Sale of Southend United to Justin Rees and his consortium

[West Stand]

Thank you for that clarification. I gather from it he could still go the pre-pack route then with the court's permission and no objections from the creditors involved in the WUP. Is that correct?

It could.

The creditors would have a say but it’s the court that would make the final decisions they would have to be convinced based on a stack of evidence such as financial plans and proof that creditors would be better off following administration as opposed to liquidation.

Pre Packs are few and far between for a reason but two weeks out unless a whole lot of work has been completed I think the complexities that come with the process will be difficult( not impossible )to overcome

 

[kentblues]

On the basis that consent has been granted what would be the grounds to withdraw PP ?

I have played through another scenario and it’s not good

1) RM doesn’t agree to a sell of the shares in the FC ( that’s all he is selling )
2) He pursues the FF development as is and builds a stadium to green book standard either in line with the current PP or the revised application if that’s agreed ( my guess he would go to appeal if the planning committee turned it down) and it would be likely he would win if there wasn’t a planning basis to turn it down
3) He then applies to redevelop RH the basic conditions re a new stadium having been complied with.

He , RM, doesn’t really have to do anything that he doesn’t want to nor in reality can anyone as things stand reverse things that have already been agreed .

RM still holds all the cards re RH and FF the statement clearly reflects the frustration that the consortium must be feeling and that is the worry

He’s broke. He can’t afford to fund the club and keep it afloat- and he needs to solve this problem to move onto the others. Even if he did a pre-pack to keep going remaining as the owner he can’t afford to fund the club or get the stadium into a fit state. He needs out. But can’t afford to sell I suspect below a price that allows him to clear certain liabilities. He holds all the cards without having a decent hand- so he’s bluffing..

 

[Shrimpergonzo]

Except SBC want the housing and this enabling development concept is relatively easy to kick into the long grass. The country is full of large developments in green field where it fits the the local government plan, and residents at FF would be delighted if the stadium wasn’t there. The enabling development piece was more about funding and getting Housing England involved. It’s a shame refurbishing the stadium can’t also be seen as an enabling development (indeed why can’t it?)

It is jam tomorrow and needs commitment from the council to support- after all for the consortium to accept future investment tied to FF monies they would want reasonable surety it will happen.

There really ought to be a way all the parties involved can reach a solution here. Less c**k waving and more talking. Again the requires SBC / local MPs to deliver something concrete as opposed to words of comfort.

All fair points, but as I said the original application was called in by the Secretary of State and so a planning inspector got involved with a long public enquiry. When local people could object (especially if the developer had let their beloved football club go bust because the developer was chasing his fortune).

It could take a long time before a spade in the ground is turned and I’m not sure the rat has time on his side.

 

[EastGreenNutter]

We don't need a new stadium at the moment so that's good news that they are looking to sort out Rootshall, I can't see that rat selling up to be honest, we need someone with proper cash to come in and buy Southend, sounds like this lot haven't got that much about them on the money front.
If Ron lets it go to the wall will he pocket much ?

 

[BoyWonder2]

George Friend?

A consortium made up of the cast of Friends. RM loves a big name or two…

 

[Spaceman Spiff]

Oof. Not heard anything about that, but have heard that Harry has spoken to Ron.

Dunno about that, but I am told that all Vic Jobson’s horcruxes have been found and he should be back in time to seal an emotional return before the hearing.

 

[The Original Tribal Chief]

Dunno about that, but I am told that all Vic Jobson’s horcruxes have been found and he should be back in time to seal an emotional return before the hearing.

I can assure you that ‘Arry has at the very least been on the blower with Ron. Check who liked that post.

 

[West Stand]

Except SBC want the housing and this enabling development concept is relatively easy to kick into the long grass. The country is full of large developments in green field where it fits the the local government plan, and residents at FF would be delighted if the stadium wasn’t there. The enabling development piece was more about funding and getting Housing England involved. It’s a shame refurbishing the stadium can’t also be seen as an enabling development (indeed why can’t it?)

It is jam tomorrow and needs commitment from the council to support- after all for the consortium to accept future investment tied to FF monies they would want reasonable surety it will happen.

There really ought to be a way all the parties involved can reach a solution here. Less c**k waving and more talking. Again the requires SBC / local MPs to deliver something concrete as opposed to words of comfort.

100% correct that the SCC want and need the housing but the cherry on their cake would be the homes that they would take into their ownership on the RH site

Update on Roots Hall and Fossetts Farm developments – Southend-on-Sea City Council

Update on Roots Hall and Fossetts Farm developments general summary.

www.southend.gov.uk

 

[Spaceman Spiff]

I can assure you that ‘Arry has at the very least been on the blower with Ron. Check who liked that post.

Which one? I’m no good at ITK tombola so please don’t make me choose just one of them!

 

[The Original Tribal Chief]

Which one? I’m no good at ITK tombola so please don’t make me choose just one of them

Oof. Not heard anything about that, but have heard that Harry has spoken to Ron.

This one

 

[Spaceman Spiff]

This one

Whoosh! I was teasing the two learned ITK gentlemen who liked your post. It was a bit off beam, I’ll admit

 

[tommy tucker]

Ive always imagined you online as a spirited early 20 something, ha thats funny, go on boy you kick like a mule !

I can honestly say i had some real fun on the noth bank And going to away matches on the brothers grim coaches .Getting very rat arsed at a two day trip to plymouth . And on the way home the copach broke down in a service area .So we all whiled away the time playing football in the carpark .oh what fun thoees day were .

 

[West Stand]

He’s broke. He can’t afford to fund the club and keep it afloat- and he needs to solve this problem to move onto the others. Even if he did a pre-pack to keep going remaining as the owner he can’t afford to fund the club or get the stadium into a fit state. He needs out. But can’t afford to sell I suspect below a price that allows him to clear certain liabilities. He holds all the cards without having a decent hand- so he’s bluffing..

It’s highly unlikely that he would get a pre pack agreed in his name. The regulations enabling such transactions have been significantly tightened up and I would imagine any Administration would only agree to him buying if there wasn’t anyone else and there was clear evidence that he could fund the club and that I will agree with you is probably something he can’t afford

But I come back to a question I posed yesterday namely what would he be selling ?Simply 70+% of shares in an insolvent FC with the value he has placed on it being £1. Yes it’s possible he would sell RH for £4.5 million but without having to find the costs of running the FC wouldn’t the pressure on him be significantly reduced ?
If the club is in administration he won’t have to fund the running of the FC and sadly what would be his motivation for keeping the club afloat ?

I am certainly not itk but I would suspect that the consortium want RH for no where close to the £4.5 million and their increased offer is a marginally increased offer for the site but as some sort of exit they probably want a chunk of that purchase price to be gifted back

Sorry but RM may not have a great hand but I suspect it’s good enough

 

[The Original Tribal Chief]

Whoosh! I was teasing the two learned ITK gentlemen who liked your post. It was a bit off beam, I’ll admit

Put your arse away lad.

 

[Billy Bests boot laces]

I can honestly say i had some real fun on the noth bank And going to away matches on the brothers grim coaches .Getting very rat arsed at a two day trip to plymouth . And on the way home the copach broke down in a service area .So we all whiled away the time playing football in the carpark .oh what fun thoees day were .

Quickly off topic, i was on that trip, met my future wife ( R.I.P ) on the coach!. We broke down near Bridport on the Saturday!

 

[Billy Bests boot laces]

Paul Is nearly 70 years old and has absolutely zero interest in getting involved in a football club again so let's put this one where it belongs please.

Shame at that age, his got nothing better to do on a windy Tues evening, than to travel & watch a non league game?.

 

[Billy Bests boot laces]

100% agree with this. But having changed season ticket seats in the summer, the guy who is my new neighbour is really doing my head in this season because every other word is an expletive, normally shouted at the top of his voice.

I'm certainly no Mary Whitehouse and am not averse to firing off a few c-bombs when they are warranted. However, it really is tiresome when it is literally all the time.

But anyway, very off topic.

Ask him to shut the *** up?.

 

[Mr Browns Ghost]

Well, I have stopped taking my two young granddaughters to Roots Hall because of the foul language.





Quite frankly, I don't know where they learn it!

I’ve started taking mine because of this … and it hasn’t ruined them one bit in fact they couldn’t give a xxxxx

 

[tommy tucker]

Quickly off topic, i was on that trip, met my future wife ( R.I.P ) on the coach!. We broke down near Bridport on the Saturday!

Yep that was the one .Did you also do the Christmas trip to torquay when we was invited to the after match quiz and drinks

 

[tommy tucker]

We had a he'll of a lot of fun on the brothers grim coaches .And of course we had a great chairman those days