Breaking News Latest news on the sale of the club.

[tommy tucker]

So a few key points. For anyone not signed up to BBC Essex.
One contract to be signed off. Will happen. Council have agreed in principle. His bank lawyers has signed off the majority of the documents 3 weeks ago, and they're now working their way through the payment agreement. An amendment to the existing and then they'll complete.(Glenn, who did great, didn't pick up on this bit, he should have pressed Ron on this amendment). Target for completion now middle of May. The longer it goes on the more it costs Ron. Consortium are cash flowing the club, but since the 4th October, Ron has guaranteed and underwritten 50% of some of the costs, the wages etc, so every Month that ticks by costs him £100,000. The consortium have put in £3m of their own money. Nothing is holding it up as far as Ron Martin is involved, he said. He thinks Stewarts Law has jumped the gun and got impatient. Ron and Justin will seek an adjournment, to allow it to overlap the deal being finalised. Ron said he feels sorry for the fans, it's been a tough time, but he thinks next season will be a great season for the club. He doesn't think the club would ever have gone out of existence. (Not sure about that). It may have gone into administration. Great staff that will be rewarded(By who?). Going into the National League was the worst day of his footballing life, he never thought it would happen. Ron doesn't think the 10 point deduction was fair, and shouldn't of happened for paying HMRC late. 10 points deduction is reserved for administration. The last steps, in the final straight, and it will be done. Sorry to the fans, sorry to the staff, and he will be having a meeting with the staff before they complete, just to reassure them of the future.

The one thing i agree with is the 10 point pelty empossed by the leauge was total unfair .Many other clubs are late paying the taxes or staff but did not recive 10 pionts taken away for this .

 

[Leeboy]

had a listen - I must be going soft in my old age as I’m prepared to give him the benefit of the doubt

He still displayed a small amount of ‘not my fault’ petulance however the overall tone I got was genuine remorse.

Hmm

 

[Shrimp and two veg]

had a listen - I must be going soft in my old age as I’m prepared to give him the benefit of the doubt

He still displayed a small amount of ‘not my fault’ petulance however the overall tone I got was genuine remorse.

Hmm

Do you mind if i just lean in, smack you round the chops and tip a bucket of ice over you, there thats better
Do not let the rat patter engulf your brain with wonderful soundbites

 

[Cricko]

had a listen - I must be going soft in my old age as I’m prepared to give him the benefit of the doubt

He still displayed a small amount of ‘not my fault’ petulance however the overall tone I got was genuine remorse.

Hmm

 

[AustScullyPriorPowell]

had a listen - I must be going soft in my old age as I’m prepared to give him the benefit of the doubt

He still displayed a small amount of ‘not my fault’ petulance however the overall tone I got was genuine remorse.

Hmm

He mentioned going to court with Justin, it’s a shame they both didn’t do the interview together live as we would know exactly where we are and the facts.

Great interview from Glen but I was hoping to find out Ron’s road map with regards to getting our £20m!!

 

[Shrimp and two veg]

I nearly threw the radio out the window with the rat's claim he would not have let the club go under, there were more than one instance in court when we could have been wound up. Failure to pay tax, remember the HMRC do you ratman?

Small details eh

 

[south247]

What the hell does anyone think puttin pressure on the council will acive anything As you should know Due diligents take time It did with theconcortium and folk moaned about that .so just wait the end game will get there .

"What the hell does anyone think puttin"
I think the accidental reference to the Russian leader is quite prophetic. Both have their own interpretation of truth, always lay blame elsewhere, never accept when they are at fault and you would not want to share a night locked in a trabant with either of them.

 

[Leeboy]

Do you mind if i just lean in, smack you round the chops and tip a bucket of ice over you, there thats better
Do not let the rat patter engulf your brain with wonderful soundbites

 

[DIFH]

Martins finance partner is owed 39million.

That sounds desperate, how do they run that bent up ? Not from your. Situation surely.

 

[E for B and Billy Best]

Had it been Sunday i'd have been there, as haven't missed any so far. But arrangements made for tomorrow, plus after having acupuncture earlier on my recent bout of Sciatica, standing for a while is uncomfortable.
And no doubt if easing the discomfort by sitting on 'The Rat's' wall, one of the security goons no doubt in attendance, would accuse me of trespass on a private property??.

Sciatica? You missed that off your list of impending ailments, last week.

 

[Linda Loan Shark]

Martin out and announce JR

 

[Medway Blue]

Just listened to last night’s interview. One snippet that caught my ear amongst the usual bollocks, was Ron stating the sale of Roots Hall for £1 to the consortium was subject to Planning Consent, which presumably is consent for the revised residential only Fossets Farm.

If this is actually the case, we will be waiting years based on past progress. The Martin’s will still hold the prime asset that they asset stripped from the Club years ago.

Does anyone at the Trust, know the mechanism / timing for the transfer of the freehold of Roots Hall to POSU ?

It won't transfer to POSU with charges on it. Once there is a spade in the ground at Fossetts, those charges should be in a position to be either satisfied by RM, or transferred to another Martin asset (Fossetts development?) by CBRE.

COSU have negotiated to have a 25-year lease on RH, which should give more than enough time for Fossetts planning permission to go through, and for RH to then pass into POSU ownership charge-free.

I'm not entirely sure what the state of play is with regards to POSU investment in RH whilst it remains under Martin ownership and subject to charges, but the significant work on the ground will require planning permission anyway, and you'd hope that by the time that is granted, planning permission will have been granted at Fossetts too.

A long lease might give something to borrow money against too, but no idea whether they'd consider that.

 

[Sammy Shrimper]

Thanks for your reply Medway.
Your penultimate para raises a number of questions.
If you only have a lease, I doubt the consortium are going to invest £5-10million on a new East Stand for example.
The timing of a fresh planning application and then subsequent Consent will be years away. Ron will need at least £250k to re-engage his design team to prepare and submit a new application!
Meanwhile the charges remain on Roots Hall and , in my experience, the lender’s consent will be needed for any alterations to Roots Hall.

 

[meerkat54]

Thanks for your reply Medway.
Your penultimate para raises a number of questions.
If you only have a lease, I doubt the consortium are going to invest £5-10million on a new East Stand for example.
The timing of a fresh planning application and then subsequent Consent will be years away. Ron will need at least £250k to re-engage his design team to prepare and submit a new application!
Meanwhile the charges remain on Roots Hall and , in my experience, the lender’s consent will be needed for any alterations to Roots Hall.

I wasn’t aware the consortium were getting a lease on Roots Hall. I presumed they were getting the freehold.
Can’t really see the consortium splashing too much cash on the ground if they are not going to own it. Doesn’t make good business sense to me.
But what do I know, I’m just a worzel farmer in wet Devon

 

[Holy Joe]

I wasn’t aware the consortium were getting a lease on Roots Hall. I presumed they were getting the freehold.
Can’t really see the consortium splashing too much cash on the ground if they are not going to own it. Doesn’t make good business sense to me.
But what do I know, I’m just a worzel farmer in wet Devon

Yes, I think that nugget of info has only been made public this week. Seems a lease until either planning permission on FF or work starts at FF allows the charges on RH to be satisfied and then RH can be sold to the consortium.

Anyone know if we'll be paying rent on RH? I think Ron, when he originally put the club up for sale, said buyer could stay rent free in RH until FF stadium was built.

 

[meerkat54]

Yes, I think that nugget of info has only been made public this week. Seems a lease until either planning permission on FF or work starts at FF allows the charges on RH to be satisfied and then RH can be sold to the consortium.

Anyone know if we'll be paying rent on RH? I think Ron, when he originally put the club up for sale, said buyer could stay rent free in RH until FF stadium was built.

Yes I do believe the did say that there was no rent to pay.
I’m starting to feel the consortium have been sucked into a Rat trap . I do hope they are savvy to games of deceit.
I am also grateful that the consortium did come along and all they have done for us. Long may that continue.

 

[Billy Bests boot laces]

Sciatica? You missed that off your list of impending ailments, last week.

It only reared its head last Sunday!.

 

[Medway Blue]

Yes I do believe the did say that there was no rent to pay.
I’m starting to feel the consortium have been sucked into a Rat trap . I do hope they are savvy to games of deceit.
I am also grateful that the consortium did come along and all they have done for us. Long may that continue.

I wouldn't say they've been sucked into a trap. I do think this whole thing is showing what so many of us have said for years now, though. That being, that selling the club before Ron Martin had build a new stadium at Fossetts Farm was always going to be beyond convoluted, thanks to the incompetent and haphazard way in which he had tangled the club up in his shady property web and family companies.

We're so, so lucky that we have someone on the scene at the moment who has the patience and desire to try to get it all unpicked.

At the end of the day, Ron Martin plays a role. He's an act. A caricature. The Bentley, the mansion, always wearing a suit, picking up the tab for dinner and drinks when important business/financial partners are in town.....it's all a façade. He wants everybody to have a particular view of him, and a lot of it is rooted in vanity and ego. At the end of the day, he is currently ****ed. He will never admit it, but he has not got a pot to **** in. His son might have come into a bit of money recently and may now have partnerships with wealthy people, but he's also been saddled with all of his old man's debts, new instances of which keep coming out of the woodwork here and there.

Ron Martin will grandstand and make everybody think that it's they who have to cave to him, but ultimately, if he doesn't get this deal over the line then him and his family are ruined.

 

[meerkat54]

I wouldn't say they've been sucked into a trap. I do think this whole thing is showing what so many of us have said for years now, though. That being, that selling the club before Ron Martin had build a new stadium at Fossetts Farm was always going to be beyond convoluted, thanks to the incompetent and haphazard way in which he had tangled the club up in his shady property web and family companies.

We're so, so lucky that we have someone on the scene at the moment who has the patience and desire to try to get it all unpicked.

At the end of the day, Ron Martin plays a role. He's an act. A caricature. The Bentley, the mansion, always wearing a suit, picking up the tab for dinner and drinks when important business/financial partners are in town.....it's all a façade. He wants everybody to have a particular view of him, and a lot of it is rooted in vanity and ego. At the end of the day, he is currently ****ed. He will never admit it, but he has not got a pot to **** in. His son might have come into a bit of money recently and may now have partnerships with wealthy people, but he's also been saddled with all of his old man's debts, new instances of which keep coming out of the woodwork here and there.

Ron Martin will grandstand and make everybody think that it's they who have to cave to him, but ultimately, if he doesn't get this deal over the line then him and his family are ruined.

I fully agree, can’t believe the consortium have gone into buying the club blind.
If the won’t hand the ground over until FF commences, this scenario could rumble on for a while.

 

[CaptainSmudger]

This may have been posted before, I haven't seen it so decided to post it.
Ron Martin Live interview with Glen Pennyfather Friday 5th April 2024

BBC Essex fans' phone-in - Southend United chairman Ron Martin joins Glenn live - BBC Sounds

BBC Essex takes your calls on the big stories affecting our Essex clubs.

www.bbc.co.uk