Breaking News Latest news on the sale of the club.

[Lincoln Shrimp]

The slippage in terms of projected timescales started when the Council didn't commence DD until mid February. That shouldn't be forgotten.

 

[cerbera45]

It's bloody ridiculous, why don't that family just F off and leave your club alone, and it is your club because a club only means something if it has fans, no matter how many there are.

It's brilliant that you've set aside rivalries and want the best outcome for our club.

 

[mattytheshrimper]

All of this is classic RM, literally ticks all the boxes.

• Fans are happy (lets destroy that)
• People are getting paid (lets make them worry a little)
• The football clubs seems happier than ever (I'm jealous no one loves me, lets see what I can do to make myself relevant again)
• I'm going to put out a really short a rubbish statement blaming everyone (people will remember how clever I am again and bow down to me)
• The new owners are loved and appreciated (again I'm jealous and want people to worship me as a saviour and God)
• People are smiling (I don't like that, I'd rather have them outside my house)
• The teams winning and generally doing well (I don't like that either, I miss saying "we're too good to go down" and employing Phil Brown)
• It's season ticket time, they'll likely be a huge amount of renewals and a big hike in new ST holders (lets **** that up)
• Are there any radio stations I can get on and spout a load of rubbish.

The list could go on and on. All I know is I'm way too exhausted, bettered and bruised to go through all this again. After 17 years of having a ST I stopped when I wasn't willing to put money in RM's pocket. I was going to get one for the season coming but until he's fully gone I just can't do it.

I literally cannot wait for the day the man has no relevance to us and he simply ****s off.

 

[Gt Yarmouth Shrimper]

The list could go on and on. All I know is I'm way too exhausted, bettered and bruised to go through all this again. After 17 years of having a ST I stopped when I wasn't willing to put money in RM's pocket. I was going to get one for the season coming but until he's fully gone I just can't do it.

Classy.

 

[Hawkwell Blue]

All of this is classic RM, literally ticks all the boxes.

• Fans are happy (lets destroy that)
• People are getting paid (lets make them worry a little)
• The football clubs seems happier than ever (I'm jealous no one loves me, lets see what I can do to make myself relevant again)
• I'm going to put out a really short a rubbish statement blaming everyone (people will remember how clever I am again and bow down to me)
• The new owners are loved and appreciated (again I'm jealous and want people to worship me as a saviour and God)
• People are smiling (I don't like that, I'd rather have them outside myself)
• The teams winning and generally doing well (I don't like that either, I miss saying "we're too good to go down" and employing Phil Brown)
• It's season ticket time, they'll likely be a huge amount of renewals and a big hike in new ST holders (lets **** that up)
• Are there any radio stations I can get on and spout a load of rubbish.

The list could go on and on. All I know is I'm way too exhausted, bettered and bruised to go through all this again. After 17 years of having a ST I stopped when I wasn't willing to put money in RM's pocket. I was going to get one for the season coming but until he's fully gone I just can't do it.

I literally cannot wait for the day the man has no relevance to us and he simply ****s off.

That’s ok, they’re not on sale yet.

 

[damien]

CRATE and wolfy back on the scene ASAP please

 

[RHB]

CRATE and wolfy back on the scene ASAP please

Please God, no.

 

[damien]

Please God, no.

If we are going to go down after all of this it may as well be in a blaze of wild speculatory glory

 

[edwardss2]

Our part of SS2 has been transformed into Leigh borders by moving from Rochford and Southend East to the new Southend West and Leigh parliamentary constituency (despite our local station being Southend East). I think I know what our (possibly) future MP thinks

Those who live in the new Southend East constituency might ask the likely MP Bayo Alaba what he could/would like to do. He is from Redbridge, but I am sure that he is/will be a convert to the SUFC cause. His details are here: https://bayoalaba.com/

We have local elections in May, and a general election soon, this is the point at which maximum pressure can be put on politicians. Some of us may remember the Valley Party, and while not suggesting anything like that these are the people who can make things happen.

 

[THE SEVENTIES NORTH BANK]

CRATE and wolfy back on the scene ASAP please

I thought it was found out that wolfy was Jack Martin? Now gone since the consortium deal.

 

[Liam AAS]

A reminder of a few facts in all of this:

• Ron Martin separated the club from its assets when he took over. Roots Hall Ltd and Thames Plaza PLC own the stadium and the training ground respectively, Jack Martin owns both companies;
• Roots Hall Ltd and Thames Plaza PLC both have charges against them. This is, effectively, a mortgage from a company called CBRE who have lent The Martins money against the value of the land. That value has fluctuated over the years as planning permission has been and gone. CBRE are "the Martins' finance partner" as per COSU's statement yesterday;
• COSU have put £2.5-3m into operational costs since October, they do not own the club yet, but put more money into SUFC when Ron and the council agreed HoTs on a deal in December. That deal saw the council agree a split on housing at a new Fossett's development that was solely a housing estate (no new stadium);
• The council are conducting a due diligence process on this deal, they have instructed lawyers to examine the agreement to make sure that the Southend City Council (SCC) and Southend as a city don't lose out financially because of a deal with the Martins. We (as a fanbase) have been told by multiple people that this is a formality and indeed COSU were so confident that they paid to lift the embargo and start signing players and book out a big night at the Cliffs Pavillion etc.

What's happening is that COSU and SCC are close to prizing the club and its (rightful) assets away from Ron & Jack. But it is a complicated and difficult process because Ron has borrowed money from a lot of people over the years and they all now have a vested interest in this property deal going ahead so that Ron can pay everyone back. The council can't rush because they have to take into account their finances and their responsibilities to all the taxpayers in the area and COSU will be getting ****ed off because in all the time this drags on they're being asked to put their hands in their pockets again. Not least because some creditors (THAT ACTUALLY ADVOCATED FOR THE SURVIVAL OF THE CLUB) want paying and can't be arsed to wait.

This entire situation exists because of the greed of one family. The Martins knew that they could utilise the public affinity for football and Southend to line their own pockets, even if their incompetence got them up to their eyeballs in debt in the process. The Martins are cartoonishly greedy, selfish and opportunistic. The fact that the club is tied up in knots alongside the land, creditors, charges and insolvency is entirely down to them. The council taking 3 months to at least try to safeguard the public purse mustn't distract from that.

 

[Holy Joe]

A reminder of a few facts in all of this:

• Ron Martin separated the club from its assets when he took over. Roots Hall Ltd and Thames Plaza PLC own the stadium and the training ground respectively, Jack Martin owns both companies;
• Roots Hall Ltd and Thames Plaza PLC both have charges against them. This is, effectively, a mortgage from a company called CBRE who have lent The Martins money against the value of the land. That value has fluctuated over the years as planning permission has been and gone. CBRE are "the Martins' finance partner" as per COSU's statement yesterday;
• COSU have put £2.5-3m into operational costs since October, they do not own the club yet, but put more money into SUFC when Ron and the council agreed HoTs on a deal in December. That deal saw the council agree a split on housing at a new Fossett's development that was solely a housing estate (no new stadium);
• The council are conducting a due diligence process on this deal, they have instructed lawyers to examine the agreement to make sure that the Southend City Council (SCC) and Southend as a city don't lose out financially because of a deal with the Martins. We (as a fanbase) have been told by multiple people that this is a formality and indeed COSU were so confident that they paid to lift the embargo and start signing players and book out a big night at the Cliffs Pavillion etc.

What's happening is that COSU and SCC are close to prizing the club and its (rightful) assets away from Ron & Jack. But it is a complicated and difficult process because Ron has borrowed money from a lot of people over the years and they all now have a vested interest in this property deal going ahead so that Ron can pay everyone back. The council can't rush because they have to take into account their finances and their responsibilities to all the taxpayers in the area and COSU will be getting ****ed off because in all the time this drags on they're being asked to put their hands in their pockets again. Not least because some creditors (THAT ACTUALLY ADVOCATED FOR THE SURVIVAL OF THE CLUB) want paying and can't be arsed to wait.

This entire situation exists because of the greed of one family. The Martins knew that they could utilise the public affinity for football and Southend to line their own pockets, even if their incompetence got them up to their eyeballs in debt in the process. The Martins are cartoonishly greedy, selfish and opportunistic. The fact that the club is tied up in knots alongside the land, creditors, charges and insolvency is entirely down to them. The council taking 3 months to at least try to safeguard the public purse mustn't distract from that.

The statement from the consortium didn't name CBRE as the finance partners did it?

Whilst they have lent money secured on Roots Hall and Boots and Laces I'm not sure they're the development financiers - thought that was a pension fund?

 

[Liam AAS]

The statement from the consortium didn't name CBRE as the finance partners did it?

Whilst they have lent money secured on Roots Hall and Boots and Laces I'm not sure they're the development financiers - thought that was a pension fund?

The removal of their charges is THE relevant aspect of the consortium taking control of the assets of the football club.

Their statement didn't mention them specifically but I am.

 

[Holy Joe]

The removal of their charges is THE relevant aspect of the consortium taking control of the assets of the football club.

Their statement didn't mention them specifically but I am.

Thanks - makes sense that the provider of the mortgage on RH needs to give consent for the sale of RH to POSU. Is POSU assuming the mortgage or is that being paid off by Ron et al?

 

[Yorkshire Blue]

The slippage in terms of projected timescales started when the Council didn't commence DD until mid February. That shouldn't be forgotten.

Why did the Council not commence until mid-February?

Were they in possession of all the relevant information for two months before starting?

Did they/their lawyers have to wait for the suitable undertakings/payment to be received before commencing the work? (My recollection is that Ron would have to foot the bill for this - please correct me if I have this wrong).

The Consortium have to be careful with what they say. They can’t outright call out Martin. We therefore need to look at what they didn’t say. They did say the Council had been communicative. They pointedly didn’t say that about the Martins. They also additionally said they were waiting for things that Ron and not the council had to procure. They can’t spell it all out but they’ve drawn the dots for us to connect.

 

[Billy Bests boot laces]

Once the FF project is completed, we then hopefully live happy every after without him.
He makes his money and sails of into the sunset with his son.

The way things are going, by the time FF is completed he will be wearing pom poms on his slippers, have a beard growing out of his nose & ears, & reeking of TCP & Cabbage?.

 

[rshepp]

Clearly this is a substantial debt.
How did it get missed at DD?

 

[Liam AAS]

Why did the Council not commence until mid-February?

Were they in possession of all the relevant information for two months before starting?

Did they/their lawyers have to wait for the suitable undertakings/payment to be received before commencing the work? (My recollection is that Ron would have to foot the bill for this - please correct me if I have this wrong).

I wonder what sort of legal firm would do work for a property deal between Ron Martin and the local authority when one has a chronic history of not paying their bills.

 

[Liam AAS]

Thanks - makes sense that the provider of the mortgage on RH needs to give consent for the sale of RH to POSU. Is POSU assuming the mortgage or is that being paid off by Ron et al?

My understanding is that COSU will take a 25-year lease on RH while Fossett's is still in the planning stage.

When work begins on site, i.e. tangible evidence of building the bloody thing, begins then CBRE will lift the charge in RH and POSU will then acquire the land and stadium.

 

[Smiffy]

Clearly this is a substantial debt.
How did it get missed at DD?

I don’t believe it’s been missed.

Like all the other creditors they apparently agreed to keep their powder dry until the sale completed or accept a reduced settlement.

They’ve now done a complete u-turn and want to take the club to court. The same club which they apparently made some form of representation v HMRC and stated what an important community asset we are etc.

Bizarre to say the least. Nothing more than a bit of dick waving I’m sure.