Sale of Southend United to Justin Rees and his consortium

[Billy Bests boot laces]

Fully expecting Ron's statement to make no sense

Only to him in his deluded world?.

 

[Fairport]

With JR's references to administration I do wonder whether this option has been discussed as a potential scenario? JR may not want it but if they can't offer sufficient £££, and that the sale effectively requires Ron to find money rather than receive it (due to satisfying maybe very significant debt on RH for example) then this may have been presented as a plan B. Who knows. The proposition would need to be presented to the court, and a "pre-pack" sale to JR & co would need the courts go ahead.

If creditors get 25%-33% then probably that is looking after the creditors sufficiently verses liquidation. Unfortunately whilst I have been involved in these things as a supplier and buying companies out of administration, I am not knowledgable enough to know exactly how this could work.

As a supplier & creditor I have been on the end of "pre-packs", particularly with customers in the print industry. Fun. Not..

I would be surprised if creditors got as much as 25 to 33 per cent. If there was that much available in the company even after the Administrators fees you would have thought with careful control of cash flow RM could have kept some of the major creditors at bay for a bit longer. Probably like most of these situations a creditor will be fortunate if they get 10p in the pound.

 

[tommy tucker]

Its about time the council tured on that cretin He is nothing more than a fat momey grabibg peace of **** .The lieing git kept on saying he could not give the club away.Well you **** we now have it in black and white that you have had to firm offers for our club And you have snubed both ..You may think you are clever watching our club die . Well mr martin your time will come and when it does i truly hope you suffer as much as you have made the fans of our fantastic club and its fans suffer .

 

[Leeboy]

He'll just say that the two offers were nowhere near enough. So blaming the potential buyer.

Ron, like, blaming someone else? Never!

 

[ChefBrad]

A STATEMENT from Justin Rees on behalf of a consortium bidding to buy Southend United.


Given the recent speculation surrounding a consortium bid for Southend United FC (SUFC), combined with the Club’s scheduled court appearance date on 4th October 2023, we would like to make a brief statement.

We confirm that a consortium has been formed to purchase Ron Martin's SUFC shareholding.
Most of the consortium members have a long association with the Southend area, and all are football fans.

Our first objective is to save the Club and then work hard to transform it into a sustainable operating model that is not vulnerable to the various ownership issues that have impacted the Club in recent years.
We are confident we have the skills, energy, and finances to help Southend United’s fortunes improve both on and off the pitch.
Discussions with Mr. Martin have been in progress for more than 10 weeks.

Any deal is particularly complicated due to the state of the Club's finances, the condition of Roots Hall, the non-viability of a new stadium at Fossetts Farm, as well as the ownership of the training ground and Roots Hall properties remaining outside of the Club.
Despite this, the consortium has submitted two bids over the past week, neither of which has been accepted.
We remain open to continued negotiations with Mr. Martin however it now seems unlikely that any deal can be agreed prior to the 4th of October court appearance date.

It is our understanding that Mr. Martin will ensure the Club avoids liquidation on the 4th of October, however, the threat of administration remains.
Administration impacts the Club significantly, on and off the pitch, as well as its numerous creditors who have supported the Club financially for many years.
As such, it has been our strong preference to avoid Administration, however this is of course not within our control.

We do not intend to make the full details of our bid public at this time except to note that it is centred around retaining and upgrading Roots Hall as the Club’s stadium, while taking ownership of that property plus the training ground back into the Club.
We believe this would release Mr. Martin to develop Fossetts Farm without a new stadium requirement, and as a result, are looking to him to contribute funds back towards the redevelopment of Roots Hall.

The structure of our bid and the decision to stay at Roots Hall have been discussed with Anna Firth MP, Sir James Duddridge, Cllr Tony Cox (leader of Southend City Council) and members of the Shrimpers Trust, each of whom have given their full support.

We appreciate updates such as this can answer some questions but raise new ones.
We also recognise this is a period of great concern and anxiety for fans so will keep in regular contact with the Shrimpers Trust to answer questions that may arise although there are some details we will not be able to share until the process has formally completed.

Want Ron to put money back in once he has sold it made me laugh so much as if this would ever happen deluded

 

[Sparte]

Fully expecting Ron's statement to make no sense

what ever it is, I hope it doesn’t degenerate into a point scoring, war of words between the two sides…

 

[GNH]

Want Ron to put money back in once he has sold it made me laugh so much as if this would ever happen deluded

Hi Ron

 

[West Stand]

I would be surprised if creditors got as much as 25 to 33 per cent. If there was that much available in the company even after the Administrators fees you would have thought with careful control of cash flow RM could have kept some of the major creditors at bay for a bit longer. Probably like most of these situations a creditor will be fortunate if they get 10p in the pound.

Those %sums would likely have to be found to satisfy football authorities and without a creditor agreement to pay it’s likely that NL membership Wouk£ be withdrawn

 

[Holy Joe]

Would The buyer of the club out of adminstration also own 100% of the shares? - thus getting rid of all the pesky supporter shareholders?

 

[kentblues]

Simon Jordan proved he has no pre-pack to present on talk sport. Ron just wants someone to pay his bill at the end of the day.

Yes. Well administration was picked up on and Jordan started talking about debentures positioning Ron for an administration event. First he didn't prove anything unless you simply believe what Ron told him in response. Second FWIW all debentures don't carry floating charges so strictly Jordan was incorrect- its not the debenture that positioned Ron for administration, rather the floating charge that was attached to the debentures.

 

[Hadleigh-shrimper]

Want Ron to put money back in once he has sold it made me laugh so much as if this would ever happen deluded

Why if he’s getting all the extra houses at ff

 

[kentblues]

I would be surprised if creditors got as much as 25 to 33 per cent. If there was that much available in the company even after the Administrators fees you would have thought with careful control of cash flow RM could have kept some of the major creditors at bay for a bit longer. Probably like most of these situations a creditor will be fortunate if they get 10p in the pound.

Well thats another reason why it would need to be a "pre-pack". Either Ron or the new owner would need to have t to put the money in and have proof of funds. Which is why you would think it would be in conjunction with new owners. Assuming Ron doesn't have £700k for this either.

 

[Paddypel]

Why if he’s getting all the extra houses at ff

Because it's Ron Martin...

 

[ColinMorrisWalksOnWater]

So much for the only way the club has a future is to leave Roots Hall, another piece of RM Bull, so it turns out.

 

[Rayleigh Shrimper]

Finally a statement that makes sense , great stuff by Justin and much appreciated by fans who just want to be communicated with.

 

[bluethroughandthrough]

I have no legal background Whatsoever, but wondering if there are any legal avenues here. Any precedents towards forcibly removing
his ownership, neglect of position, unfit director, unfit human etc. Has anyone looked into this? At the very least he's spat in the general direction of the ndas that have been signed.

 

[rshepp]

A great statement and gives us some hope. However, we now need to mobilise as a united fanbase, rally behind the consortium and demonstrate bigger and louder than ever, starting this Saturday...Time for all Shrimpers to come out of retirement and back the protests. The offers need to be accepted, rather than the rat plunging us into Administration.

Protest or not.
Everyone should be a spectatre on Saturday. Fill the ground to capacity. Show the prospective buyers what can be achieved.
I am really sick to hear the foul language.
Can those who have no respect, kindly note that there are young children in the stadium.
Thank you

 

[The Original Tribal Chief]

Protest or not.
Everyone should be a spectatre on Saturday. Fill the ground to capacity. Show the prospective buyers what can be achieved.
I am really sick to hear the foul language.
Can those who have no respect, kindly note that there are young children in the stadium.
Thank you

Maybe go to the ballet instead chief.

 

[E for B and Billy Best]

Fully expecting Ron's statement to make no sense

Fully expecting Ron's statement to increase my rage to a dangerous level.

 

[rshepp]

Maybe go to the ballet instead chief.

I do.
Presumably you do not have young children with you at matches?