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Sale of Southend United to Justin Rees and his consortium

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TrevorFitzpatrickHattrick said:
Heard that it would be used as proof of funds to satisfy the courts that:

a) they're available.
b) potentially enable an extension to be granted while the sale of the club/assets completes.

I hasten to add that these are rumours I've heard from a few folk I trust, nothing more. I'm also aware as @kentblues points out that HMRC is merely one slice of the club's debt pie.
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Sounds a very risky game to me this. The judge is expecting full payment to be made by the 4th.
 
DCC said:
Has anything been said by the potential new owners about their plans for the football side of things - this being Southend United Football Club after all?

It’d be interesting to hear of their plans for timing to get back up the leagues - we all want to get out of this league as soon as possible and start pitting ourselves against the Harrogates and Salfords of this world don’t we?
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I think that getting up the leagues would be a priority, but there are many other immediate issues to deal with first. They will know the playing squad needs strengthening and a deal would see us coming out of an embargo so signings can be made quickly. I'm sure work has been done to identify immediate targets, and I'm assuming rightly or wrongly, there could be a legal appeal for the lost 10 points and that would dictate the objective for this season also. Southend, with financial backing, is an attractive proposition for many lower league players, so we would not be short of talented players to get us back up, this or next season.
 
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Sensei Phil said:
I think that getting up the leagues would be a priority, but there are many other immediate issues to deal with first.
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One of which should be engaging more with the community. Why was there not a SUFC elephant for Herd in the City for example? Make the football club a keystone of the community. That is not only the right thing to do, but it will also help to ensure that this never happens again, because the City will care.
 
Are we really confident in the outline of the deal, as outlined on Pg135, putting Ron's FF ambitions to oneside. To me it just doesn't ring true financially.

Ron (Jack) pays 50% of HMRC bill
Ron to contribute £20m to RH development

Consortium pays 50% of HMRC bill
Consortium pays £1 each for club, RH and training ground
Consortium takes on inherited debt £x

Depending on what the inherited debt consists of (including RM intercompany loans ?) and its value, then on the face of it Ron gets nothing out of the sale of the club (including RH + training ground). It could be argued, depending on the value of the inherited debt, that Ron has paid the consortium to take it off his hands if he provides £20m for the redevelopment.

I do wonder about the £20m figure. The consortium press release stated they were looking to Ron to "contribute funds back towards the redevelopment" of RH. £20m seems a rather high contribution, more like a figure for the total redevelopment. If you were Ron contributing £20m would you not want some sort of stake in the redeveloped RH ?
 
When people ask me what team I support, I say “Southend United”. The usual response is “oh right, but what proper team do you support?”.

For the first time in a long time, I’m proud to say reiterate “Southend United”.

Soon, not only will we have proper coaches with a proper team and proper fans, we’ll have a proper owner who run the club properly.

We’re Southend ‘til we die, right?

#justinin
 
LucindaC said:
Are we really confident in the outline of the deal, as outlined on Pg135, putting Ron's FF ambitions to oneside. To me it just doesn't ring true financially.

Ron (Jack) pays 50% of HMRC bill
Ron to contribute £20m to RH development

Consortium pays 50% of HMRC bill
Consortium pays £1 each for club, RH and training ground
Consortium takes on inherited debt £x

Depending on what the inherited debt consists of (including RM intercompany loans ?) and its value, then on the face of it Ron gets nothing out of the sale of the club (including RH + training ground). It could be argued, depending on the value of the inherited debt, that Ron has paid the consortium to take it off his hands if he provides £20m for the redevelopment.

I do wonder about the £20m figure. The consortium press release stated they were looking to Ron to "contribute funds back towards the redevelopment" of RH. £20m seems a rather high contribution, more like a figure for the total redevelopment. If you were Ron contributing £20m would you not want some sort of stake in the redeveloped RH ?
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Ron is getting a lot out of this deal. Firstly, he doesn't have to pay the majority of the debt, which is due imminently. That in essence is the price of the club.

£20m in exchange for a rumoured £300m-£500m project isn't really that much to ask. Plus, he is now not building a new stadium, something he said he would take a £20m hit on. It was rumoured to cost £40m. So he was always going to lose £20m anyway. However, he would have had to pay all the debts off and fund the club and fund Rootshall until FF stadium was built. He doesn't need to do that with this deal.

With this deal, he isn't personally paying another penny until FF housing is built.
 
LucindaC said:
Are we really confident in the outline of the deal, as outlined on Pg135, putting Ron's FF ambitions to oneside. To me it just doesn't ring true financially.

Ron (Jack) pays 50% of HMRC bill
Ron to contribute £20m to RH development

Consortium pays 50% of HMRC bill
Consortium pays £1 each for club, RH and training ground
Consortium takes on inherited debt £x

Depending on what the inherited debt consists of (including RM intercompany loans ?) and its value, then on the face of it Ron gets nothing out of the sale of the club (including RH + training ground). It could be argued, depending on the value of the inherited debt, that Ron has paid the consortium to take it off his hands if he provides £20m for the redevelopment.

I do wonder about the £20m figure. The consortium press release stated they were looking to Ron to "contribute funds back towards the redevelopment" of RH. £20m seems a rather high contribution, more like a figure for the total redevelopment. If you were Ron contributing £20m would you not want some sort of stake in the redeveloped RH ?
Click to expand...
Ron gets everything he needs out of the sale - a clear runways to Fossetts Farm and the generational wealth creation that has got him out of bed every day for 25 years.
 
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