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

[Sammy Shrimper]

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.

Another multi million £charge arranged by CBRE last year. The Deed filed at Companies House doesn’t give the amount but it’s probably at least £15m.
Does any ITKs know?

 

[Napster]

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.

I’ll have a check tomorrow

 

[Bromley Blue]

Ok so like @BoyWonder2 and a few others on here I’ve got young kids and getting them to sleep early enough last night so I could toast the news immediately didn’t happen sadly.

But I’ve had more joy tonight so cheers everyone. I wanna make a special toast to all those that weren’t paid for up to 3 months to keep the club going and keep games on for us to attend. You guys are the real heroes. It’s absolutely sickening what you went through and the man responsible should be behind bars. Here’s to better times ahead.

 

[Holy Joe]

I couldn't raise a glass last night, so tonight I'm cracking open my namesake

 

[GNH]

Great night meeting Councillor Cowan and Jason brown.

Rounded off with a duet of Gold by spandau ballet lol

Quality night, finishing with karaoke!

Really interesting to speak at length with both Cllr Cowan and Jason Brown. Mananged to buy them both a drink which was my very insignificant way of saying thank you.

Also great to meet some new fellow SZ'ers

I'm now convinced that we are heading for great things.

UTS

 

[Crowstone Crevette]

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

@Holy Joe But as PP has been granted would that not set some kind of precedent? With the knowledge that the principle has been set for building hundreds of homes on the Roots Hall site wouldn't that (to some degree) mean the site would hold its inflated value?

 

[Holy Joe]

@Holy Joe But as PP has been granted would that not set some kind of precedent? With the knowledge that the principle has been set for building hundreds of homes on the Roots Hall site wouldn't that (to some degree) mean the site would hold its inflated value?

Yes and no - value probably wouldn't fall back to previous valuation, but the PP was conditional and those conditions can't be met. So imho value would decline due to that, plus time, money and effort any new owner would need to expend to get any new PP.

I think that's why fans need to now push to make RH a community asset, to make it harder for POSU or any new future owners to take RH away.

 

[Crowstone Crevette]

Yes and no - value probably wouldn't fall back to previous valuation, but the PP was conditional and those conditions can't be met. So imho value would decline due to that, plus time, money and effort any new owner would need to expend to get any new PP.

I think that's why fans need to now push to make RH a community asset, to make it harder for POSU or any new future owners to take RH away.

Thanks @Holy Joe for your quick response and explaining your rationale.

I know the Trust did a lot of work looking into the Phoenix Club scenario. Now, thank God, that is no longer on the agenda might making Roots Hall a Community Asset be something they might champion?

 

[Holy Joe]

Thanks @Holy Joe for your quick response and explaining your rationale.

I know the Trust did a lot of work looking into the Phoenix Club scenario. Now, thank God, that is no longer on the agenda might making Roots Hall a Community Asset be something they might champion?

I hope so. It's not a magic wand that will prevent the stadium disappearing - but I think at the margin it delays things and makes the site slightly less attractive. I find it hard to imagine the fans could raise sufficient funds to buy the site if the worst was to happen - at least without substantial outside help from the council or other organisations.

I'm not sure how POSU feel about it being designated a community asset - so might be too early for a clash if they were to be against it

 

[Holy Joe]

Talking of the trust - do we know what happened to the loan the trust made to the club and the member vote. Think COSU were after it being written off?

 

[BEERMONSTER]

The good Cllr responds in positive tones

https://twitter.com/x/status/1814739992331084127

 

[tommy tucker]

Has the stupid 1 millon pounds bond been removed by the national leauge Or has it still got to be paid ???

 

[Shrimper1985]

Has the stupid 1 millon pounds bond been removed by the national leauge Or has it still got to be paid ???

Seriously mate are you OK? You post everyday so must read what's going on. How many more times do you want it clarified that the bond requirement was removed about 2 weeks ago?

 

[JD]

CBRE have a charge for £38m.

Let that sink in for a moment.

Without building anything, what on earth has RM spent £38m on?

Would years and years of fees for associated property development work and legal fees etc, for RH and FF really come to that much?

 

[tommy tucker]

Seriously mate are you OK? You post everyday so must read what's going on. How many more times do you want it clarified that the bond requirement was removed about 2 weeks ago?

The last i read on this matter was untill the take over it still had to be paid .The takeover happened on friday And i dont post every day And as this is ment to be an open forum i though pepole could poat at any time Correct me if in wrong .

 

[Shrimper1985]

The last i read on this matter was untill the take over it still had to be paid .The takeover happened on friday And i dont post every day And as this is ment to be an open forum i though pepole could poat at any time Correct me if in wrong .

Ok mate. You don't post everyday. Must be another Tommy Tucker that was posting constantly on the takeover thread.

 

[Strykr]

Theres only 2 tommy tuckers, two tommy tuuuuuckers

 

[RHB]

Ok all, the Club is sold and peace, goodwill and tolerance on here are the order of the day, ok?

 

[Flinty]

CBRE have a charge for £38m.

Let that sink in for a moment.

Without building anything, what on earth has RM spent £38m on?

Would years and years of fees for associated property development work and legal fees etc, for RH and FF really come to that much?

Good question, wasn’t it £2m / yr he had to put in, so that’s 19years covered ! And we still weren’t upto date…certainly seems a non football related charge we were saddled with

 

[Tinks]

CBRE have a charge for £38m.

Let that sink in for a moment.

Without building anything, what on earth has RM spent £38m on?

Would years and years of fees for associated property development work and legal fees etc, for RH and FF really come to that much?

Oh WOW!!!! We all knew he placed most of his debts on the club but I never thought it would have been this amount
Where has all that money gone that he used the club as security because he most definitely did put anything back into the club.
No wonder he only sold it for a £1. Try 38 million and a & £1