Pre-Match Thread HMRC v SUFC - FINAL hearing on 1st March. DISMISSED

[Shrimper]

There won't be administration, it will be liquidation of the club, basically we won't exist by the end of March if we get wound up

They'd look for suitable buyers first, of which there would be a number

 

[kentblues]

I think thats the thing we dont know how far down the loan process Ron is to see if 40 days is enough. It might be.
Ron probably doesnt know the time frame as he does not have experience in bridging loans but it would be good to know its processing well etc.

Ron knows all about bridging loans

 

[Smiffy]

It made zero sense for me not to pay my rent during covid, but when the money doesn't exist, there is nothing we can do.

Ron isn't playing some long game, he's skint AF and has to rely on loans and borrowing against assets to keep the club afloat.
I have lost all faith in him being in control now, Plan A not working ... fair enough Plan B ... things happen. But Ron is so far down the rabbit hole now, I don't think we will be seeing daylight for a long time while he's in charge.

Ron is NOT in control of the situation.

That's it for me.

Bottom line is our very existence, all 117 years of it is now resting on a huge loan landing from somewhere, within 40 days.

This is not normal and not acceptable practice from the custodian of our club. Any club.

And the thing is, it was entirely avoidable. Another in a long list of **** poor decisions made, that are unforgivable.

 

[meerkat54]

Ron would have saved everyone a lot of grief if he sold off a small slice of the project.
He could have released a small piece of the project earlier, but not Ron , it’s just pure greed.

 

[TrevorFitzpatrickHattrick]

I think thats the thing we dont know how far down the loan process Ron is to see if 40 days is enough. It might be.
Ron probably doesnt know the time frame as he does not have experience in bridging loans but it would be good to know its processing well etc.

Unfortunately I'd wager that it's one of his specialist subjects...

 

[geoffmundo]

Personally, the only statement I'm interested in is one that says that the debt has been settled and the club are looking to get the embargo lifted. Anything else is worthless.

 

[nevereatwhitesnow]

Regards to protests I agree they’re probably waste of time as I can't see him going but if Southend were to go bust you don't want to look back and say I wish I did something. Sometimes in life it’s better to do something rather than nothing. If fans want to go and protest then go for it I say. Your club at the end of the day.

Protests may not directly change the outcome but generating attention and focus on a millionaire that isn’t paying staff on time so that he can keep going a development that will make him a multimillionaire might be a start.

SUFC has suffered multiple relegations and numerous court case whilst frequently delaying payment of wages to some loyal staff over the last few years due to the fact that the chairman’s focus has been on a property development scheme that will make him a personal fortune. This may be know to many following the club locally but not much beyond, that’s a criminal shame, he should be embarrassed by media pressure into at least some honest apologies and assurances of how his personal gain will help SUFC (by journalists and documented/challenged properly) rather than in some limited zoom calls etc before it’s too late

 

[Smiffy]

Personally, the only statement I'm interested in is one that says that the debt has been settled and the club are looking to get the embargo lifted. Anything else is worthless.

…And staff fully paid and up to date. That’s more important than any embargo being lifted.

 

[Rayleigh boy]

like most self employed people i have paid my tax up before Jan 31 ..

who do these allegedly wealthy people think they are ?

do they think they are above the law ?

WTF should RM the owner of SUFC not pay his HMRC bill ?

 

[geoffmundo]

…And staff fully paid and up to date. That’s more important than any embargo being lifted.

Absolutely

 

[southendkid]

like most self employed people i have paid my tax up before Jan 31 ..

who do these allegedly wealthy people think they are ?

do they think they are above the law ?

WTF should RM the owner of SUFC not pay his HMRC bill ?

Ron doesn't owe HMRC tax (as far as I know anyway), Southend United owes tax. Ron might own us but we're a limited company and the whole point of limited companies is that their taxes are separate from the owner. Unless he's done something like using his personal property as collateral for loans (which wouldn't surprise me, I can't see who would loan us money at the moment without that) Southend can go bust and his personal finances won't be affected.

 

[defender05]

They'd look for suitable buyers first, of which there would be a number

Who is going to want to buy a club with no ground or training pitch to use?

 

[undercovershrimper]

There won't be administration, it will be liquidation of the club, basically we won't exist by the end of March if we get wound up

We will only go into administration if Ron starts those proceedings before the next hearing, if he hasn't and also hasn't paid the bill the club will cease to exist

 

[Maidstone Shrimper]

I’m finding the outcome of the next (final?) court case too close to call. I’ve voted debt cleared as I’m guessing at a 55% chance of that but it all relies on Ron successfully negotiating this massive bridging loan in, what is it now, 40 days? Perhaps Shrimperzone should have a Final Countdown clock at the top of the screen to unsteady our nerves.

My big worry is Ron’s apparent over inflated opinion of his own business acumen. His tactic seems to be take everything to the wire as the other guy will blink first. He’s used that tactic in the transfer market with very mixed results. He’s got through countless court hearings smugly assuming that HMRC will want their money in full late rather than none at all so the promise of jam tomorrow and payment the next time has successfully produced adjournments. This month’s hearing was by no means as straightforward as that and Ron clearly knew it, hence the appearance of the MPs and the last minute document from the loan company that may have arrived too late for full scrutiny. If he’s relying on taking the negotiations to the wire over the loan on the basis that they are desperate for his business and will soften the terms at the last minute, well that will all end in tears. My worry is that his vanity and greed will scotch the deal in the same way that his vanity and greed not wanting any other investors involved has got us in this mess.

 

[euroshrimper]

The golden egg may well be within his grasp and If Ron had paid before Wednesday and the case had been dismissed then I would tend to agree with you.

However I firmly believe he’s run out of companies to turn to for money and is struggling to secure the loan.

The FF development was a lot more profitable 2-3 years ago, but with a huge rise in building materials, property prices dropping and interest rates rising the end profit will be significantly less now than originally forecast.

This has probably resulted in lenders tending to be a lot more nervous loaning a property developer that kind of money who’s had huge financial difficulties and a history of court cases with unpaid taxes to HMRC.

As I have said the only way out of this mess is for Ron to sell now before it’s too late and we don’t have a club left in 5 weeks time!

That's a good assessment of the situation in my opinion plus you can add no up to date accounts to show, is it at least two years now?
Also the stadium tenders are not due in until the end of this month (not sure about the housing?) So our Chairman could be in for a shock when they are opened ! Also contractors are not daft (I used to be one) and a projects final tender price will also reflect who you are working for and is there a financial risk involved ie payments.......
The clock is ticking and still no club statement and as much as I admire some of the positivity displayed by some zone members on here I for one am seriously worried about the immediate future of the club we all care about (I was going to say love but trying to keep things in perspective)
Also concerned we have not heard anything from our CEO who could "calm the waters" with a truthful statement........

 

[undercovershrimper]

Also concerned we have not heard anything from our CEO who could "calm the waters" with a truthful statement........

I would assume he is under orders from Ron to say nothing

 

[Whispering Bob]

My big worry is Ron’s apparent over inflated opinion of his own business acumen. His tactic seems to be take everything to the wire as the other guy will blink first. He’s used that tactic in the transfer market with very mixed results. He’s got through countless court hearings smugly assuming that HMRC will want their money in full late rather than none at all so the promise of jam tomorrow and payment the next time has successfully produced adjournments.

I have to say I thought he looked remarkably calm throughout the proceedings.

 

[GBJ]

As I have said the only way out of this mess is for Ron to sell now before it’s too late and we don’t have a club left in 5 weeks time!

It seems apparent that he won’t sell.

What can you/we legally do, to force him to sell?

 

[tommy tucker]

It seems apparent that he won’t sell.

What can you/we legally do, to force him to sell?

nothing untill he cant pay by the 1st of march .If he doesnt pay the high court will remove him .

 

[nevereatwhitesnow]

It seems apparent that he won’t sell.

What can you/we legally do, to force him to sell?

Don’t have to do anything legally to force him to sell but getting media attention nationally (or at least regionally or within football community) to keep highlighting the damage he is doing to the football club and its employees could help his continued ownership untenable if the message is sustained!