Sale of Southend United to Justin Rees and his consortium

[Yorkshire Blue]

I would imagine a chunk of the DD will be the legal teams drawing up watertight contracts so that neither party leaves themselves open to getting screwed over down the line.

The issue here is that it’s all well and good having a water tight contract but if you’re enforcing that contract against an entity that has no assets you’re going to spend more on legal fees than you’ll recover.

Usually you’d get round this by looking to put sale proceeds in an escrow account but this is a sale for a £1 and that quid isn’t going to go very far.

 

[Jedi Shrimper]

Must stop hitting refresh and do some work

 

[Medway Blue]

The issue here is that it’s all well and good having a water tight contract but if you’re enforcing that contract against an entity that has no assets you’re going to spend more on legal fees than you’ll recover.

Usually you’d get round this by looking to put sale proceeds in an escrow account but this is a sale for a £1 and that quid isn’t going to go very far.

Very true. To be honest, I would imagine that a lot of the things Ron Martin will need to be held to will be dealt with via other mechanisms, which is probably where the council have played a role.

 

[TITSUP]

Been there, done that, but in my day they just left you to it. Usually around 2am I awoke freezing and it cost £20 to get a taxi back to Southend!!!!!!
Gosh they were good days!!!!!

try getting a cab back to Basildon without the cash up front

 

[West Stand]

Why would it be adjourned if HMRC were paid? The suggestion is that HMRC will be paid, and payment plans agreed with the other creditors. In that case the WUP will be dismissed, not adjourned.

If no other creditor remains named in the WUP and the sum due to HMRC is by way of cleared funds them it would be dismissed

All we know is they have said they will pay it. Does that mean by tomorrow? When funds are available? Or when the sale is completed?

 

[West Stand]

The issue here is that it’s all well and good having a water tight contract but if you’re enforcing that contract against an entity that has no assets you’re going to spend more on legal fees than you’ll recover.

Usually you’d get round this by looking to put sale proceeds in an escrow account but this is a sale for a £1 and that quid isn’t going to go very far.

There are significant implications to the likes of RH Ltd in effect they would be “ gifting “ property ( assets ) that have a market value way above the number suggested is going to be paid for them.

 

[Rob1920]

I'm sure this has been covered many times elsewhere, but to save me hours of trawling through SZ, in simple terms, how do the (hopefully) new owners plan to make money from this venture? I mean, they will want a return on their investment. Am I right in assuming they will be building houses / flats etc on some of the RH site? I can't see them making money from owning the club or redeveloping the stadium etc..

 

[Floval Flyer]

So close… for one my wife will be very pleased, it’s all I ever talk about according to her.

Thanks to Medway Blue for the intel, one of many people who will be on the roster deserving a huge gratitude of thanks from the fan base.

Note that Anna Firth fighting our cause again yesterday, proving there are some MPs you can trust !

The anticipation is killing me! Looking forward to a few beers and a great game at RH tonight, and something more, maybe?!

 

[Northbank Nirvana]

View attachment 29161TAXI !!!!!!!

Maybe a ceremonial burning of this in the car park when the deal is done ??

 

[Ted]

Just saw this guy going into Roots Hall, anyone know who it is?

 

[SHRIMPERPETER]

Al?

 

[kentblues]

I'm sure this has been covered many times elsewhere, but to save me hours of trawling through SZ, in simple terms, how do the (hopefully) new owners plan to make money from this venture? I mean, they will want a return on their investment. Am I right in assuming they will be building houses / flats etc on some of the RH site? I can't see them making money from owning the club or redeveloping the stadium etc..

There is room for some residential at RH but I suspect the model is similar to what was planned for FF. £20m could do a lot, including with the East Stand (perhaps new stand entirely) to incorporate the necessary hospitality etc that was planned at FF. East South and West significantly refurbished, maybe new north stand. Capacity upped also.

@Sherif is the best person to give thoughts about what you could do with £20m. But I suspect that would be a very healthy budget.

A sustainable L1 club with such facilities would see a very tidy return financially for example or attract significant new investment?

 

[Beefy]

I'm sure this has been covered many times elsewhere, but to save me hours of trawling through SZ, in simple terms, how do the (hopefully) new owners plan to make money from this venture? I mean, they will want a return on their investment. Am I right in assuming they will be building houses / flats etc on some of the RH site? I can't see them making money from owning the club or redeveloping the stadium etc..

Champions League revenues

 

[Firestorm]

No I won't be, I sit in the East. I'll likely be in the Shrimpers Bar beforehand though!

I know Howard because the old man (Mike Schooley, @JIMSDAD) used to sit up there with him, Peter Beecroft, etc. and so that's where my brother and I sat for our first handful of games, before moving to the old RBS Family Enclosure in the West.

Then you may know me , I sat next to your Dad for years , with Pete Jim Riches etc

 

[kentblues]

Just saw this guy going into Roots Hall, anyone know who it is?

Perhaps he is the JR version of Ray Winstone. Every consortium has to have one- its the rules....:-)

 

[henry18]

I’ve been told something out at 4pm

 

[Paddypel]

The club twitter handle conveniently tweeting on the hour every other hour, I can smell it coming

 

[dusterman]

I’ve been told something out at 4pm

Is it a rat per chance?!

 

[Paddypel]

I’ve been told something out at 4pm

by ?

 

[henry18]

Someone involved in the deal .. you can believe me or not makes 0 difference to me