Sale of Southend United to Justin Rees and his consortium

[Holy Joe]

Because its a ton of money...solicitors and electrical contractors I believe...over a million combined

So the new owner(s) isn't putting in significant sums to start? Just inheriting debt which it looks to maintain and/or payoff over time?

 

[Shrimper1985]

So the new owner(s) isn't putting in significant sums to start? Just inheriting debt which it looks to maintain and/or payoff over time?

maybe he doesn't want to use all the money being injected on debt on Day 1. Could be used to improve the club, and pay the debt in a timely fashion as per a payment agreement

 

[Holy Joe]

maybe he doesn't want to use all the money being injected on debt on Day 1. Could be used to improve the club, and pay the debt in a timely fashion as per a payment agreement

Seems so far putting in less than half a million? £3 for the shares of SUFC, RH and FF training ground and half of the HMRC debt (was 250kish??). They'll be assuming significant liabilities, but this will all be company debt rather than personally liable.

Hopefully any statement will be more forthcoming with some details

 

[leeblue]

So the new owner(s) isn't putting in significant sums to start? Just inheriting debt which it looks to maintain and/or payoff over time?

Definitely significant sum.
Gonna need to hand a million to Tom Lawrence just to sort the playing side out for the season.
As far as I'm aware He's not an oligarch.
Payment plan on debts makes sense

 

[Alexshrimper]

Has Justin and the consortium not got any money? They are supposedly getting RH and training pitch for £2 and half of HMRC paid

 

[Tommy2holes]

I reckon the announcement will come either Monday or Tuesday! This should push people into coming out and celebrating Tuesday night.

I think the same. Tuesday nights game could be a proper celebration

 

[Holy Joe]

Definitely significant sum.
Gonna need to hand a million to Tom Lawrence just to sort the playing side out for the season.
As far as I'm aware He's not an oligarch.
Payment plan on debts makes sense

Of course need to fund the ongoing losses of circa 1m per year until cuts can be made and/or revenues raised.

It seems things have moved alot from needing something in the region of 10m upfront for the lot to maybe a few hundred k. I get noone was interested at the 10m level but still, that's some shift on what appears to be the price.

The debt that RH and the training ground comes with - is that to Ron companies or independent third parties?

NB - hope posts don't come across as negative - just curious

 

[Suffolk Blue]

Has Justin and the consortium not got any money? They are supposedly getting RH and training pitch for £2 and half of HMRC paid

and a huge (make your own number up - most do) amount of debt, to be offset at some point in the future by Ron handing over £20million

 

[Smiffy]

So why can't they pay the creditors off straight away? I understand that means committing to payment straight away, I am also not sure of the debt amounts to the other creditors but surely it's not as much as the HMRC debt?

The HMRC debt (on the petition anyway) is tiny compared to the combined debt due to the other creditors.

 

[JAL]

The HMRC debt is tiny compared to the combined debt due to the other creditors.

That's what I wanted to confirm, thank you!

 

[southendkid]

Has Justin and the consortium not got any money? They are supposedly getting RH and training pitch for £2 and half of HMRC paid

Half of HMRC paid still leaves us millions in debt.

 

[hlane17]

Has Justin and the consortium not got any money? They are supposedly getting RH and training pitch for £2 and half of HMRC paid

Every penny they put into debts is dead money. I think they'd rather use what they have to improve the club and move it towards sustainability.

 

[Paddypel]

The sale needs to go through to avoid admin. This is because the creditors are far more likely to sit down and discuss a payment plan with JR than they are with RM who has broken numerous time to pay agreements and payment plans. Expecting something later today to confirm the position for each scenario.

 

[leeblue]

The sale needs to go through to avoid admin. This is because the creditors are far more likely to sit down and discuss a payment plan with JR than they are with RM who has broken numerous time to pay agreements and payment plans. Expecting something later today to confirm the position for each scenario.

This is the way

 

[Paddypel]

This is the way

I don't understand why the police would or how they can call the game tuesday off tho ?

 

[leeblue]

I don't understand why the police would or how they can call the game tuesday off tho ?

It'll be known which way this will fall by Tuesday....police fear if its going wrong there could be trouble

 

[Tommy2holes]

One thing is for sure.

The new owners will need the fans more than ever to pack the ground and spend as much money as possible on food drinks and merch.

 

[Tommy2holes]

It'll be known which way this will fall by Tuesday....police fear if its going wrong there could be trouble

I think you can change would to will be trouble

 

[Flinty]

It'll be known which way this will fall by Tuesday....police fear if its going wrong there could be trouble

So cancel the game and potentially have circa 4000 people descend on rat mansions ? I would have thought they would have wanted any potential trouble contained
In 1 place

 

[leeblue]

So cancel the game and potentially have circa 4000 people descend on rat mansions ? I would have thought they would have wanted any potential trouble contained
In 1 place

Maybe 100 would rock up at rons