National League statement - 24 June 2024

[Che's Left Foot]

Incredibly heavy handed, unprecedented and reckless from the National League.

However.

The council, Ron, and Jack have had the best part of nine months to get their sh*t together, and failed to do so.

No amount of scrambling over the next 24 hours will excuse the days and weeks wasted since October.

Never forget that.

It may be the National league that pushed us off the cliff, but it's Jack, Ron and their combined incompetence that drove us there.

 

[bazzashrimper]

Incredibly heavy handed, unprecedented and reckless from the National League.

However.

The council, Ron, and Jack have had the best part of nine months to get their sh*t together, and failed to do so.

No amount of scrambling over the next 24 hours will excuse the days and weeks wasted since October.

Never forget that.

It may be the National league that pushed us off the cliff, but it's Jack, Ron and their combined incompetence that drove us there.

Greed. Not just incompetence.

 

[kentblues]

On a more serious note, this action by the national league (in my opinion) makes an adjournment less likely. We can’t pay the bond, so without that no football, no football = no income, so how are we going to pay the WUP if adjourned?

Think of it this way- the court’s role is to protect the interests of the creditors. So what do you think their view would be on adjourning the WUP and the club then paying a £1m bond to a league (a sum that would have cleared the WUP…) I suggest this might be a problem

 

[tommy tucker]

Martin you cretin get you arse in court and tell the judge That you have sold the club You said you are working hard to save the club It's now time for you to stop lieing to everyone And tell the truth for once .

 

[rowe23]

I really don’t get what has prompted the NL issue this statement and requirement. There was an AGM the other week and nothing was advised at the time, or maybe it was.

The timing just seems very off and is not in relation to something new developing or changing. The WUP has been in place for weeks, they didn’t take action until a few months later to place an embargo.

So is this in relation to the council update that verbal agreement has been met between council and Citizen Housing and new HOT are being negotiated. Why if it is this has it prompted the requirement for the bond now? What has changed that this is required now.

There are many questions of why now? What has prompted this? Why £1m? Why was this not part of the AGM? How enforceable is the bond and sanctions? When in the bond required by?

What happens if we enter administration (don’t think this is likely)

If we are liquidated then this would be irrelevant.

It all seems very strange, as does the WUP timing from Stewart’s.

Many strange going ons over the last few months and it doesn’t add up.

With the council why do HOT need to negotiated, surely it’s updating existing HOT with revised agreement? Sorry that may be naïve of me due to a lack of understanding.

Why doesn’t Rat just sign over the club now? What is he gaining my holding onto it in name only? The club and land are all separate, again this could be my misunderstanding, and I am sure has been explained before, but I don’t see it as a bargaining chip for Rat, verbal agreement done for RH and Fossets, get this as legally binding as possible subject to DD, surely this could be done within 24 hours and club signed over to COSU.

 

[Holy Joe]

The appeal process could take a month or 2 so if not payable until end of that process I suspect we have at least a month or so.

 

[Flinty]

The statement says the conditions of the Bond have been communicated to the club, so I assume the club know exactly when the league require it paid.

The trigger point for this appears to be the latest set of Accounts which show the massive loss, and the league are fully aware Martin isn’t paying another penny into the club. You can understand why given these points they require a Bond, not sure how they arrive at £1m though

 

[Stuart W]

Just to try and add some much needed hope to this thread, please stay with this and see if in practical terms it might fly.

We need to look firstly at three facts (verified or based on received information from a reliable source).

#1 from NL Statement thread. “The bond shall remain in place until I) an ownership agreement with the consortium currently in talks with the club is successfully concluded.

#4,504 from SO Takeover thread. Councillor Cowan stated “ On Friday they (Citizen Housing took the revised deal”.

#177 from NL Statement thread. Tribal Chief said “COSU were willing to pay to get rid of the WUP but they aren’t paying this (the bond)”.

So putting these things together it would seem that the demise of the club could well be down to a £1 million returnable bond, with the deal as good as secured and the two key creditors paid off.

My solution would be that as soon as is possible, season ticket application forms are put online, with the payment made out to an account set up by the National League, who would hold the money on our behalf until the deal was completed. It would then be transferred back to the club.
Of course in the event of the deal falling through, we would lose our season ticket money, but I think with 99% of fans on here, that is a gamble they would consider well worth taking.

I am unclear as to how many S-T holders we had last season, but would imagine the income generated from sales would be around the £1 million mark.

I am not saying this is foolproof and there may be legal ramifications, but it is far better than just throwing in the towel.

 

[Booma]

Think of it this way- the court’s role is to protect the interests of the creditors. So what do you think their view would be on adjourning the WUP and the club then paying a £1m bond to a league (a sum that would have cleared the WUP…) I suggest this might be a problem

I hadn’t thought of it that way, we need to find 1.5m in about 24 hours

 

[Holy Joe]

I really don’t get what has prompted the NL issue this statement and requirement. There was an AGM the other week and nothing was advised at the time, or maybe it was.

The timing just seems very off and is not in relation to something new developing or changing. The WUP has been in place for weeks, they didn’t take action until a few months later to place an embargo.

So is this in relation to the council update that verbal agreement has been met between council and Citizen Housing and new HOT are being negotiated. Why if it is this has it prompted the requirement for the bond now? What has changed that this is required now.

There are many questions of why now? What has prompted this? Why £1m? Why was this not part of the AGM? How enforceable is the bond and sanctions? When in the bond required by?

What happens if we enter administration (don’t think this is likely)

If we are liquidated then this would be irrelevant.

It all seems very strange, as does the WUP timing from Stewart’s.

Many strange going ons over the last few months and it doesn’t add up.

With the council why do HOT need to negotiated, surely it’s updating existing HOT with revised agreement? Sorry that may be naïve of me due to a lack of understanding.

Why doesn’t Rat just sign over the club now? What is he gaining my holding onto it in name only? The club and land are all separate, again this could be my misunderstanding, and I am sure has been explained before, but I don’t see it as a bargaining chip for Rat, verbal agreement done for RH and Fossets, get this as legally binding as possible subject to DD, surely this could be done within 24 hours and club signed over to COSU.

I suspect COSU threat to walk away has prompted this action. COSU walk and the club cannot fund itself. It's somewhat ironic that by taking the action they have the NL may well cause the action they fear.

The Ron related debts of the club need to be cleared before COSU will buy the club. Ron cannot clear the debts until he has the new agreement with the council. Maybe it's possible to structure the purchase differently but if there were, you'd think they'd have gone down that route before now.

 

[kentblues]

The appeal process could take a month or 2 so if not payable until end of that process I suspect we have at least a month or so.

Well whatever such a period may be WUP allowing, that is the period SCC has to complete DD, external audit and sign with Citizens?

 

[sufc4life21]

1 million does feel bit harsh but at the same time Southend are losing over 2 million year, constantly in court over unpaid taxes, players/staff paid late or not paid. When you contribute these factors in with potential takeover 9 months in looking uncertain. We do look like club who in danger of being able to compete. From the league perspective it isn't great look having club competing with 14 od players and in danger going bust. There basically giving us big kick up the arse to get our **** together. Who knows it could be what's required to focus minds ie the rats.

 

[Holy Joe]

Well whatever such a period may be WUP allowing, that is the period SCC has to complete DD, external audit and sign with Citizens?

Yes maybe best to ignore this request for now, number 1 priority is to survive wednesday. We're back to fighting fires

 

[Magnum PI]

Imagine the documentary if we survive this.....

 

[SunSea&Shrimpers]

I hadn’t thought of it that way, we need to find 1.5m in about 24 hours

Euromillions is tomorrow. It’s 180 million. Think that might just settle it and beyond

 

[Boreham Shrimper]

Euromillions is tomorrow. It’s 180 million. Think that might just settle it and beyond

If I win the Euromillions I’m joining COSU.

 

[NZamba Legend]

The appeal process could take a month or 2 so if not payable until end of that process I suspect we have at least a month or so.

Surely the point of the bond is to guarantee we are a going concern. Can’t see what use it would serve at end of August or September when the season has already started. But who knows.NL just seem to make this **** up as they go along.

Main issue is how on earth do we survive Weds?

 

[Colblue]

Euromillions is tomorrow. It’s 180 million. Think that might just settle it and beyond

I was actually thinking about this yesterday. If I won the 180 million I would buy the col u stadium from the council and put it the ownership of a supporters trust so never at risk from Dodgy owners.
I would also reach out to your trust and donate the money to buy RH plus a good chunk to kickstart the refurb.
My only condition is I bury a col u scarf under the centre circle

 

[overseas shrimper]

You’ve probably got good intentions but this a Southend fan forum page not the yours … we’re days away from loosing our club how about u stick to the scum up the a12

Start your own forum, then you can tell who can and who can't post on it. Until then, I'm sure SZ will remain an open house to all that post reasonably... and I think that applies to @Colblue.

 

[stortford]

Think of it this way- the court’s role is to protect the interests of the creditors. So what do you think their view would be on adjourning the WUP and the club then paying a £1m bond to a league (a sum that would have cleared the WUP…) I suggest this might be a problem

Hate to say it but any creditor who doesn't give careful thought to jumping on the petition after tonight's developments probably only has personal funds at risk. NB "careful thought" not "jump on".