COSU Statement - 25th June 2024

[Blues4LifeDan]

I'm still really sceptical and worried about this deal. Buying a club with no assets attached to it is so dangerous. Especially when you're dealing with Ron. I hope and pray that COSU have somehow safeguarded themselves and us. I fear that because of our desperation, that isn't in place though.

We will be playing in Ron's stadium. Can COSU even make money from it while the deal is being negotiated? How long will the deal take? More importantly, will Ron actually sign the deal? There is nothing to stop him from saying a month down the line, "I don't want this deal." Then we are totally screwed. A club with no home and most probably, no owner, as COSU would walk then. No potential new owner would buy a club name, without a home or assets.

So before we all start to demand new signings, let's concentrate on finalising our safety and security first.

 

[Boreham Shrimper]

I'm still really sceptical and worried about this deal. Buying a club with no assets attached to it is so dangerous. Especially when you're dealing with Ron. I hope and pray that COSU have somehow safeguarded themselves and us. I fear that because of our desperation, that isn't in place though.

We will be playing in Ron's stadium. Can COSU even make money from it while the deal is being negotiated? How long will the deal take? More importantly, will Ron actually sign the deal? There is nothing to stop him from saying a month down the line, "I don't want this deal." Then we are totally screwed. A club with no home and most probably, no owner, as COSU would walk then. No potential new owner would buy a club name, without a home or assets.

So before we all start to demand new signings, let's concentrate on finalising our safety and security first.

This is completely where I'm at. I understand that this is now the least worst, and probably the only option thanks to the National League throwing the grenade on the table earlier this week, but it would appear to restack the deck back in the Rats' favour. I'm fully expecting many more twists and turns on the property side, that despite the decoupling, will still leave us completely dependent on the goodwill of the worst owner in football and his spawn who we are told is of even worse character.

 

[OldBlueLady]

The irony being most of the Trust committee are 100

Really tough on Harrison and Ben who I think, are both in their early 20s!

 

[tommy tucker]

This is completely where I'm at. I understand that this is now the least worst, and probably the only option thanks to the National League throwing the grenade on the table earlier this week, but it would appear to restack the deck back in the Rats' favour. I'm fully expecting many more twists and turns on the property side, that despite the decoupling, will still leave us completely dependent on the goodwill of the worst owner in football and his spawn who we are told is of even worse character.

Some how the demarnd of the National League has not helped thhe rat one bit .And the hot with the council will get over the line at some point .The leader of the council has told that man back out and you will never be able to build on fossetts land . And as he is in need for his pot of gold .Sooner or later he will wake up and take notice that he has got to deal with the council .

 

[Westcliff DGS]

This move by the NL has flummoxed me, COSU have been ballsy with there statement as having no assets really does make the club unattractive to buy. If they push ahead I am hoping part of the deal with the council os conditional on RH being given to the consortium and the monies of 20 million also being given over to update RH.

I am sure RM will try to weasel out of that if they buy it before the deal is all done. Hoping all the member sof the consortium are on the same page here, it is a big risk

 

[Holy Joe]

What assets were they going to get when buying the club?

They were waiting for there to be an agreement between Ron and council, then they were buying SUFC. RH was only going to be bought by POSU after planning permission was received - so months and months away.

I'm confused - what assets are COSU now not getting?

 

[kentblues]

What assets were they going to get when buying the club?

They were waiting for there to be an agreement between Ron and council, then they were buying SUFC. RH was only going to be bought by POSU after planning permission was received - so months and months away.

I'm confused - what assets are COSU now not getting?

Indeed- it’s about risk

 

[Danshrimper]

What assets were they going to get when buying the club?

They were waiting for there to be an agreement between Ron and council, then they were buying SUFC. RH was only going to be bought by POSU after planning permission was received - so months and months away.

I'm confused - what assets are COSU now not getting?

In terms of COSU/POSU owning Roots Hall I don’t think anything has actually changed. It’s just an extra element of risk by taking hold of the club before the property deal has been agreed, passed DD and signed off by the council.

Now they are relying on both a deal being agreed and subsequent PP. Whereas under the previous plan it was just the PP. If the council turn round in 8 weeks time and say the revised deal hasn’t passed DD then it leaves the consortium in a very uncertain position.

 

[Shrimper]

So are they now trying to takeover just the club and leave the houses until later? Is that something that can be done quickly? Or will it still take weeks?

 

[CC51DAS]

This almost smacks of a coordinated effort between Council/COSU to stop RM/citizen being able to use the potential demise of the club as a bargaining chip. Hopefully.

 

[shrimperjon]

Really tough on Harrison and Ben who I think, are both in their early 20s!

Ben is 19

 

[Holy Joe]

In terms of COSU/POSU owning Roots Hall I don’t think anything has actually changed. It’s just an extra element of risk by taking hold of the club before the property deal has been agreed, passed DD and signed off by the council.

Now they are relying on both a deal being agreed and subsequent PP. Whereas under the previous plan it was just the PP. If the council turn round in 8 weeks time and say the revised deal hasn’t passed DD then it leaves the consortium in a very uncertain position.

That's what page I'm on. Additional risk if Ron/council don't agree. But no change in 'assets'

 

[NZamba Legend]

But COSU were also going to separate ownership of the club and the stadium, so the club would always remain without assets anyway. I think

 

[Firestorm]

But COSU were also going to separate ownership of the club and the stadium, so the club would always remain without assets anyway. I think

But the consortium wouldn't , being the directors of both Cosu and Posu and

 

[Blues4LifeDan]

This is completely where I'm at. I understand that this is now the least worst, and probably the only option thanks to the National League throwing the grenade on the table earlier this week, but it would appear to restack the deck back in the Rats' favour. I'm fully expecting many more twists and turns on the property side, that despite the decoupling, will still leave us completely dependent on the goodwill of the worst owner in football and his spawn who we are told is of even worse character.

I totally agree. He can now take his time and counteroffer at every turn. He'll think, "why do I have to take your offer." He does not have to rush this now.

Of course, for the short term (saving the club) in the immediate, is great. However, it is the same scenario, how long can this go on for?

I'm still perplexed that so many successful businessman who make up our consortium, have taken this huge risk. This man has no soul or scruples. He is a parasite that won't hesitate to feed off any goodness others have.

 

[NZamba Legend]

I totally agree. He can now take his time and counteroffer at every turn. He'll think, "why do I have to take your offer." He does not have to rush this now.

Of course, for the short term (saving the club) in the immediate, is great. However, it is the same scenario, how long can this go on for?

I'm still perplexed that so many successful businessman who make up our consortium, have taken this huge risk. This man has no soul or scruples. He is a parasite that won't hesitate to feed off any goodness others have.

People who know better than me say he does have to rush because he owes so much money to people who want it back. But otherwise I am totally with you. The club will be vulnerable and unable to push on while Ron retains interest, if not control.

 

[Sleaford Shrimper]

When contracts for the sale of the Club were exchanged in December, wasn't it reported that COSU were buying the Club for £1 but, in so doing, were also taking ownership of the responsibility to pay the Club's substantial debts? Or have I got that wrong?

 

[Hooly]

When contracts for the sale of the Club were exchanged in December, wasn't it reported that COSU were buying the Club for £1 but, in so doing, were also taking ownership of the responsibility to pay the Club's substantial debts? Or have I got that wrong?

Yes, they will buy the club for £1 & at that stage all the Rat Group debts will disappear but they will take on the external liabilities.

Those last accounts showed £25M of creditors of which £19M was due to Rat & Co. Whatever is valid in the other £6M will effectively become the liability of COSU.

It's obviously not exactly that simple but that's the gist of it.

 

[Perky99]

That was always my understanding. COSU were buying the football side of the club and possibly training ground for £1 plus sorting out creditors and have to rent Roots Hall till the got his planning sorted with SCC. At that point the would write off the £18m or so he is owed by the club and eventually sell RH to COSU for £4.5m taken from the £20m dowry? Or perhaps I completely misunderstood the whole deal supposedly agreed last Dec?

 

[Westcliff Shrimper]

Ben is 19

And a top lad.