Breaking News Monies paid to HMRC..Now on the OS

[Boreham Shrimper]

Strange timing if you ask me, there we were off supporting the team, there was Ron, GK and Garry Adamson at least of the board and suddenly the official statement is released? Very strange.

Someone was obviously working on the OS as the team and the statement went up simultaneously. The team went up later than usual so I guess it was just that someone happened to be at a computer. Having said that, the statement says that Ron confirmed at 3pm today that the payment had been made. I said at the time that it was a strange time to make a statement though.

 

[OldBlueLady]

Some people are never happy!! ;)

Rich, this is me! When am I ever 100% happy?

 

[Southminster_Shrimper]

Rich, this is me! When am I ever 100% happy?

when eating a walnut whip :p

 

[OldBlueLady]

when eating a walnut whip :p

Specially with an upside down walnut on top!!! You are lucky Jackie and I took pity on you surrounded by your kids!

 

[Yorkshire Blue]

Strange timing if you ask me, there we were off supporting the team, there was Ron, GK and Garry Adamson at least of the board and suddenly the official statement is released? Very strange.

Not strange at all.

The money was transferred to, and will have hit the account of, the HMRC's solicitors yesterday, but it was transferred for them to hold on the instructions of the club's solicitors. It was only today that they were released, presumably only after some other deal/agreement was finalised.

 

[Benfleet Blue]

Well if another legal entity has paid money owed by SUFC Ltd then it will have drastically improved our Balance Sheet. Maybe it's in a a loan, I guess we'll see.

What this news says to me is that the developments at Fossetts Farm and, especially, at Roots Hall, are now full steam ahead. There's just too much money invested in this now for it not to happen.

I'm sorry but this event doesn't change our Balance Sheet at all !

Instead of owing the monies to HMRC we now owe it to the third party who paid it so basically the transaction merely changes who we owe NOT what we owe.

The consortium promised money to improve the squad which was of more interest than merely changing one creditor for another, so what will RM do to improve what the Consortium offered.

At Gillingham we played like a squad who hadn't been paid, threadbare, lack of quality and motiveless. All credit to Gillingham who looked pretty good and certainly as mentioned have uncovered a gem in Brandy on loan from ManU.
Looked like JCR indisguise but oozed quality. Their squad had strength in depth and in Kevin Maher, a sub who would still probably walk into our first team.

If RM doesn't now invest in the squad, apart from moving a debt from one party to another, we're actually no better off, merely deferring the liabilty.

All credit to ST though who has proved, beyond doubt, that his managerial skills have made him such a bright prospect for other clubs given what he has been allowed to work with.

I, for one, wouldn't be surprised if he really has now had enough of trying to motivate players who aren't being paid and moves on to new pastures who will make funds available to him, and have a squad of more than 14 or so professionals.

It truly is a disgrace what has happened and although there will be those, as always, who think RM has worked a miracle paying off the HMRC debt, he has only paid off what was owed and should have been paid, at the same time merely, as far as SUFC is concerned, changed who we owe and NOT what we owe.

 

[Swiss Tony]

Rich, this is me! When am I ever 100% happy?

When your moaning.

 

[Bielzibubz]

I'm sorry but this event doesn't change our Balance Sheet at all !

Instead of owing the monies to HMRC we now owe it to the third party who paid it so basically the transaction merely changes who we owe NOT what we owe.

The consortium promised money to improve the squad which was of more interest than merely changing one creditor for another, so what will RM do to improve what the Consortium offered.

At Gillingham we played like a squad who hadn't been paid, threadbare, lack of quality and motiveless. All credit to Gillingham who looked pretty good and certainly as mentioned have uncovered a gem in Brandy on loan from ManU.
Looked like JCR indisguise but oozed quality. Their squad had strength in depth and in Kevin Maher, a sub who would still probably walk into our first team.

If RM doesn't now invest in the squad, apart from moving a debt from one party to another, we're actually no better off, merely deferring the liabilty.

All credit to ST though who has proved, beyond doubt, that his managerial skills have made him such a bright prospect for other clubs given what he has been allowed to work with.

I, for one, wouldn't be surprised if he really has now had enough of trying to motivate players who aren't being paid and moves on to new pastures who will make funds available to him, and have a squad of more than 14 or so professionals.

It truly is a disgrace what has happened and although there will be those, as always, who think RM has worked a miracle paying off the HMRC debt, he has only paid off what was owed and should have been paid, at the same time merely, as far as SUFC is concerned, changed who we owe and NOT what we owe.

BB, your forgetting one salient point which I think should be taken into account. We don't know for sure where this money has come from and on what terms and time scale this short term loan, if that indeed what it was, has been made possible. It's perfectly feasible that all monies coming into the club are intrinsically linked to any future property developments made by the club and that the repayments aren't due until FF and it's ancillary revenue streams are fully on stream, thus making any such repayments all the easier for the club to bare.

How do we know that the £2.1 million that's been made available to pay off the HMRC debt hasn't been part of a much larger financing deal that's been in the making for months? It's perfectly possible that the money is part of the overall finance deal that's been done to supply the funds for the development of Fossetts Farm, and if that is indeed the case then it's no doubt been budgeted for in the overall plan.

If so many people are so up in arms about where this £2.1 million has come from and that in their opinion it's just staved off the inevitable then why aren't these same people absolutely apoplectic about the money that Fosstets Farm is going to cost and ultimately have to be paid back?

I really don't get this whole 'glass is half empty' attitude so many supporters seen to have.

Phil

 

[BrettieAngell]

The consortium promised money to improve the squad which was of more interest than merely changing one creditor for another, so what will RM do to improve what the Consortium offered.

.

Haven't heard that one before!

 

[A Century United]

Just to add to Phil's points above, Tilly has a fairly strong incentive to stay in the form of a Shiny New Stadium. If he didn't think it was on the horizon, I suspect he would have gone by now. And to flag up an uncosted (and from their promise to have us running profitably within a few months), unrealistic promise of funds for new players from a mystery consortium about whom we know next to nothing, and use it to beat RM with, is ludicrous.

I appreciate that there are many on here who are deeply sceptical of RM. But he has payed HMRC as he said he would, the consortium are no longer likely to be involved, and surely it would be sensible to sit back and wait firstly for the fuller statement prominsed on the OS, and secondly to see what the next couple of weeks brings for the team?

 

[Hotman]

Strange timing if you ask me, there we were off supporting the team, there was Ron, GK and Garry Adamson at least of the board and suddenly the official statement is released? Very strange.

Really strange indeed. I always thought that they would all sit round the computer together to release a board statement, with RM pressing the big red button to put it on the internet. Heaven forbid someone else putting the information online on their behalf.

 

[Hotman]

I'm sorry but this event doesn't change our Balance Sheet at all !

Instead of owing the monies to HMRC we now owe it to the third party who paid it so basically the transaction merely changes who we owe NOT what we owe.

The consortium promised money to improve the squad which was of more interest than merely changing one creditor for another, so what will RM do to improve what the Consortium offered.

At Gillingham we played like a squad who hadn't been paid, threadbare, lack of quality and motiveless. All credit to Gillingham who looked pretty good and certainly as mentioned have uncovered a gem in Brandy on loan from ManU.
Looked like JCR indisguise but oozed quality. Their squad had strength in depth and in Kevin Maher, a sub who would still probably walk into our first team.

If RM doesn't now invest in the squad, apart from moving a debt from one party to another, we're actually no better off, merely deferring the liabilty.

All credit to ST though who has proved, beyond doubt, that his managerial skills have made him such a bright prospect for other clubs given what he has been allowed to work with.

I, for one, wouldn't be surprised if he really has now had enough of trying to motivate players who aren't being paid and moves on to new pastures who will make funds available to him, and have a squad of more than 14 or so professionals.

It truly is a disgrace what has happened and although there will be those, as always, who think RM has worked a miracle paying off the HMRC debt, he has only paid off what was owed and should have been paid, at the same time merely, as far as SUFC is concerned, changed who we owe and NOT what we owe.

Exactly, debt has merely been transferred from being owed to hmrc to owed to RM.

Silly thought, but strengthening his case on future administration? :unsure: as HMRC would have probably had more votes this time given the totality of debt.

 

[mattytheshrimper]

great news, can't help but feel a little bit weird about it.

hopefully we can pay the players wages on time and get everything sorted.

btw loved the chants about sainburys at yesterdays game.

 

[Bielzibubz]

Exactly, debt has merely been transferred from being owed to hmrc to owed to RM.

Silly thought, but strengthening his case on future administration? :unsure: as HMRC would have probably had more votes this time given the totality of debt.

Again, why are some people so biased and blinkered towards one view or another? Are opposing thoughts and arguments totally ignored on purpose?

 

[OldBlueLady]

Really strange indeed. I always thought that they would all sit round the computer together to release a board statement, with RM pressing the big red button to put it on the internet. Heaven forbid someone else putting the information online on their behalf.

Ooooh, get you! Sarcasm!

My point was that they were releasing it at a time when it wouldn't get the reaction it deserved - the word didn't really get round the fans till half time at Gillingham whereas if we'd have known earlier, maybe, just maybe we'd have been more vocal in our support which might have in turn, galvanised a very disinterested lot of players.

 

[Bielzibubz]

Exactly, debt has merely been transferred from being owed to hmrc to owed to RM.

Silly thought, but strengthening his case on future administration? :unsure: as HMRC would have probably had more votes this time given the totality of debt.

MC, to breakdown my earlier post.

1. The £2.1 million was part of the overall finance package for Fossetts Farm.

2. It's been budgeted for in the overall plan and always was.

3. It was always the plan to use the revenue streams from a finalised and finished FF development to pay it back.

4. The calling in of the plans and subsequent changes extended quite substantially the time frame for finalising the deal which is why it got to the stage it did.

Now if you consider those four points as a possibility, which they certainly are in my opinion, why are you not screaming from the rooftops about the overall cost of FF and the money that's being borrowed to finance it?

Phil

 

[Beefy]

I'm sorry but this event doesn't change our Balance Sheet at all !

Instead of owing the monies to HMRC we now owe it to the third party who paid it so basically the transaction merely changes who we owe NOT what we owe.

Phil has already answered your points better than I could hope to. I'd just add though that you're making big assumptions about these funds and where they leave our finances. We're all unlikely to see how it effects the Balance Sheet until he 2010 financials are filed, and that won't be until Summer 2011, but best case the HMRC debt has been paid by funds which haven't touched accounts and worst-case it's been replaced by lending from a related Group company. Our Balance Sheet has for years been basically a list of internal group debt which has been given on the back of the need for the Club to survive to enable the developments at Fossetts Farm and Roots Hall and this is just a continuation of that. In our position that's far more healthy than us owing money to Banks (which we don't) or to the Tax Man (which we also now don't).

 

[The Big Shrimp]

RM will probably make a statement just before the game tomorrow in the hope of it be a big pick me up!

This in turn will create a party atmosphere on the scaffolding & the players respond with a win!!!

I was half right! Shame it had to be spread around by text to fans on the scaffold by those with the sense to stay at home & avoid that crap yesterday!

 

[OldBlueLady]

From 606, thought it would interest you:

ROY McDONOUGH

Southend United by monarch11 (U14175004) 06 November 2009


http://www.shrimperzone.com/vb/#commentbox
From todays Costa Calida Informer,Roy McDonough writes in his weekly column:
By the time this has gone to print one of my old clubs will be
facing going into administration.
Southend United are facing a 2 million tax bill,which could see them docked 10 points and find themselves in the hands of the admimistrators.
It would be a crying shame for my old mate and team mate Steve Tilson who has done a sterling job down at the seaside club where i spent a memorable 9 years.
Tils is one of the unsung heroes of the lower divisions,a couple of promotions and a couple of great cup runs are what he and his
troops will be remembered for,i'm sure if Steve was given a go he could do a pretty sound job at top level.


Roy writes a regular column,and often mentions the good times he had at Southend (and Colchester).

http://www.bbc.co.uk/dna/606/A59329407

 

[TTS]

Right, i am not a business man, nor do I (like 99.99% of the posters on here) know exactly how the money has been raised/paid etc - but, IT HAS BEEN PAID.

As I have said before, football as a whole is on the verge on going bankrupt, not just southend !! We were in debt when Ron saved us, and we remain in debt now , we are a small club, yet 50% of people on here and in the ground, due to recent success on the pitch, believe we now should have much larger expectations. Our average gate is around 7,500, which, on the basis of an average ticket price of 15 quid, is only GBP 112,500 per game (which is less than some footballers take home EACH F**KING WEEK) !! it is a sign of the bad times, all clubs face, when ONE footballer, could himself settle the debt of an entire football club.

Ron has gained finance to pay a debt, full stop. Do I trust Ron, I dont know, I dont know him - but we have to rely on him at these times, because he holds our furture in his own hands. He owns the club and also the ground (fyi without a ground we cant play football matches !!), yet fans on here have been abusing him, slagging him off, is this not a dangerous stance to take, because he could just think "f**k it, I dont need this" !!

Don't get me wrong, I am not saying "lets all follow Ron with everything he says and does", I just think we need to add support in these very difficult times - constructive critism and concerns are part and parcel of freedom of speech, but some of the threads and comments have been quite frankly ridiculous !!

As I have said in another thread, we have supporters over the past 18 months saying l
"lets buy him, him him and him, Ron is not supporting Tilly, blah blah", however as indicated above, the money we generate does not support this, so there must be financial assistance from else where.

This is not a post that is pointing fingers, however when Tilly has been supported in the market, money has been wasted on signings such as Paytner and Foran, money clubs like Southend can ill afford to lose. As I have said in all other threads, I love Tilly, so this is not a bash at him, just a case in point !!

I know this post will get shot down and I'll prob be burdened with neg rep, however, i feel it needed to be said. I am nt wearing rose tinted glasses, I dont think that ron is the new messiah, and I do realise that we are not out he woods yet, however as I stated above, neither is football as a whole (again you can also count Chelsea ( the "loan" from roman), Man Ure, Liverpool, Newcastle etc etc ) - but we need to realise where our bread is buttered and who is holding the knife.

So we can head into next week with the same points as we had last week ( a positive ), and we can hopefully have the transfer embargo lifted and allow Tilly to enter the loan market (where I personally feel he excels) (another positive) - we should be able to survive in this league (which is fine by me at the moment, stability and continuity is the key for long term success) for this season - which we all need to be realistic should mean that things a little brighter than they have been recently.

BUT IT WILL STILL BE A LONG HARD SLOG !!

AS ALWAYS, UTB's !!!!

(PS I am a long term supporter and season ticket holder of 25 years, so I have been through the tough times as well )