Sale of Southend United to Justin Rees and his consortium

[overseas shrimper]

SOUTHEND United fans have been left feeling “rejuvenated” after Justin Rees went public with his plans to buy Blues.

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I certainly haven't been left feeling 'rejuvenated'!

 

[Holy Joe]

He may see the debt as stopping the buyers making a “realistic” offer for the RH site. He will see the valuation as cheap given the proven development opportunity (or even partial development opportunity). If the buyer only sees it as a dilapidated stadium then they start on entirely different pages. Not ideal.

If he can’t afford to accept less to an £4.5m for the RH site because it’s heavily borrowed against it wouldn’t surprise me if he has raised the option of administration, and the debt avoided by the buyer enabling them to meet the asking price in the stadium. I could be way off.

I honestly don’t know what he does if he say owes £4m on RH and a consortium think they can buy it for £1m. He finds £3m to enable the sale? Effectively pays the consortium to take RH off his hands? The consortium would see it that way because they think about the debt they are picking up with the club and the refurb costs? What would be the way out? If the consortium knew this was the problem (and it may not be) what do they think is the way out?
Making offers way below the what is owed against the stadium will go nowhere unless someone closes the gap.

Who knows. A mess.

I think perhaps a govt grant might be able to close the gap. Problem is timing - that won't be decided by 4 Oct.

 

[Cricko]

Todays front page of The Echo.

 

[nevereatwhitesnow]

For anyone that ever says protests don’t work, the protests enables this headline which cranks up the awareness and scrutiny that Ron hates. It itself it won’t “make” him sell but it will certainly encourage it and those around him to make it happen asap

 

[SeaSideDoughnut]

Todays front page of The Echo.

Now lets buy a few hundred copies and throw them at his doorstep. If the protests at his house really do effect him, I image having to pick them up off his lawn would too. Hopefully he'll get the message.

 

[SeaSideDoughnut]

He may see the debt as stopping the buyers making a “realistic” offer for the RH site. He will see the valuation as cheap given the proven development opportunity (or even partial development opportunity). If the buyer only sees it as a dilapidated stadium then they start on entirely different pages. Not ideal.

If he can’t afford to accept less to an £4.5m for the RH site because it’s heavily borrowed against it wouldn’t surprise me if he has raised the option of administration, and the debt avoided by the buyer enabling them to meet the asking price in the stadium. I could be way off.

I honestly don’t know what he does if he say owes £4m on RH and a consortium think they can buy it for £1m. He finds £3m to enable the sale? Effectively pays the consortium to take RH off his hands? The consortium would see it that way because they think about the debt they are picking up with the club and the refurb costs? What would be the way out? If the consortium knew this was the problem (and it may not be) what do they think is the way out?
Making offers way below the what is owed against the stadium will go nowhere unless someone closes the gap.

Who knows. A mess.

Would it not be an option to offer the amount for RH. In this example £4.5m on the basis that Ron rights off £4.5m of the clubs debt owed to him?

 

[Kenny]

Now lets buy a few hundred copies and throw them at his doorstep.

Of The Echo, or The Bible?

 

[Holy Joe]

Would it not be an option to offer the amount for RH. In this example £4.5m on the basis that Ron rights off £4.5m of the clubs debt owed to him?

I think the plan is the £20m debt owed to him is written off in the transaction. The debts the club are left with (was it 2.5m at last count) are all external debts.

 

[Smiffy]

For anyone that ever says protests don’t work, the protests enables this headline which cranks up the awareness and scrutiny that Ron hates. It itself it won’t “make” him sell but it will certainly encourage it and those around him to make it happen asap

Exactly. It's irritating when you hear the same old "it won't make him sell" "what's the point" etc etc.

There is one thing Martin hates and that is bad exposure. How quick is he to get his minions to remove banners in the ground, on top of the pram shop, paint over graffiti on fences/walls, threaten legal action for printed words or sound clips etc. He hates it big time and is probably the only way to get under his skin in reality.

Exposure, exposure, exposure. It's all we can do. That and frustrate him at home.

 

[Mad Cyril]

Rees is the word.

 

[Southminster Shrimper]

Now lets buy a few hundred copies and throw them at his doorstep. If the protests at his house really do effect him, I image having to pick them up off his lawn would too. Hopefully he'll get the message.

That is awesome. So when does Bake off Start?

 

[annie1954]

Now lets buy a few hundred copies and throw them at his doorstep. If the protests at his house really do effect him, I image having to pick them up off his lawn would too. Hopefully he'll get the message.

Just be another job for Ron’s gardener

 

[Texas Eslan]

Out of interest, does anyone know if Justin Rees is the genuine buyer or is he just the front man for someone else in the shadows? I know we have some local businessmen involved but I can’t help wonder why a random Australian would have interest in us.

 

[rararblue]

Just guessing. I would imagine that the consortium would offer a certain amount for the stadium, maybe even the full 4.5 million.
However, it comes with 2.5 million debt, which it looks like they will pay, but expect back later, if and once Fossetts is done.

 

[CaptainSmudger]

A very good statement, which cleverly leaves Ron Martin with nowhere to hide. He can't deny that he's received a bid.

It seems the consortium believe that RM should cough up money to reverse the neglect that he's inflicted upon Roots Hall in his pursuit of a new stadium which he cannot and will not deliver. Not only has he failed to provide new facilities and mothballed the existing ones, but he will be able to earn more money by replacing the new stadium with additional housing at Fossetts. So why shouldn't he cough up?

Cleverly worded statement which is essentially publicly urging RM to do the right thing.

Ron Martin is incapable of doing the right thing.
Unfortunately for us. Very Worried

 

[tommy tucker]

Ron Martin is either deaf blind and dumb not to notice that every single fan hates his guts.He said he can't even give the club away .Well Mr stupid hear is your chance to get rid of something you and your family don't want SOUTHEND UNITED FC

 

[LeedsSUFC]

Out of interest, does anyone know if Justin Rees is the genuine buyer or is he just the front man for someone else in the shadows? I know we have some local businessmen involved but I can’t help wonder why a random Australian would have interest in us.

Could be a fraud for all we know

 

[Jai]

Perhaps the wrong forum but valid to bring up your concerns. It's true you'll always get offensive language at football, but if you've moved seats and it's bad to the extent as you say, I can appreciate it can be difficult, especially with a young child, and spoil your viewing. I dont think it's so simple to tell them to shut up. Naturally if they're that aggressive on a continual basis, they're not going to meet you with a polite response, which won't help your situation. You only really have 2 options. Complain about him, which likely won't change anything and perhaps make you feel vulnerable, or explain your situation to the club and request to move seats again. I'm sure that can be done. If you need help with that I can contact the relevant people if required. No one should feel they can't bring their children or be put off coming. DM me if required.

At the moment, it's just irritating. I definitely don't fear for my safety. I'd say something if it got too much. Really I wanted to make the point that yes, football is an environment where you get plenty of swearing but even if you think that is normal and partake in that (I definitely do), it's possible to be irritated by it if there's someone that has so little education that every other word has to be an expletive.

Anyway, that's another topic.

 

[pottster]

Do we know if the figure Ron wants for roots Hall is figure he's just plucked out the air or if there are mortgages attached to the ground. The figure he's asking is what he needs to clear them. If the latter then that could be a problem, and that's what's stopping Ron from selling.

 

[dusterman]

Every minute, hour, day passes the mental anguish gets worse doesn’t it? While we suffer that prick just sits there at court looking non plussed. I hate him so much.