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

[Leigh_Seasider]

This 100%. Division in the fanbase plays right into RM's hands. I support the protesters and I also understand those who wish for a quiet revolution rather than a loud one.

Is there that much division though? Does any Southend fan see Ron as the ultimate answer? As far as I see, the only division is when he should **** off .. not if he should.

 

[Special Blue]

Is there that much division though? Does any Southend fan see Ron as the ultimate answer? As far as I see, the only division is when he should **** off .. not if he should.

I think you are right and Ron will love the fact that he believes there is division!
Not to different to everyone crying out for a C.E.O ? Everyone knew this should happen except for one man.

 

[Murkey_Mouse]

I know mate we all are! See this is what Ron has done to this club, we are getting frustrated with eachother and sniping at eachother. Need to remain United

True that, RM should be lucky that he don’t run Legia Warsaw into the ground, otherwise us Legions would tie him up on a stake and we put fire over him

 

[JD]

It wasn’t Monacan. But was a pension fund!

Snippets from filming will go out over weekend, and explain what he was going to do!

Carl said this….?

“Seventy7 Ventures is similar to most other VC's etc in that it is effectively a brokerage for investment, and yes it is a new company.

The investment has been secured from a Monaco based pension fund - at this stage of the negotiations (or more accurately lack of) I'm not prepared to disclose exactly which one, but can assure you that they have had the tyres kicked by us insofar as the scope of investment, the split between club and development, and also the budget for sustaining the club going forwards.”

 

[mfurok]

Carl said this….?

“Seventy7 Ventures is similar to most other VC's etc in that it is effectively a brokerage for investment, and yes it is a new company.

The investment has been secured from a Monaco based pension fund - at this stage of the negotiations (or more accurately lack of) I'm not prepared to disclose exactly which one, but can assure you that they have had the tyres kicked by us insofar as the scope of investment, the split between club and development, and also the budget for sustaining the club going forwards.”

No pension fund would invest in a football club unless it was a compulsory add on to a perfect investment.

It would then have no interest other than a sale to the highest bidder (yeah right) or liquidation once it had achieved the necessary objectives.

 

[danbowen]

No pension fund would invest in a football club unless it was a compulsory add on to a perfect investment.

It would then have no interest other than a sale to the highest bidder (yeah right) or liquidation once it had achieved the necessary objectives.

Exactly the reasons I have said a pension fund would be one of the few things worse than Ron.

 

[Kat_r]

Exactly the reasons I have said a pension fund would be one of the few things worse than Ron.

It’s so bizarre. Just hot air from so many people supposedly wanting to buy the club. The magical consortium as well. Weird weird weird. Sketchy egos abound.

 

[Kat_r]

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!

Who knows what will happen. Some think the bridging loan will be completed soon
Who actually owns the company citizen housing Southend? As they seem in charge of the building work.
Very strange

 

[tommy tucker]

so answer the simple questions, what is your protest going to achieve? and why will a protest make ron leave now? a protest is to raise awareness - BUT everyone is already aware so no awareness needed.

so answer the simple questions, what is your protest going to achieve? and why will a protest make ron leave now? a protest is to raise awareness - BUT everyone is already aware so no awareness needed.

Yes protests attract media attention But sad as it is the media twist things to either sell papers .Or tv just say the wrong things instead off putting over the points of veiw .

 

[OldBlueLady]

So much for the Trust having stringent repayment clauses !! You couldn't believe it.
How pathetic.

I think it fair to say that @Jai was right in his comment:

You think it shocked the Trust? I am sure they knew this was on the cards.

It happened before back in 2009/10 when the Trust loaned him some money. It was late being repaid but it was repaid, with good interest offered.

 

[CRATE]

Carl said this….?

“Seventy7 Ventures is similar to most other VC's etc in that it is effectively a brokerage for investment, and yes it is a new company.

The investment has been secured from a Monaco based pension fund - at this stage of the negotiations (or more accurately lack of) I'm not prepared to disclose exactly which one, but can assure you that they have had the tyres kicked by us insofar as the scope of investment, the split between club and development, and also the budget for sustaining the club going forwards.”

Actively told me on a recorded interview it’s no Monaco

 

[tommy tucker]

I think this is all becoming so anoying .Does anyone know what is going on at the club .I have read this story and another story .Does anyone out there know the real truth .Somehow i doubt it .There is a game today so focus on that .And to state what Kevin and his playing staff is its a game to game bases .And that is the only way i can see it .

 

[Carl]

Actively told me on a recorded interview it’s no Monaco

Correct, it’s not (hint, different hemisphere!) and was likely a slip up of mine when I typed back then as there was a couple of deals being worked on in the early days of us going public regarding other projects.

Details of the funders themselves, the amounts committed, allocation of funds etc were shared with a couple of people but I can’t disclose who or why, again as the conversations were in confidence.

Appreciate that you might wonder why I’m being cagey now when I could just share all details, given that we didn’t get to NDA stage - there’s two reasons - firstly we had support from a wide range of people and I wouldn’t want to breach their confidence, some of whom wouldn’t care if I shared but some who absolutely would, secondly my offer still stands of supporting anyone who can get to the negotiating table, including an intro to the funders if that can help them in any way.

And because I wouldn’t want to weaken anyone’s hand on this stuff if they’ve got a chance to save the club, that’ll stay between us and them (unless they then decide to share precise details, although they’d have to be pretty foolish to do that).

Sorry I can’t feed the internet any more gossip, would love to share everything but would love more for my club to have a few years without financial challenges and a new direction, that’s why I’m openly offering now to help where I can.

As for the point around ego, I’d have imagined that being happy to step back and help behind the scenes would have been a sign that this isn’t purely an ego project, instead a project to save my childhood club? But happy for anyone to have any opinion they want - at the end of the day, most of us want the same end result (I hope)

 

[nevereatwhitesnow]

Exactly the reasons I have said a pension fund would be one of the few things worse than Ron.

Ipswich fans will probably offer alternative view. Personally don’t understand how’s it in best interest of any club long term but Ipswich are currently effectively funded by an American emergency service’s pension fund.

 

[Carl]

Ipswich fans will probably offer alternative view. Personally don’t understand how’s it in best interest of any club long term but Ipswich are currently effectively funded by an American emergency service’s pension fund.

Thank you. And here’s the think about internet “group think”. One persons view isn’t necessarily reality.

As I’m sure I’d mentioned before, our deal was based on a long term holding (20 year plus), not a buy and flip as alluded above, or worse still a debt backed house of cards running out of options…

I’m no expert in the makeup of these funds, there’ll likely be much better people than me who’ve sat on the other side of the table with these things, but generally I understand that they are blended to incorporate different risks etc.

But if someone says “pension fund bad” in a one or two sentence post, we are meant to believe that this is a strong and conclusive argument that scrabbling around for bridging loans, not paying staff etc is better?

 

[Blue43]

Yes protests attract media attention But sad as it is the media twist things to either sell papers .Or tv just say the wrong things instead off putting over the points of veiw .

So what you’re basically saying is the protests could attract negative publicity?

Not sure if you’ve been on a desert Island for the last 5 years but the clubs hardly been showered in any positive coverage for the last few years thanks to one man.

No matter what you say protests will only highlight our situation on a much larger platform. I defy anyone who will look at fans in a negative light for protesting and fighting for their club, given our very very precarious situation and what we’ve had to put up with for the past few years.

We deserve so much better!!

 

[Holy Joe]

Thank you. And here’s the think about internet “group think”. One persons view isn’t necessarily reality.

As I’m sure I’d mentioned before, our deal was based on a long term holding (20 year plus), not a buy and flip as alluded above, or worse still a debt backed house of cards running out of options…

I’m no expert in the makeup of these funds, there’ll likely be much better people than me who’ve sat on the other side of the table with these things, but generally I understand that they are blended to incorporate different risks etc.

But if someone says “pension fund bad” in a one or two sentence post, we are meant to believe that this is a strong and conclusive argument that scrabbling around for bridging loans, not paying staff etc is better?

I think the argument with pension fund ownership is that they need to see a return on their investment, either by improving the club and selling on for a profit, or by extracting an annual dividend /income. There aren't many clubs that can do the latter. And the former isn't guaranteed. It's almost a double edged sword they either achieve it and sell to realise their investment or don't achieve it and need to sell to cut their losses.

This is a quote from the old Ipswich owner....
“In order to meet its investment responsibilities, [the fund will] need to invest to secure Premier League status, and it has already committed to making substantial investment in both the club’s playing squad and infrastructure."

How long have they got to achieve that? And what happens when they don't?

Now it maybe that they're in a better situation than they were before and so perhaps it doesn't matter?

 

[Carl]

I think the argument with pension fund ownership is that they need to see a return on their investment, either by improving the club and selling on for a profit, or by extracting an annual dividend /income. There aren't many clubs that can do the latter. And the former isn't guaranteed. It's almost a double edged sword they either achieve it and sell to realise their investment or don't achieve it and need to sell to cut their losses.

This is a quote from the old Ipswich owner....
“In order to meet its investment responsibilities, [the fund will] need to invest to secure Premier League status, and it has already committed to making substantial investment in both the club’s playing squad and infrastructure."

How long have they got to achieve that? And what happens when they don't?

Now it maybe that they're in a better situation than they were before and so perhaps it doesn't matter?

It might come as some surprise to many that there was actually a strategic plan, financial projections and modelling, contingency planning etc behind the scenes that was part of our work on this for approx a year, and then used during the process of getting a funder.

 

[fbm]

I don't want him to totally crash and burn, just want him to plan and take his departure.

And if he were to do that now, at this stage of the development, that would really shaft the club and be it's death knell.

 

[tommy tucker]

So what you’re basically saying is the protests could attract negative publicity?

Not sure if you’ve been on a desert Island for the last 5 years but the clubs hardly been showered in any positive coverage for the last few years thanks to one man.

No matter what you say protests will only highlight our situation on a much larger platform. I defy anyone who will look at fans in a negative light for protesting and fighting for their club, given our very very precarious situation and what we’ve had to put up with for the past few years.

We deserve so much better!!

I have been to more home and away games than you beleve Do what you think is going to remove Ron .But somehow i cant see him selling up any time soon despite the protests .There has been protessed before calling for him to go .And guess what he is still around .