Sale of Southend United to Justin Rees and his consortium

[Dutch Branch]

Probably best to just check the National League table on Friday to see whether we have -1 points or -11 points. That will tell us all we need to know

I'd like to think Ronnie boy won't play chicken with the NL yet again and will stump up the required funds (Which as owner is the very least he should be doing by the way) for the payroll to be satisfied in full. But, I certainly won't be holding my breath.

How depressing

 

[dusterman]

Sigh.

 

[Smiffy]

View attachment 28532

Sigh.

Yeah, HOT still not agreed is not a great position to be in, 30 odd days from oblivion.

Justin and the consortium are going to have to work very fast indeed and more importantly Ron needs to work with them.

 

[dusterman]

Yeah, HOT still not agreed is not a great position to be in, 30 odd days from oblivion.

Justin and the consortium are going to have to work very fast indeed and more importantly Ron needs to work with them.

No one seems to grasp the need to move quickly with this at all.

 

[dusterman]

Add this to the fact we have Zoners (potential ITKs) saying he won’t sell to this guy anyway, just makes it all totally depressing.

 

[SS9_Shrimper]

Potentially Wallop v2.0 then. So still a long way to go.

 

[TJC]

The other option is Ron stumps up the amount under WUP just before the hearing.

I wonder if hes not likely to do so unless he is 99.9% certain he has a deal agreed. Otherwise, its money down the drain as he would let the club be wound up.
Nothing was close last time, so not worth the risk of losing £££ with the gamble being the club goes under.
If he feels the needs a little longer to get a dead cert deal over the line, he may stump up.

Clearly, he is more prepared to let the club fold that lose what ever it is he owes

 

[Tommy2holes]

The other option is Ron stumps up the amount under WUP just before the hearing.

I wonder if hes not likely to do so unless he is 99.9% certain he has a deal agreed. Otherwise, its money down the drain as he would let the club be wound up.
Nothing was close last time, so not worth the risk of losing £££ with the gamble being the club goes under.
If he feels the needs a little longer to get a dead cert deal over the line, he may stump up.

Clearly, he is more prepared to let the club fold that lose what ever it is he owes

Say the club does go under ie no buyer and Ron not paying.

Where does that leave him. I honestly can't see him being able to afford or get planning to bulldoze roots hall and or start fossetts.

The fan backlash at the council would be massive.

It's in his best interest to sell or pay the debt if he ever hopes to make money from the property element .

 

[Blues4LifeDan]

View attachment 28532

Sigh.

I know he is from there and probably has other business dealings to get on with, but if you're trying to pull of this deal with a football club, especially with a man as tricky as Ron, is it good to leave now?

I know he can leave it with someone else to deal with but surely you'd want to handle it yourself. Ron will just string his chosen negotiator along.

 

[dusterman]

I think we’re 100% going down to NLS guys. He’s not scared of the WUP but the NL will just keep penalising us. Deal might get done but the club will be in it’s lowest position ever imagined by the time it does.

 

[TJC]

Say the club does go under ie no buyer and Ron not paying.

Where does that leave him. I honestly can't see him being able to afford or get planning to bulldoze roots hall and or start fossetts.

The fan backlash at the council would be massive.

It's in his best interest to sell or pay the debt if he ever hopes to make money from the property element .

Thats our best hope and makes sense, but Ron doesn't seem to know where the boundries are when it comes to court (or perhaps he does - we haven't been wound up yet I guess).
Hes taken us closer than even the most confident gamblers amongst us would be prepared to do.
He may well get us wound up when he genuinely didn't intend to.

 

[gatecrasher]

Probably best to just check the National League table on Friday to see whether we have -1 points or -11 points. That will tell us all we need to know

I'd like to think Ronnie boy won't play chicken with the NL yet again and will stump up the required funds (Which as owner is the very least he should be doing by the way) for the payroll to be satisfied in full. But, I certainly won't be holding my breath.

The money coming in V gates and the like now would be more than enough to cover wages etc. The player wage bill must be sub 20k a week now

 

[Firestorm]

Ron could still go for administration , he must apply to the court for the winding up petition to be adjourned before it can consider whether an administration order would be in the best interests of the creditors and the petitioner. I don't know if the current adjournment will count though.

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.

www.aabrs.com

However once a winding up order is issued by the court then there is no turning back and its receivership and curtains.

Dont rule out a RM pre pack administration just yet

 

[Dave Smiths Love Child]

No one seems to grasp the need to move quickly with this at all.

You cannot move fast if your the buyer, laying out this kind of money you need to be absolutely certain the contract and DD is water tight, if and its a big if the terms are agreeable to all parties and just a case of crossing the T and dotting the I, then I believe the judge will see sense and give RM a big more wriggle room for The Men from Down under to secure the clubs future.
Courts donot like to wind up companies, if they can see progress, with RM you never know, but this does seem like his last chance saloon

 

[davgl]

The biggest issue, I imagine, is that anyone buying the club will be looking to borrow money. Most business transactions will be based on some money down and the rest borrowed.

The interest rates at the moment will not be helping. The best way to get this deal done is fan-funded, at least for a year or two, to pass on to better hands.

How many fans could put £1,000 to £5,000 to £10,000 in to save their club? The trust then buys the club, which could happen. What makes crowdfunding work?

 

[Shrimper]

The money coming in V gates and the like now would be more than enough to cover wages etc. The player wage bill must be sub 20k a week now

We're probably around £1.2m a year atm. So around £100k for wages a month

 

[united we stand]

Got whiffs of that guy with no money that nearly bought United. Be paraded on pitch next.

Some very good documentaries on this and why it didn’t come about. The news stories at the time we very inaccurate and he was treated very badly.
No idea where you got the info that he had ‘ no money’ - that wasn’t the case at all

 

[dusterman]

Some very good documentaries on this and why it didn’t come about. The news stories at the time we very inaccurate and he was treated very badly.
No idea where you got the info that he had ‘ no money’ - that wasn’t the case at all

I’ll make sure to watch them on my free Saturday afternoons and educate myself better.

 

[yogi bear up the cagire]

Haven't got the time to trawl back and check that I've got all my ducks in a row but trust that I'll be quickly corrected for any inaccuracies.
Of course one keeps hope until the very end but there have been two things which have made me even more pessimistic over the last few days. Firstly is the news today that our prospective buyer has returned to Australia. Given the timescale one would have hoped he would have remained to thrash out final details IF a deal was close? Even more worrying than this is the fact that Justin Rees was revealed as the one leading the consortium. IIUC he wasn't well pleased about this. So who would do such a thing and why??? Surely not someone who f******g loves the club?.............but just, maybe, somone who loves his f*****g money rather more than he f*****g loves the club, I don't know whether this will scupper the deal but I certaily don't think it's advanced it. The ugly side to this is that CP has been used, certainly unwittingly, to publish the leak. It is all starting to smell rather unsavoury.

 

[palexander]

The ugly side to this is that CP has been used, certainly unwittingly, to publish the leak. It is all starting to smell rather unsavoury.

And not for the first time during this whole sorry saga...