COSU Statement - Friday 7th June

[Barling Magna]

Do they walk? Not totally clear - pretty clear they won't put more cash in - but not sure they walk?

I would say that is what they are threatening - otherwise it's just more words and false "deadlines".

 

[shrimperjon]

we really are o a knife egde now:

While the situation is outside of our control, COSU wants to assure Southend fans that we are doing as much as possible to prepare for the new season in parallel so that if the deal does complete, we will hit the ground running.

if and not when says it all now. But im glad COSU have done this. there are no hiding places. Theyve provided a brilliant well written and informative statement with a clear deadline for next Friday. The Rat and SCC now have a week to sort their **** out. I wont be holding my breath though, but then that leaves us without a football club. Heart breaking its come to this.

 

[shrimperjon]

Also where does this leave us with the NL and the AGM tomorrow. It is impossible that we can give any assurances that there will be a club to compete

 

[TJC]

The part which is most interesting to me is the security provided by the Martins to COSU.

For the Martins to agree to this they must be confident the deal will actually go through.

The longer the negotiations take the more money they're risking, if secured against themselves. This would obviously affect their behaviours during the DD process you would have thought. They may be less inclined to play hard ball if the risk is the deal collapses and they personally become liable for the costs of running the club.

What worries me about this part, is do they have any security to offer that isn't already spoken for?

 

[Supa Shrimpa]

The part which is most interesting to me is the security provided by the Martins to COSU.

For the Martins to agree to this they must be confident the deal will actually go through.

The longer the negotiations take the more money they're risking, if secured against themselves. This would obviously affect their behaviours during the DD process you would have thought. They may be less inclined to play hard ball if the risk is the deal collapses and they personally become liable for the costs of running the club.

I very much doubt they'll be personally liable for the costs of running SUFC. I doubt they would have personal guarantees (I could be wrong !) in case of this happening. I think the club would fold, and they would run off into the sunshine

 

[rayleigh dan]

It won't happen as Southend Council [THE PIER, THE KURSAL ETC.} AND rat Martins are the most unreliable, feet dragging people ever known to man....goodbye another season, won't ever find backers like the Aussie and friends again.

I share your concern, I certainly don’t have much faith in either party (the Rat’s more so) to do the right thing and compromise. Hoping I’ll be wrong but my anxiety about our future’s sky high right now.

 

[rayleigh dan]

On the BBC now https://www.bbc.co.uk/sport/football/articles/cz5510lj88jo

Good to see the National press showing an interest now. Anything that can ramp up pressure on both the rat’s and the council is welcome.

 

[Andyhsufc]

Can someone explain the criticism the council are getting on here?

If the DD has flagged problems then they are right to make sure the council are protected (in fact it is the duty of the officials to do so)

As I have said before, I have supported the club for a long time and desperately want this deal to go through but it can't be at the expense of taxpayers.

Sorry if this is unpopular

 

[Avl1983]

I very much doubt they'll be personally liable for the costs of running SUFC. I doubt they would have personal guarantees (I could be wrong !) in case of this happening. I think the club would fold, and they would run off into the sunshine

I'm sure the statement said security from the Martins, that sounds to me like they want personal guarantees, whether they have the means to pay those guarantees is my reason for saying I find it interesting as I can't imagine them dragging their heels if they have to do that

 

[Shrimpergonzo]

What worries me about this part, is do they have any security to offer that isn't already spoken for?

Firstly I guess Citizen Housing (who the deal with the council is with) are more than Rat and Ratboy.

Secondly, I assume what they’re after is some kind of security bond held in an ESCROW account that is all or a proportion of the deficit costs of running the club which will be paid to COSU should the deal not proceed. Basically their way of saying we’re paying costs in advance of owning the club that should be paid by the rat family for longer than we were originally promised or led to believe.

 

[nick12]

Time for Anna Firth to step in? This is ridiculous and soul destroying, I am just so grateful the consortium are hanging in I don't think anyone would blame them for walking away from this sorry shambles that used to be a decent respected football club

UTB

 

[Shrimper1985]

 

[Shrimpergonzo]

These are the bits that worry me from Cllr Cowan’s statement:

“When it became abundantly clear that this was unlikely to be resolved or that market conditions would improve sufficiently to reduce our risk to a tolerable level, I immediately moved to a new proposal that the developer is modelling and we hope to review soon.” (Emphasis mine!)

“We will be working hard to revise the proposals….”

It feels like we’re much further back in the process than we were led to believe.

 

[rayleigh dan]

View attachment 32224

Appreciate the update but why couldn’t he have made this statement earlier?! Well done COSU for forcing his hand. So much for Cowan saying he couldn’t make a statement through official channels due to purdah eh!

 

[SUBBlue]

My gut feeling says that this takeover is just not going to happen

I believe things won’t move quickly enough, more months will pass then other issues will come up & COSU will tire of the wait then walk away - and who would blame them.

Sorry to be a ray of sunshine.

 

[Leeboy]

so basically Cowan blaming Cox - the layers of bull poo are just stacking up

 

[Shrimper]

so basically Cowan blaming Cox - the layers of bull poo are just stacking up

Sounds Cox was not acting in best interests of Council based on that letter. Take with a pinch of salt of course

 

[Yorkshire Blue]

Firstly I guess Citizen Housing (who the deal with the council is with) are more than Rat and Ratboy.

Secondly, I assume what they’re after is some kind of security bond held in an ESCROW account that is all or a proportion of the deficit costs of running the club which will be paid to COSU should the deal not proceed. Basically their way of saying we’re paying costs in advance of owning the club that should be paid by the rat family for longer than we were originally promised or led to believe.

I don’t think this is about an escrow account (which I don’t think is realistic). I think it is more about ensuring the Martins have skin in the game to ensure they are committed and to keep them focused.

 

[danbowen]

Time for Anna Firth to step in? This is ridiculous and soul destroying, I am just so grateful the consortium are hanging in I don't think anyone would blame them for walking away from this sorry shambles that used to be a decent respected football club

UTB

FYI Anna is no longer an MP. She also wouldnt be able to get involved during general election campaigning either.

 

[Ricky Otto]

As much as the intelligence of politicians can be questioned their self interest at this particular time can't- given the COSU statement I would suggest if either came out with that it would not help there chances of getting elected. We need to apply pressure. I have reached out- other need to do the same- we need action

I get what you are saying but every decision seems to be on hold until after the election. Parliament aren't sitting and I don't think we are that special in their eyes. Self interest is high but they are also spineless and won't go against the grain. Hope you are right, obviously, but we'll see.