Sale of Southend United to Justin Rees and his consortium

[ESG]

Isn't it pay day tomorrow as well?

 

[Callumturner22]

Isn't it pay day tomorrow as well?

Yep so let’s hope there paid on time

 

[Smiffy]

If there is to be an announcement (I believe there will be) then I don’t believe it will be the “sale complete” type of statement most expect.

More along the lines of a sale stc/legals etc and what will happen in the short term. So certainly a positive step forward, but not the full closure to this hellish episode we all want, just yet.

But, we are certainly moving in the right direction.

 

[dusterman]

If there is to be an announcement (I believe there will be) then I don’t believe it will be the “sale complete” type of statement most expect.

More along the lines of a sale stc/legals etc and what will happen in the short term. So certainly a positive step forward, but not the full closure to this hellish episode we all want, just yet.

But, we are certainly moving in the right direction.

Thinking prior to the weekend?

 

[defender05]

Not necessarily true.

Sorry but I can't see RM agreeing to anything until the FF plans are all agreed. Why would he risk them being cancelled and being stuck with land he can't build on.

 

[Shrimper]

Sorry but I can't see RM agreeing to anything until the FF plans are all agreed. Why would he risk them being cancelled and being stuck with land he can't build on.

The alternative is he doesn't take the risk and gets nothing anyway

 

[Supa Shrimpa]

Sorry but I can't see RM agreeing to anything until the FF plans are all agreed. Why would he risk them being cancelled and being stuck with land he can't build on.

Who says he can't build on it ? Maybe Southend Council will be happy with some more residential units over there ?

 

[defender05]

The alternative is he doesn't take the risk and gets nothing anyway

He gets nothing now but still owns the land the ground is on and has planning permission for the original FF plans which he could sell to another developer.

 

[defender05]

Who says he can't build on it ? Maybe Southend Council will be happy with some more residential units over there ?

As people have said it's green belt land and the only reason the current plans were agreed was because of the stadium part. If they try to change it to all flats/house it could be rejected.

 

[Supa Shrimpa]

As people have said it's green belt land and the only reason the current plans were agreed was because of the stadium part. If they try to change it to all flats/house it could be rejected.

Right, with you

 

[Left post]

Courier parked outside Ron Martins house. Typically used by legal firms to sign papers at speed. There will be a lot of them for a deal of this size.

 

[kentblues]

Good luck to JR getting everything set in stone enough that the rat can’t wriggle out of any agreement after having debts paid. Rather him than me!

Shrimpergarry suggests a good solution where the £20m back to the club for the stadium is part of the final s106 conditions for FF development. This would be in addition to any other agreement. If no £20m = no FF development then that would sort it quite nicely.

I'm sure by the same token if FF didn't happen then no £20m for RH.

In practical terms the new stadium at FF was an enabling development for the wider housing development. Now its the essential renovation of a significant community asset which would otherwise fall into disrepair with the additional loss of the football club. In the end both ways FF is enabling the club to have a stadium that can support it into the future.

I can very easily see how SCC and others can build a strong equivalence between the two proposals. If politicians at local government and national level want it to happen it will happen. Timescales is another discussion. IMO anyway.

 

[dusterman]

Shrimpergarry suggests a good solution where the £20m back to the club for the stadium is part of the final s106 conditions for FF development. This would be in addition to any other agreement. If no £20m = no FF development then that would sort it quite nicely.

Sounds good but what about him holding off signing anything prior to 3rd/4th getting debts cleared and not signing off the deal? The £20mil I think we can sort easier as you say.

 

[Beefy]

Sorry but I can't see RM agreeing to anything until the FF plans are all agreed. Why would he risk them being cancelled and being stuck with land he can't build on.

Because there is no alternative to him. Waiting for an 18/24 month process to play out clearly isn't an option.

 

[annie1954]

i would guess as the leader of the council and other members plus our local mp have spent time this week talking to ron some agreement with him would have happened , they are all there to stop the club folding on wednesday and help with the sale .

 

[Beefy]

i would guess as the leader of the council and other members plus our local mp have spent time this week talking to ron some agreement with him would have happened , they are all there to stop the club folding on wednesday and help with the sale .

Exactly. He's had months of regular meetings with both our MPs and the leader of the City Council. There's a process that obviously needs to play out but Martin changing the development at FF and Roots Hall being improved under new ownership is win-win-win for all parties.

 

[ms brush]

That's why I said above that it will be part of the legal agreement (s106) relating to the revised planning, hence why Cllr Tony Cox has been in discussions too.

I reckon the payment might be made to the Council who would channel it towards the development of Roots Hall by way of a grant.

Yes, S106 payments always go to the council first then are redistributed by the authority to the agreed funding channel. Some of my staff posts, who manage our apprenticeship programmes, are funded by s106 payments and / or fines for non compliance. This is to ensure that local people are benefiting from the apprenticeship training and the support is there for individuals to keep them on track when the going gets tough.

I work in London, so no idea how SCC will structure this agreement. Hopefully with some very stringent conditions that are watertight so RM can't weasel his way out of paying it!

 

[kentblues]

Sounds good but what about him holding off signing anything prior to 3rd/4th getting debts cleared and not signing off the deal? The £20mil I think we can sort easier as you say.

I think we have to trust the JR and the consortium are sensible business people who can structure this in the right way. The bit that might have to be paid now is HMRC (the suggestion was this would be paid 50/50 son of Ron and the consortium). Probably that's as far as the risk goes- who knows, none of us actually know the structure for sure and many times reality has diverged from the original news. The nPower piece needs to be addressed of course. Again that might be via monies in escrow or similar proof of funds to assure them of payment when the deal goes through- an approach that may well work with other creditors except HMRC?

 

[united we stand]

No deal is getting signed until the council have given RM a guarantee on the FF plans in writing. Let's hope they can approve everything quicker than they did the original plans.

I think we need to think this through.

I don’t see how a guarantee is possible- both from a practical basis and a legal basis

How do you’ guarantee’ how people will vote on a planning committee?
How do you even know who will be on that committee at the time of any vote ( people move jobs, die etc)
How do you “guarantee “ you will give PP on something you may not have even seen yet, and if you have seen it have you had time to run the proper checks.

Can the council legally give a written guarantee of how they will act in the future- to me this sounds impossible.

Happy to be corrected by anyone on the above.
I can see that the council can ‘indicate’ what they would do, our MP’s can indicate that the secretary is state will not call in the plans but
They can’t ‘guarantee’ it

If you take a step back and take away the fact that we are all SUFC supporters then I’m not sure how happy I would be with the council doing a behind closed doors deal with a property developer with dubious morals.

I conceded that something like this ‘must’ be happening, but I just don’t see how. Ron must be taking on an element of risk

 

[united we stand]

Who says he can't build on it ? Maybe Southend Council will be happy with some more residential units over there ?

The conditions and phasing of the planning permission says he can’t build on it without the stadium. Not an opinion, fact