annie1954
Newbie⭐🦐
That sounded good last night solidarity all around roots hall ( except the directors box)
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Sale of Southend United to Justin Rees and his consortium
- Thread starter Napster
- Start date
- Status
JD
Resident Jinx⭐
This does make sense, and if true it’s hugely worrying, as it means someone else, or another group, are pulling the strings on who it is sold to and the amount they want for it. It’s very possible that they are refusing to agree to anything as they don’t want to give up the development opportunity - in which case…..
we
are
****ed!
CRATE
Striker
It has been shared (and again it’s complete speculation, I believe), the reason Ron is looking for a investor / partner in Southend United and not an outright buyer is because he knows it will kill his dreams of the redevelopment of the land at Fossetts Farm at which point not only will he not be able to get to his pot at the end of the rainbow with FF, he will also be liable for all the loans against the land relating to it. Which is absolute millions!
Without the need of a football stadium there, because the new owners would not want one. It would mean Ron can’t facilitate his contract with the City council.
This would mean FF would have to go through completely new planning and Ron is aware the struggles he would have passing anything in Southend with the hatred of him by the football fans.
This is why he needs a partner, not a buyer!
Without the need of a football stadium there, because the new owners would not want one. It would mean Ron can’t facilitate his contract with the City council.
This would mean FF would have to go through completely new planning and Ron is aware the struggles he would have passing anything in Southend with the hatred of him by the football fans.
This is why he needs a partner, not a buyer!
Paulie Walnuts
Newbie
He has a lot more of a chance of having a change of plans with the club still Alive and playing at roots hall than a club he's basically killed.
I believe the council would be fully on side for changes if the club was kept going because if this goes tits up they're going to have years of hell from us fans until we're back on our feet on some decent capacity and that
eventually dies (sooner the better).You were right on the sense it's just speculation but spelt bull **** wrong.
BluBayou
Newbie⭐
If Ron was free of Southend United and Roots Hall I can't see why anyone would try to hinder his development of land at FF for housing, especially if it was the key to unlocking this sorry mess. Of course Ron wouldn't free himself of SUFC/RH unless he was sure he would get that planning permission at FF. But he won't find that out in 5 weeks.
Yikes.
CRATE
Striker
Myself and I know many others. Would do everything in their power to stop Ron Martin developing anything in Southend after what the man has done to the football club!
That is all the money he has borrowed against the land (once owed by the club) which is now valued in those accounts at about 42 mill. That is without his borrowings elsewhere.
Of course he states he has put all his personal money into the club.
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JB Shrimper
Youth Team
If he legitimately manges to pay that off, technically he would be right. However it won't happen so we need somebody who is willing to pay the debt off and run the club, which I also see unlikely. It seems Ron wants to sell but can't because of his previous business ineptitude.
kentblues
Director⭐
It remains the case he desperately wants, and indeed likely needs, to keep FF and RH developments alive. Your observations re the extent that land for such developments are used as collateral would only make that far more so..in which case the structure of the deal is almost more important than the size of the offer? Actually someone buying the club for £1 and paying off debts BUT renting the stadium at zero rent maybe what he needs? Do we know if Rees is looking at buying the stadium? Were the 7 looking to buy the stadium? If the latter are and the former not that would tell you a lot?
Why would anybody just buy the club and take on all the debts and future running costs without buying RH?
They would want their heads testing. Maybe the reason RM cannot include RH is because he has borrowed so heavily against the land.
His latest offer seems to point that way..£1 for the club , have all the debts and rent free at RH for 3 years so he can get his act together.
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BluBayou
Newbie⭐
There is no deal that is acceptable to both a buyer and RM. The gulf is huge. Why couldn't RM see this coming years ago? or was he too busy living the credit fueled highlife off the back of the development value of RH?.
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The reason being he is so hocked up to his eyes in debt and can no longer borrow against anything, This is why i fear the next court case could be the end of us.
He has stated he cannot pay the bills anymore and he is not even sure a deal can be done in time. I think that is pretty obvious on the terms he wants.
BluBayou
Newbie⭐
If RM truly is maxed-out on credit and is now controlled by his "handler" who he owes £X0M then the only deals that Ron can accept are:
- Buy into my FF scheme, or
- Pay the full development value of RH, or
- Buy the club only (very unappealing to a buyer)
Not going to happen.
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shrimper61
So say we all⭐🦐
If this is true, then why don't the kimura guys reach out to Justin Rees!! kimura stated yesterday in there press release that they have the funding.
Maybe they could work out a deal for a 50/50 share of the club, that could get this buy out over the line.
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