Breaking News Latest news on the sale of the club.

[Yorkshire Blue]

All of this could have been avoided if parties had provided regular status updates. It is not unusual for DD to take time and the creditors will know this only too well. Lack of communication yet again.

The Consortium statement specifically states that the Council have been doing this.

 

[Avl1983]

I am assuming that the finance partners hold charges over the land at either RH or FF so they want to be sure they'll get their money back before allowing the deal to go through.

So once the council say yes to houses at FF the finance partners would then be happy to give consent and the creditors can be paid? Is this correct?

The worry here is Ron will have no say in this even if he wanted to speed things up, would he? The finance partners (CBRE), wont budge until things are in place with the council, they're not going to act on Ron's word surely.

Sounds as though our best hope is a change of heart from the legal firm.

Do we have a date for the hearing yet?

 

[Napster]

Are the Dellals finance partners? I know Alex Dellal has been named in the past as he is joint-Director of some companies along with Jack Martin, and his property vehicles (Citizen Housing and Allied Housing) were involved at one stage with capitalisation of the Fossetts plans, but I'm not sure whether that is still the case. @Napster might be able to clear that one up.

Either way, the charges in question on Roots Hall are in the name of CBRE, and I can confirm that CBRE need to sign-off on the deal as a charge holder.

Alex Dellal is still involved, the last update was January 2024 and he's still involved with Jack in:

Citizen Housing 1 https://find-and-update.company-information.service.gov.uk/company/12110424/filing-history

Citizen Housing (Southend)
Interestingly, their balance was wiped in the 2023 accounts

CITIZEN HOUSING (SOUTHEND) LIMITED filing history - Find and update company information - GOV.UK

CITIZEN HOUSING (SOUTHEND) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Both companies' PSC is Citizen Housing LLP

Which itself is a PSC of and also under Social Housing Redbridge LLP, which was only formed in July 2023.

Allied Housing is a 50% owner of Citizen Housing LLP. Allied Housing received a £1m loan from Allied Commercial Exporters in 2022, the parent of Allied Housing. That loan has a charge against it from Allied Commercial Exporters.

Allied Commercial Exporters are themselves owned by Allied Commercial Holdings, which is owned by Alex and Guy Dellal. Guy is Black Jack's son. https://en.wikipedia.org/wiki/Jack_Dellal

 

[kentblues]

You cannot have a go at the firm wanting their money from him.

But they don’t want the money from him. They want the money from the club, the consortium, and ahead of everyone else that is waiting. Having argued on our behalf that seeking to wind the company up was inappropriate because it’s a community asset. I think the ST have it right and are doing the right thing in seeking dialogue with them.

 

[Medway Blue]

I am assuming that the finance partners hold charges over the land at either RH or FF so they want to be sure they'll get their money back before allowing the deal to go through.

So once the council say yes to houses at FF the finance partners would then be happy to give consent and the creditors can be paid? Is this correct?

The worry here is Ron will have no say in this even if he wanted to speed things up, would he? The finance partners (CBRE), wont budge until things are in place with the council, they're not going to act on Ron's word surely.

Sounds as though our best hope is a change of heart from the legal firm.

Do we have a date for the hearing yet?

I believe this is the case, yes. I think they hold charges over both.

CBRE would be mad to give unconditional sign-off to the deal before the council's external DD and audit is completed satisfactorily, but perhaps Justin is trying to get them to sign it off "subject to Agreement for Lease". Perhaps this would protect against them trying to make any non-AfL changes, and give the consortium more confidence. Whether CBRE would agree to do that is another matter.

WUP hearing would be 17th April if it goes ahead, I think.

Alex Dellal is still involved, the last update was January 2024 and he's still involved with Jack in:

Citizen Housing 1 https://find-and-update.company-information.service.gov.uk/company/12110424/filing-history

Citizen Housing (Southend)
Interestingly, their balance was wiped in the 2023 accounts

CITIZEN HOUSING (SOUTHEND) LIMITED filing history - Find and update company information - GOV.UK

CITIZEN HOUSING (SOUTHEND) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Both companies' PSC is Citizen Housing LLP

Which itself is a PSC of and also under Social Housing Redbridge LLP, which was only formed in July 2023.

Allied Housing is a 50% owner of Citizen Housing LLP. Allied Housing received a £1m loan from Allied Commercial Exporters in 2022, the parent of Allied Housing. That loan has a charge against it from Allied Commercial Exporters.

Allied Commercial Exporters are themselves owned by Allied Commercial Holdings, which is owned by Alex and Guy Dellal. Guy is Black Jack's son. https://en.wikipedia.org/wiki/Jack_Dellal

Hmmmm, so they're still in bed with some pretty heavy-hitting vultures then.

 

[kentblues]

I am assuming that the finance partners hold charges over the land at either RH or FF so they want to be sure they'll get their money back before allowing the deal to go through.

So once the council say yes to houses at FF the finance partners would then be happy to give consent and the creditors can be paid? Is this correct?

The worry here is Ron will have no say in this even if he wanted to speed things up, would he? The finance partners (CBRE), wont budge until things are in place with the council, they're not going to act on Ron's word surely.

Sounds as though our best hope is a change of heart from the legal firm.

Do we have a date for the hearing yet?

It’s not absolutely clear when the consortium says “ the consent of the Martins’ finance partner” whether the are referring to CRBE and the RH charge or the finance parter supporting the development (they might not be the same). If the development then what are they expecting to hear and why? I assume the finance partner is working with the developers and SBC- and the finance piece will be integral to the DD process that is not complete- in which DD and the finance piece we be aligned?

 

[kentblues]

Alex Dellal is still involved, the last update was January 2024 and he's still involved with Jack in:

Citizen Housing 1 https://find-and-update.company-information.service.gov.uk/company/12110424/filing-history

Citizen Housing (Southend)
Interestingly, their balance was wiped in the 2023 accounts

CITIZEN HOUSING (SOUTHEND) LIMITED filing history - Find and update company information - GOV.UK

CITIZEN HOUSING (SOUTHEND) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Both companies' PSC is Citizen Housing LLP

Which itself is a PSC of and also under Social Housing Redbridge LLP, which was only formed in July 2023.

Allied Housing is a 50% owner of Citizen Housing LLP. Allied Housing received a £1m loan from Allied Commercial Exporters in 2022, the parent of Allied Housing. That loan has a charge against it from Allied Commercial Exporters.

Allied Commercial Exporters are themselves owned by Allied Commercial Holdings, which is owned by Alex and Guy Dellal. Guy is Black Jack's son. https://en.wikipedia.org/wiki/Jack_Dellal

There were also running through back to back the Dellal entities various charges on assets (land) held by companies controlled by the Martins?

 

[Smiffy]

Hearing 17th April at 10:30am. Usual place!

 

[Medway Blue]

But they don’t want the money from him. They want the money from the club, the consortium, and ahead of everyone else that is waiting. Having argued on our behalf that seeking to wind the company up was inappropriate because it’s a community asset. I think the ST have it right and are doing the right thing in seeking dialogue with them.

Yep, this. They do actually want the money from Ron, but via the club, i.e. they are unable to separate Ron Martin and SUFC, despite Justin trying to hammer the point home that whilst RM still owns the club, he cannot and/or will not pay any more bills, and the consortium will not do anything more than keep the club running and pay football/existential debts until they fully own it, because to do so would be making them even bigger unsecured creditors and would lose them leverage. This has been explained to them ad infinitum..

So on a basic level, the firm isn't wrong to want their money. However, they don't *need* it. There is little reason why they can't wait patiently like everybody else; and whether or not its just a game of chicken/brinkmanship to get someone to blink and pay them, they're still basically asking a judge to wind up a community asset, which they have previously defended in WUP hearings. It's not a good look. At all.

 

[kentblues]

I believe this is the case, yes. I think they hold charges over both.

CBRE would be mad to give unconditional sign-off to the deal before the council's external DD and audit is completed satisfactorily, but perhaps Justin is trying to get them to sign it off "subject to Agreement for Lease". Perhaps this would protect against them trying to make any non-AfL changes, and give the consortium more confidence. Whether CBRE would agree to do that is another matter.

WUP hearing would be 17th April if it goes ahead, I think.


Hmmmm, so they're still in bed with some pretty heavy-hitting vultures then.

I think it’s more these are the two outstanding items- and it’s not that they expect the finance piece done in advance of the DD (probably they know exactly how they are inter-connected) rather that they are getting updated on the DD process from the council but not from the finance partner- and they would like to be updated on progress by both? Afterall, if you are pumping ££ into this you would like to be updated by all key parties even if the finance partner is working for the developers and SBC and not the consortium. But we speculate as it’s not clear?

 

[Morty01]

So who are these finance partners

 

[Avl1983]

I believe this is the case, yes. I think they hold charges over both.

CBRE would be mad to give unconditional sign-off to the deal before the council's external DD and audit is completed satisfactorily, but perhaps Justin is trying to get them to sign it off "subject to Agreement for Lease". Perhaps this would protect against them trying to make any non-AfL changes, and give the consortium more confidence. Whether CBRE would agree to do that is another matter.

WUP hearing would be 17th April if it goes ahead, I think.


Hmmmm, so they're still in bed with some pretty heavy-hitting vultures then.

Thank you!

 

[Sherif H]

Yep, this. They do actually want the money from Ron, but via the club, i.e. they are unable to separate Ron Martin and SUFC, despite Justin trying to hammer the point home that whilst RM still owns the club, he cannot and/or will not pay any more bills, and the consortium will not do anything more than keep the club running and pay football/existential debts until they fully own it, because to do so would be making them even bigger unsecured creditors and would lose them leverage. This has been explained to them ad infinitum..

So on a basic level, the firm isn't wrong to want their money. However, they don't *need* it. There is little reason why they can't wait patiently like everybody else; and whether or not its just a game of chicken/brinkmanship to get someone to blink and pay them, they're still basically asking a judge to wind up a community asset, which they have previously defended in WUP hearings. It's not a good look. At all.

Do you think there is anything more sinister at play here James? As you elude to, they don't need the money per se - why the sudden urgency to push the red button when they can clearly see that a degree of patience is more likely to see them recoup any losses?

 

[cerbera45]

Shrimpers Trust call for criticism of councillors to stop​

THE Shrimpers Trust has called for criticism of councillors to stop amid the ongoing uncertainty surrounding Southend United’s future.

The consortium looking to take control of Blues have revealed the deal has been delayed as a result of the council’s DD process and the lack of a response from the Martins’ finance partner.

However, the Trust feels the council does not deserve the level of abuse coming their way.

A statement from the Trust said: “It should be recognised that the Council is undertaking important and responsible work to ensure the appropriate use of public finance and that this is subject to a rigorous and robust process.”

“We call strongly for the cessation of personal attacks on councillors whilst the process continues.”

The delay in the deal being completed had led to Stewarts Law issuing a winding up petition against the club. Now the Trust are calling on them to rethink their actions and plan to hold talks with the legal firm.

The Trust added: “We call on Stewarts Law to reconsider their position, given their previous defence of Southend United FC as a significant asset within the local community, and will be attempting to reach out to them to speak directly on this matter.”

“We share the concern of supporters that the never-ending cycle of financial anxiety, potential court appearances and an associated existential threat to Southend United FC has yet to be broken, and the dark clouds hanging over Roots Hall as a consequence of Ron Martin’s tenure as owner have not completely lifted."

The Trust welcomed being kept updated by the consortium who issued a statement via the Echo on Tuesday.

"We thank the consortium for providing clarity and detail on the current situation," added their statement. We urge all relevant parties to work proactively and efficiently to bring matters to a satisfactory close as quickly as possible to ensure the football club’s future is secured without detriment to the outstanding work undertaken by so many employees to this point.”

"The Shrimpers Trust will continue to seek the appropriate advice to help guide and inform our position as this situation develops, and we will endeavour to communicate with our members and the club’s supporters throughout this period."

At first I thought it was Aussie ex Essex batsman Stuart Law. ;-)

 

[thenobster]

Hearing 17th April at 10:30am. Usual place!


View attachment 31614

Wasn't even recent... kept that quiet...

 

[rararblue]

I'm sure we will defend it, but wonder whose paying the legal bills.
50/50 on Ron representing himself/the club.

 

[Cricko]

I'm sure we will defend it, but wonder whose paying the legal bills.
50/50 on Ron representing himself/the club.

It's a bit hard to defend the indefensible. The club AKA The Rat owe the debt, (They are one of the same whichever way you play it). It has now landed in the consortiums hands to sort.

We know The Rat has sweet FA and with the Consortium not willing to pay, which is totally understandable, all we can hope for is the judge gives us more time to pay.

 

[Medway Blue]

I'm sure we will defend it, but wonder whose paying the legal bills.
50/50 on Ron representing himself/the club.

He'll represent himself as he won't want/be able to pay for someone.

 

[Medway Blue]

Do you think there is anything more sinister at play here James? As you elude to, they don't need the money per se - why the sudden urgency to push the red button when they can clearly see that a degree of patience is more likely to see them recoup any losses?

It's crossed my mind, but I don't *think* so. I think it's just impatience as they expected to have been paid by now, but I can only go by the info I have at the moment.

Can never rule put something more nefarious/conspiratorial when the Martin family is involved though, can we?

 

[edwardss2]

So on a basic level, the firm isn't wrong to want their money. However, they don't *need* it. There is little reason why they can't wait patiently like everybody else;

I don't know much about this case, but I once waited with everyone else when a company went bust and got nothing for my troubles. Would this put them at the front of the que to be paid? I don't think anyone is guilty here apart from those who should have paid the bills; everyone is looking after their own interests. It does seem pretty stupid not to have paid your legal team though.

What do people think we can expect on the 17th, another adjournment?