Sale of Southend United to Justin Rees and his consortium

[SPALDINGBLUE]

Emersons, NPower, PG SS were the additional listed creditors on the WUP, I think?

plus the lawyers napiers ?? £250k

 

[hlane17]

Tbh, I’d be surprised if even that would save us.

The way I see it, if we don’t pay those debts by the time of the court case, we are done.

To be honest, I'm of the same opinion too.

 

[danbowen]

The league would have booted us if there was somewhere to boot us too. Ultimately they didn't want to kill a club off.

I am not sure you are correct with this. I think most clubs in our league are happy to have us there due to the big attendances we often take to away games. If I remember correctly didnt the Dorking owner say they rely on clubs like us?

 

[Snowy]

plus the lawyers napiers ?? £250k

I nearly read that as Napster was owed £250k.

 

[Blues4LifeDan]

I am not sure you are correct with this. I think most clubs in our league are happy to have us there due to the big attendances we often take to away games. If I remember correctly didnt the Dorking owner say they rely on clubs like us?

I agree. I watched the NL highlights from the weekend and I was staggered by how empty some of the stadiums were. Solihull were top at the time I think and it was a ghost town. They weren't the only team either. They must thrive on the away support from us, Chesterfield, Oldham and the like. It must be essential to their coffers.

In fact, I think the only clubs that would have a problem with us are the bigger clubs I just mentioned because we are a threat to their promotion hopes and they don't want us to have perceived 'preferential' treatment.

 

[Napster]

I nearly read that as Napster was owed £250k.

I wish!

 

[thenobster]

I am not sure you are correct with this. I think most clubs in our league are happy to have us there due to the big attendances we often take to away games. If I remember correctly didnt the Dorking owner say they rely on clubs like us?

A case of 'don't you know who we are?' And 'you wouldn't dare'? If the clubs well run, unlike ours, they'll adjust. There will always be someone to fill our gap

 

[greyerfox]

plus the lawyers napiers ?? £250k

I think you may be referring to Kingsley Napley, solicitors, who were chasing Ron personally for their fees in connection with his being prosecuted for fraud, a charge eventually dropped if I remember correctly.

 

[fbm]

I get what you're saying but it doesn't make any sense to start the season and start paying wages etc if he's just going to let it die! Just my opinion, if you can make sense of it all you're a better man than me!

I get what you are saying but the Rat is a law unto himself.

I really hope you are right and the club is sold but just can't see it

The key here is that Ron isn't paying the wages... the club is. Ron has just stopped putting money into the club (apparently) so now the club has to survive on its own income, TV money, gate receipts, merchandise, etc.

 

[SuperBlue]

Once they obtain it, who then funds the club day to day?

It costs so much to run.

Whoever buys the club will have a friendly lease from the council with an obligation to purchase. ie do as a Joint Venture with the council similar to what has happened at Bury, but do it pre liquidation! It is a very simple model that would not be that difficult to arrange subject to the council being willing and able to do it. Though they would also be able to borrow at still very friendly rates given you have a future guaranteed exit.

If the council would play ball it is simple. Though i am sure hundreds will try and rubbish it as an idea.

 

[rigsby]

I think you may be referring to Kingsley Napley, solicitors, who were chasing Ron personally for their fees in connection with his being prosecuted for fraud, a charge eventually dropped if I remember correctly.

Seeing as the case was dropped surely Ron would have been awarded costs. Maybe he pocketed them and didn't pay the solicitors?

 

[Richard Hearn]

I wish!

Not sure why. You wouldn't be seeing it again.

 

[Napster]

Not sure why. You wouldn't be seeing it again.

I can use it to leverage something else

 

[Snowy]

I wish!

Services to RM eh Naps.

 

[Blues4LifeDan]

Whoever buys the club will have a friendly lease from the council with an obligation to purchase. ie do as a Joint Venture with the council similar to what has happened at Bury, but do it pre liquidation! It is a very simple model that would not be that difficult to arrange subject to the council being willing and able to do it. Though they would also be able to borrow at still very friendly rates given you have a future guaranteed exit.

If the council would play ball it is simple. Though i am sure hundreds will try and rubbish it as an idea.

But surely the only attraction for any prospective buyer at present is the opportunity to go to FF.

Buying Roots Hall and the club only offers no return for that buyer. I can't see how there is anyone out there that just wants to purchase that with no return.

 

[annie1954]

Nice idea but with what? councils are declaring bankrupcy. Not sure they would have the funds to do that without a significant and quick return for that investment.

I think your right Southend council have know spare cash to throw around they are doing all they can to save money

 

[West Stand]

I'm not sure that's true. They don't have any right to divert monies due to us to one of our creditors.

It's much more likely that the cash hit our bank account and then immediately was used by us to pay some of the HMRC bill.

The NL can in certain circumstances divert monies from central funds but that normally is where the club is in liquidation and funds are diverted to football creditors. I believe there is also provision for a club to ask for central funds to be sent elsewhere but I am pr sure that comes at a cost

I am not sure you are correct with this. I think most clubs in our league are happy to have us there due to the big attendances we often take to away games. If I remember correctly didnt the Dorking owner say they rely on clubs like us?

Not 100% sure on that one at all. I spoke to a while ago to an ex chair of a fellow NL club and he acknowledged the away following but wondered how the league was affording SUFC such latitude and went as far to say any other club would have been subjected to far more sanctions.

 

[Suffolk Blue]

But surely the only attraction for any prospective buyer at present is the opportunity to go to FF.

Buying Roots Hall and the club only offers no return for that buyer. I can't see how there is anyone out there that just wants to purchase that with no return.

If we vacate RH then the site has potential to generate many millions of profit. All an owner of RH needs to do, as far as I'm aware, is provide us with a stadium that is at least as good, and as big as RH.

I think something affordable (a 10,000 capacity Lego stadium or Scunthorpe model probably) could be built with a bit of help from the council with them finding us a plot of land and helping the planning go through, and any new stadium that has decent health and safety would surely be considered as good as, or better than RH in its current state.

 

[SuperBlue]

But surely the only attraction for any prospective buyer at present is the opportunity to go to FF.

Buying Roots Hall and the club only offers no return for that buyer. I can't see how there is anyone out there that just wants to purchase that with no return.

You can always find a new site to build on.

Or rotate Roots hall and develop the corners.

Or just run a sustainable club instead without the need to actually move at all!

Forget fossetts and move on. That is one man’s dream and it’s ruining the club. Take that element away and run the club as a business whereby you budget properly for everything thing and don’t lose money. Now I appreciate I have simplified the running of the club here but get the priorities right first.

Don’t invest in football for a return or you’ll always be disappointed. Break even no matter what you develop out for extra cash flow and be happy it isn’t costing you £1m a year to run.

 

[Blues4LifeDan]

You can always find a new site to build on.

Or rotate Roots hall and develop the corners.

Or just run a sustainable club instead without the need to actually move at all!

Forget fossetts and move on. That is one man’s dream and it’s ruining the club. Take that element away and run the club as a business whereby you budget properly for everything thing and don’t lose money. Now I appreciate I have simplified the running of the club here but get the priorities right first.

Don’t invest in football for a return or you’ll always be disappointed. Break even no matter what you develop out for extra cash flow and be happy it isn’t costing you £1m a year to run.

But we aren't sustainable by staying at Roots Hall. The ground is beyond help. It pains us to admit it because we love it so much. However, there is no escaping it. Our main stand is made of wood and is an accident waiting to happen. The rest is held together with asbestos. The place should be condemned. It's a sobering thought but unfortunately true.

The idea that we can rotate the ground is plausible if money is no object. The problem is, no one is going to invest in such a thing, it will cost millions. The geographic placement of Roots Hall makes such changes so expensive. The excavation in the carpark would cost a tidy sum alone.