SUFC: The Future It's DONE! COSU Own The Club.

[tsbl2000]

Looking forward to bringing the grandkids up from Sussex again. So many times we thought we might have seen the last game. This will be year 58 for me and counting.

 

[Crowstone Crevette]

Unless COSU have switched the whole ground 180 technically that sunrise is actually last nights sunset.

But that's myself being pedantic.

I did wonder if it was all an amazing dream I've had many times over. Woke up and confirmed it's truly happened.

I too wondered why the sun was rising in the west.

But then with the Consortium in charge perhaps anything is possible...

 

[danbowen]

Any idea when the kits will be getting released. All day the kids have been asking to go to the ground to see if they are available yet and it’s getting on my tits now haha

 

[Cricko]

Any idea when the kits will be getting released. All day the kids have been asking to go to the ground to see if they are available yet and it’s getting on my tits now haha

A few more days is all i can say.

 

[Crowstone Crevette]

I'm not sure about that. Looks to me like the photo is looking east through the gates out towards Victoria Avenue.

Whoops. Can see that now

 

[ian_55]

Justin Rees?
COSU?
King Kevin?
The players?
The fans?
Jumpers for goalposts?

........Marvellous !!

 

[Sparte]

Still doesn’t feel real! it’s going to take a while for reality to sink in….

 

[Yorkshire Blue]

What is it about the deal that you don't know, but would like to?

Ooh, I have questions.

Have COSU acquired the club free of all fixed and floating charges? Ron originally promised the club would be sold debt free (appreciate the deal has changed many times since then).

I understand there is a 25 year lease on Roots Hall. Is this at a market rent or peppercorn rent?

Do the POSU have a contractual right to acquire RH after 25 years or are COSU taking a leap of faith that Ron will keep to the latest iteration of the deal?

If POSU have a contractual right is it conditional and if so what are the conditions that need to be met?

What is happening with the training grounds? Will the club be paying rent? Does POSU have a contractual right to acquire and if so is this the same as for the ground?

 

[BEERMONSTER]

https://twitter.com/x/status/1814618046251606114

 

[Cricko]

Ooh, I have questions.

Have COSU acquired the club free of all fixed and floating charges? Ron originally promised the club would be sold debt free (appreciate the deal has changed many times since then).

I understand there is a 25 year lease on Roots Hall. Is this at a market rent or peppercorn rent?

Do the POSU have a contractual right to acquire RH after 25 years or are COSU taking a leap of faith that Ron will keep to the latest iteration of the deal?

If POSU have a contractual right is it conditional and if so what are the conditions that need to be met?

What is happening with the training grounds? Will the club be paying rent? Does POSU have a contractual right to acquire and if so is this the same as for the ground?

 

[Blues4LifeDan]

View attachment 32925

That's clear. Thank you. I've just seen something else written on FB claiming a COSU member said that Roots Hall would be signed over after FF has been built. That's very different to signing it over after planning permission is granted. So just for clarification, you're saying RH will be signed over after DD and planning permission has been granted and signed by SCC and the Martins?

 

[Richard Hearn]

That's clear. Thank you. I've just seen something else written on FB claiming a COSU member said that Roots Hall would be singed over after FF has been built. That's very different to signing it over after planning permission is granted. So just for clarification, you're saying RH will be signed over after DD and planning permission has been granted and signed by SCC and the Martins?

You mean "sang over", surely?

And what will be sung?

 

[southendkid]

View attachment 32925

Peppercorn rent is fantastic news, definitely gives us more breathing room if FF's planning permission drags on.

 

[Yorkshire Blue]

View attachment 32925

That’s really helpful and very positive regarding the training ground and rent for RH. I look forward to the explainer going into a bit more detail.

Not so much deal related but what is the plan for the new training ground? Are they using yet and what work needs to be done and what are the timescales for that work?

 

[Rattus Norvegicus]

That’s really helpful and very positive regarding the training ground and rent for RH. I look forward to the explainer going into a bit more detail.

Not so much deal related but what is the plan for the new training ground? Are they using yet and what work needs to be done and what are the timescales for that work?

Interesting and valid questions about the financial, legal & practical arrangements.

Clearly yesterday's news is very welcome but perhaps it is the history of the last few months (or years) that is making me cautious & want more details.

 

[Medway Blue]

Ooh, I have questions.

Have COSU acquired the club free of all fixed and floating charges? Ron originally promised the club would be sold debt free (appreciate the deal has changed many times since then).

I understand there is a 25 year lease on Roots Hall. Is this at a market rent or peppercorn rent?

Do the POSU have a contractual right to acquire RH after 25 years or are COSU taking a leap of faith that Ron will keep to the latest iteration of the deal?

If POSU have a contractual right is it conditional and if so what are the conditions that need to be met?

What is happening with the training grounds? Will the club be paying rent? Does POSU have a contractual right to acquire and if so is this the same as for the ground?

View attachment 32925

That’s really helpful and very positive regarding the training ground and rent for RH. I look forward to the explainer going into a bit more detail.

Not so much deal related but what is the plan for the new training ground? Are they using yet and what work needs to be done and what are the timescales for that work?

Cricko got there just before me, using my own words from the Trust X account!

Headlines are:

• Roots Hall on a long-term lease (25 years initially, as you state, but will be lengthened a fair bit in around 2 months' time) for £1.
• Roots Hall leasehold will enable COSU to do what they want to it.
• Roots Hall freehold will revert to POSU for £1 once there is planning permission for the new FF plans, and therefore the inherent value in the land (and confidence in the deal and plans from CBRE) to transfer the £38m charge.
• New training ground freehold comes to POSU straight away.
• Lease on Boots & Laces for £1 until such time as the new training ground is ready for use - I don't know whether "ready" means just the pitches, or whether it means the cabins in place too, and I don't know what the timescale is. Will try to find out next week.

On the bolded bit of @Yorkshire Blue's post - I haven't asked that question, but will do. Obviously COSU have taken on debts to unsecured creditors. When it comes to secured creditors - all but one of the outstanding charges on SUFC are from Martin family group companies, so it is within Ron Martin's gift to mark those as satisfied, and I don't see why he wouldn't. He has indeed said he'd pass the club over debt-free, and this is probably what he means.

The one other outstanding charge is a 2007 rent deposit deed from the Royal London Mutual Insurance Society Limited. I don't know much about that one and there doesn't appear to be any additional info on it. @Napster might know more.

 

[Blue Yonder]

So that's confirmed... there is currently a 38 million charge against Roots Hall Stadium and land ? So it's value is more than that presumably and POSU get it (without the charge) for a £1 (hopefully) at some point in the future. It takes some getting your head round.

 

[Holy Joe]

So that's confirmed... there is currently a 38 million charge against Roots Hall Stadium and land ? So it's value is more than that presumably and POSU get it (without the charge) for a £1 (hopefully) at some point in the future. It takes some getting your head round.

It currently has planning permission for hundreds of homes - if you're not going to build them then the value will be much lower

 

[Yorkshire Blue]

Cricko got there just before me, using my own words from the Trust X account!

Headlines are:

• Roots Hall on a long-term lease (25 years initially, as you state, but will be lengthened a fair bit in around 2 months' time) for £1.
• Roots Hall leasehold will enable COSU to do what they want to it.
• Roots Hall freehold will revert to POSU for £1 once there is planning permission for the new FF plans, and therefore the inherent value in the land (and confidence in the deal and plans from CBRE) to transfer the £38m charge.
• New training ground freehold comes to POSU straight away.
• Lease on Boots & Laces for £1 until such time as the new training ground is ready for use - I don't know whether "ready" means just the pitches, or whether it means the cabins in place too, and I don't know what the timescale is. Will try to find out next week.

On the bolded bit of @Yorkshire Blue's post - I haven't asked that question, but will do. Obviously COSU have taken on debts to unsecured creditors. When it comes to secured creditors - all but one of the outstanding charges on SUFC are from Martin family group companies, so it is within Ron Martin's gift to mark those as satisfied, and I don't see why he wouldn't. He has indeed said he'd pass the club over debt-free, and this is probably what he means.

The one other outstanding charge is a 2007 rent deposit deed from the Royal London Mutual Insurance Society Limited. I don't know much about that one and there doesn't appear to be any additional info on it. @Napster might know more.

Thank you.

It’s not automatically as simple as Ron releasing security as it’s his company with the benefit of the charge as that company may itself be charged and may be restricted in what they can do without permission - but hopefully that’s not the case and they are (secured) debt free.

Other things I’d like to know

1) tonight’s lottery numbers
2) who our next signings are

 

[Blue Yonder]

It currently has planning permission for hundreds of homes - if you're not going to build them then the value will be much lower

ah yea ! a rather large flaw in my logic ! Taking it another way... Ron bought the site for 4.5 million got planning permission and borrowed £38 million against it without getting close to building anything. I wonder what charges there are on FF if any.