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

[JD]

What does this mean all debts paid?

Not necessarily.
A charge would have given a “lender” (including the likes of Mezcal) the rights to the assets held by SUFC. It’s never really had any assets though, and the charges were more of a leverage thing in sale negotiations.

 

[Hadleigh Blue]

Southend United FC
56 charges registered0 outstanding, 56 satisfied, 0 part satisfied

Such an amazing feeling. Well done COSU

 

[Holy Joe]

The additional share issue has also gone through - so existing shareholders have been diluted somewhat - ron used to own 70 something percent, I think with the share issue cosu own over 90 percent - don't quote those numbers, they're from memory!

 

[Jmayhew32]

This is a bit more significant that I think people realise. It means the value of those charges has been moved. I think this means that the transfer of roots hall to POSU ownership may be relatively close. Someone correct me if I am wrong

 

[JD]

This is a bit more significant that I think people realise. It means the value of those charges has been moved. I think this means that the transfer of roots hall to POSU ownership may be relatively close. Someone correct me if I am wrong

Roots Hall is not linked to SUFC Ltd in any way, other than SUFC has a long lease to use it.
Roots Hall Limited owns Roots Hall and CBRE hold the charges over the ground. They are still very much outstanding and won’t be removed until Fossetts has enough value in it to satisfy CBREs risk team, at which point the charge will be removed.

 

[Blues4LifeDan]

Roots Hall is not linked to SUFC Ltd in any way, other than SUFC has a long lease to use it.
Roots Hall Limited owns Roots Hall and CBRE hold the charges over the ground. They are still very much outstanding and won’t be removed until Fossetts has enough value in it to satisfy CBREs risk team, at which point the charge will be removed.

I know it's been banned on here but how far along is the council with DD? The previous one was very quick.

 

[JD]

I know it's been banned on here but how far along is the council with DD? The previous one was very quick.

I thought @CllrDanielCowan said about 12 weeks for DD and it would likely commence once the club had been decoupled from the original deal?
It’s not massively urgent any more as we now have a long lease on roots hall which pretty much allows us to do what we want anyway, sure that’s what JR said a few weeks back.

Don’t get me wrong, owning the freehold is way better but not an issue for now.

 

[BoyWonder2]

One small thing I’d like to see COSU arrange now they are custodians of our great club, and it’s not a priority, but…

Driving down the 127 to work, and to collect season tickets and matches, I see the signs for S.U.F.C (The Blues). With COSU putting us out there as The Shrimpers again, can we get those signs changed?

 

[Blues4LifeDan]

I thought @CllrDanielCowan said about 12 weeks for DD and it would likely commence once the club had been decoupled from the original deal?
It’s not massively urgent any more as we now have a long lease on roots hall which pretty much allows us to do what we want anyway, sure that’s what JR said a few weeks back.

Don’t get me wrong, owning the freehold is way better but not an issue for now.

I agree it's not massively urgent but how amazing will it feel once we've finally got rid of Ron and our actual assets are in COSU's hands? I don't care if that's a euphemism, they can have my assets after saving my beloved club!

 

[Yorkshire Blue]

All outstanding charges on Southend United Football Club Ltd. have now been satisfied, and the club is free of charges.

Looking forward to Roots Hall following at some point!

Fantastic news.