s not worth anything so be a good chap and just let me release it. Oh and it is of the upmost importance that it’s done by tomorrow morning, well this afternoon really, let’s say by 12:30?