Sale of Southend United to Justin Rees and his consortium

[BALDY]

I wonder what RM wants to sell?
RH is in a poor state and has seen far better days

 

[Yer Blues]

I wonder what RM wants to sell?
RH is in a poor state and has seen far better days

There are literally hundreds of posts like this.

Please don't drag it up again.

 

[Uncle_Rons_Teapot]

And around we go again

 

[WestyReturns]

The quote from Justin is a message he sent me. Again I work in sports news publishing. It’s not hard to ask people questions and get answers.

I was going to upload the screenshot. @Cricko has seen the screenshot.

It’s public knowledge he is still looking for investment partners. This is how consortiums work. One person fronts it, other people find it.

OK, so your previous comment could be taken out of context then as you made it seem like he's just starting to drum up interest. I'd expect he's already got several parties interested and is just looking for additional interest.

 

[Chairman Trigg]

After the non payment and the resulting penalty will Ron even be able to pay the wages etc this coming week.....because the buyers might just be buying a club with one foot in the NL South if more points are deducted . Ron selling the club for £1 might be over valuing it . Seriously becoming worried he'll pull the admin trick at the last minute

 

[fbm]

The quote from Justin is a message he sent me. Again I work in sports news publishing. It’s not hard to ask people questions and get answers.

I was going to upload the screenshot. @Cricko has seen the screenshot.

It’s public knowledge he is still looking for investment partners. This is how consortiums work. One person fronts it, other people find it.

I'm wondering, with 38 days to go, whether the pressure is being placed on the wrong person.

Perhaps pressure needs to be ramped up on buyers to meet the asking price, find the funding or whatever is needed to pay the bills before 4th October. I genuinely do not think any potential buyer is in a position to complete before then... especially if one of them is still looking for funding!

This club needs the money to pay off the debts in 5.5 weeks. Ron isn't going to fund it anymore. There are thousands of us fans however and so perhaps we should be looking at rescuing the club ourselves.

Perhaps the Trust can get a meeting with TL to see how much needs to be raised? It's only money coming in that is going to save us. Focusing our efforts on getting Martin out at this point in time is a waste of our effort and energy. If the funds aren't there for the bills to be paid, we will be wound up and it will all be irrelevant.

 

[southendkid]

Maybe because he doesn't want to sell but is just going through the motions so that when it does all go tits up he can say well I did try but it was the buyers that failed to come up with the money. He thinks that he can stand back and say I did my best. Possible?

I think this has been too drawn out for Ron to legitimately want us wound up. I think Ron was given so many last chances that he had deluded himself into believing that he was in control, now that the penny has finally dropped (assuming it has, it wouldn't surprise me if he still thinks it will work out for him) it's probably too late for us to be saved.

 

[Benfleet A1]

This Aussie is either a charleton or the bid is a load of bollocks. No one bids to take over a business, any business without the backing in place.

 

[CRATE]

This Aussie is either a charleton or the bid is a load of bollocks. No one bids to take over a business, any business without the backing in place.

Happens all the time!

 

[Benfleet A1]

Happens all the time!

Rubbish, this bloke is ment to be the front runner. I might as well chuck a bid in as well if that was the case.

 

[CRATE]

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.

This has already happened, Laurie Pinto is on his way back to the UK also.

 

[LBBlue]

I'm wondering, with 38 days to go, whether the pressure is being placed on the wrong person.

Perhaps pressure needs to be ramped up on buyers to meet the asking price, find the funding or whatever is needed to pay the bills before 4th October. I genuinely do not think any potential buyer is in a position to complete before then... especially if one of them is still looking for funding!

This club needs the money to pay off the debts in 5.5 weeks. Ron isn't going to fund it anymore. There are thousands of us fans however and so perhaps we should be looking at rescuing the club ourselves.

Perhaps the Trust can get a meeting with TL to see how much needs to be raised? It's only money coming in that is going to save us. Focusing our efforts on getting Martin out at this point in time is a waste of our effort and energy. If the funds aren't there for the bills to be paid, we will be wound up and it will all be irrelevant.

This is of course the crux of the problem. The income that the club receives from its supporters/loyal fan base/ customers is no where near enough to allow the club to be financially stable and it is reliant on a benefactor to balance the books.

Is football unique where the fans etc whose hobby/ favourite past time, passion is reliant on an outside benefactor to enable the participants to enjoy their hobby?

Since the last watershed in 2010 the club has operated at a loss in each and every year, even after removing the inter company rent and management charges.


2010/11 Loss £1.15m
2011/12 Loss £726k
2012/13 LDV at Wembley Loss 614k
2013/14 Loss £1.267m
2014/15 Promotion Loss £1.812m
2015/16 Loss £707k
2016/17 loss £1.305m
2017/18 Loss £2.339m
2018/19 Loss £1.828m
2019/20 Relegation to L2 Loss £797k
2020/21 Relegation to NL Loss £1.004m


So would 5000 people be willing to put in £200 each extra every year to generate an extra £1m to balance the books - I doubt it.

I don’t buy a season ticket - I live 2 hours away and couldn’t afford the travelling cost to see every game - so the games I don't attend, the club gets nothing from me - apart from maybe a small share of a streaming fee. Guilty as charged.

At the end of July 2017 we owed HMRC £195k probably with no arrears. At the end of July 2021 we owed HMRC 10 times as much £1.95m - and other creditors around £2m.

We have been technically insolvent for years. Whilst SEL has funded in total £15.5 m at the end of 2021 it is £3m + short of the total deficits. This is what RM keeps funding now - the catch ups from prior years as creditors demand their money.

A Ltd Company is a private company and once there is a majority shareholder it’s completely in their hands.

If someone buys SEL/ Ron’s shares the club will be in the same position still reliant on a benefactor. Will supporters pay more for their hobby - I doubt it.

Football finance is a mess, will the Govt actually do anything? - I doubt it - too many vested interests.

 

[Thor1]

I think this has been too drawn out for Ron to legitimately want us wound up. I think Ron was given so many last chances that he had deluded himself into believing that he was in control, now that the penny has finally dropped (assuming it has, it wouldn't surprise me if he still thinks it will work out for him) it's probably too late for us to be saved.

I'm of the belief that no deal will be done before the next court date and we'll be wound up (not the end of the world as I see it as a 2nd chance, a painful one but a fresh start nevertheless) my only hope if this is the case is Ron is shunned by society and ends up in the poor house and treated as a social leper. We'll come back stronger and hopefully with some new investors be a competitive club again. Obviously I dearly hope I'm wrong but I really think that t*at has f*cked us.

 

[Holy Joe]

This is of course the crux of the problem. The income that the club receives from its supporters/loyal fan base/ customers is no where near enough to allow the club to be financially stable and it is reliant on a benefactor to balance the books.

Is football unique where the fans etc whose hobby/ favourite past time, passion is reliant on an outside benefactor to enable the participants to enjoy their hobby?

Since the last watershed in 2010 the club has operated at a loss in each and every year, even after removing the inter company rent and management charges.


2010/11 Loss £1.15m
2011/12 Loss £726k
2012/13 LDV at Wembley Loss 614k
2013/14 Loss £1.267m
2014/15 Promotion Loss £1.812m
2015/16 Loss £707k
2016/17 loss £1.305m
2017/18 Loss £2.339m
2018/19 Loss £1.828m
2019/20 Relegation to L2 Loss £797k
2020/21 Relegation to NL Loss £1.004m


So would 5000 people be willing to put in £200 each extra every year to generate an extra £1m to balance the books - I doubt it.

I don’t buy a season ticket - I live 2 hours away and couldn’t afford the travelling cost to see every game - so the games I don't attend, the club gets nothing from me - apart from maybe a small share of a streaming fee. Guilty as charged.

At the end of July 2017 we owed HMRC £195k probably with no arrears. At the end of July 2021 we owed HMRC 10 times as much £1.95m - and other creditors around £2m.

We have been technically insolvent for years. Whilst SEL has funded in total £15.5 m at the end of 2021 it is £3m + short of the total deficits. This is what RM keeps funding now - the catch ups from prior years as creditors demand their money.

A Ltd Company is a private company and once there is a majority shareholder it’s completely in their hands.

If someone buys SEL/ Ron’s shares the club will be in the same position still reliant on a benefactor. Will supporters pay more for their hobby - I doubt it.

Football finance is a mess, will the Govt actually do anything? - I doubt it - too many vested interests.


View attachment 28482

Maybe a membership scheme where an annual fee allows you to be a member of the club, with voting rights - I think the fan owned Athletic Club Bilbao runs on a similar system - albeit with many more members

 

[Alexshrimper]

I'm of the belief that no deal will be done before the next court date and we'll be wound up (not the end of the world as I see it as a 2nd chance, a painful one but a fresh start nevertheless) my only hope if this is the case is Ron is shunned by society and ends up in the poor house and treated as a social leper. We'll come back stronger and hopefully with some new investors be a competitive club again. Obviously I dearly hope I'm wrong but I really think that t*at has f*cked us.

sadly I can’t see past this unless WE and some help can steer a different course

We should get ready for the next -10 on play day

The only option is above us and we need the mp’s help with not just Ron but his family and whole business operations

 

[danbowen]

Any idea as to what @CRATE was posting about on Twitter last night with Tremaine celebrating something?

 

[stewart]

If the club is wound up , i think RM and family ,there life will be utter hell , they would really need to move out and far away from the area .

 

[Richard Hearn]

Any idea as to what @CRATE was posting about on Twitter last night with Tremaine celebrating something?

Won a scratchcard on the Lotto draw?

 

[Cricko]

If the club is wound up , i think RM and family ,there life will be utter hell , they would really need to move out and far away from the area .

I don't give a **** about RM and how his family will be in hell, it will be to late for us by then, action is needed now and it is in motion.

We cannot as a fan base let our club die for one man's greed.

 

[Hadleigh-shrimper]

I don't give a **** about RM and how his family will be in hell, it will be to late for us by then, action is needed now and it is in motion.

We cannot as a fan base let our club die for one man's greed.

What can we do all for protesting and helping but if he won’t listen