Billy Bests boot laces
President⭐⭐🦐
They loaned him £40k several months ago to pay the wages etc, which was due to be repaid by the end of August. What's the latest on that, has he repaid them, & if no then why not?.
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Sale of Southend United to Justin Rees and his consortium
- Thread starter Napster
- Start date
- Status
tommy tucker
Manager
The question I have so the council loans the trust2 million surely that is not enough to clear the debt of the Hmrc
TJC
Muppet⭐🦐
Can only guess, for the same reason he hasn't paid other creditors back. He hasn't got the liquidity and doesn't want to liquidate asserts or can't as all have charges against them
Booma
🦐
I thought the debt was around £1.4m ? So £2m would give enough to clear the WUP, and maybe some other football related debts?
Holy Joe
Manager⭐⭐🦐
But in your scenario of buying the club for a pound and borrowing 2m from council to pay debts Ron still owns RH not the club. So I'd still question how the 2m loan is repaid
Booma
🦐
The winding up order would be discharged, and the sale could then take as much time as needed. Remember RM has offered RH rent free for three years
dusterman
Nello
Don’t, there’ll be people demanding print outs of his direct debits in seconds.
CornishShrimper
Newbie
Sorry if any of this sounded in any way serious, it wasn't.
The money could be better spent hiring an Apache Attack Helicopter to hover menacingly near Ron's house until he agrees to sell.
bazzashrimper
Director
Recoup the money by adding a few quid to the infrastructure around Ron’s next development, or petition the government for a bauble tax
TJC
Muppet⭐🦐
Perhaps, but suspect it's not something he wants to draw down on or bring to attention that it exists.
If it is true he has a stash off shore, it suggests he is successful is some elements of business, which he certainly disguises well in the way he runs the club.
Barling Magna
President⭐🦐
Here is the section from the Policy Paper A Sustainable future. Southend is listed along with Morecambe and Reading:
"In addition to the analysis set out above, the financial situations of a number of clubs have significantly worsened in recent months, highlighting the need for the government to deliver at pace.
Southend United
The club has had a series of financial difficulties including payroll deadlines being missed, loan payments not being made, and obligations to HMRC not being met. HMRC has issued 18 winding-up petitions to Southend United in the past 25 years, each of which could have led to administration or liquidation. The club narrowly escaped this in February 2023, but a further winding-up petition was issued by HMRC in May 2023. Backroom staff and academy players were not paid for 2 months at the start of 2023, and at the time of publication, Southend United was under an ongoing transfer embargo."
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SuperBlue
Newbie
New buyers pay £2m. Simple
Holy Joe
Manager⭐⭐🦐
If no one is paying a £1 plus debts of 2m why would anyone pay 2m with no debts - that's the same deal
SuperBlue
Newbie
£2m for the club & roots hall and free of debt is a good deal.
Blues4LifeDan
Manager
There is no way Ron will sell Roots Hall for £2m. He wanted £1.00 for the club, £2m for debts, £2m for training ground and around £4.5m for Roots Hall (many said on here that Roots Hall site is worth £8m). No way does he then give over the club and site for £2m.
Holy Joe
Manager⭐⭐🦐
That's not for sale though is it?
Ron wants £4.5m for Roots Hall alone.
Original poster said £1 for club and £2m for debts - no mention of Roots Hall
Left post
Midfield
100% correct and from the horses mouth.
Blues4LifeDan
Manager
I think people really need to reign in their expectations. Nowhere has it been stated that the figure (£2m) is there for the taking. People are spending this, as of this moment, fictional amount before it's even been agreed, if it ever does. Plenty of fans on social media overreacting and claiming 'the council have given us £2m'. It's getting peoples hopes up too soon.
It's a great step that the council are actually discussing us, but that's all that it is at the moment, discussion. Also, be cautious. Why now? We've been in perilous situations before and they didn't want to know. Let's not forget that councils have been involved in clubs before (owning land and stadium's etc.) and it hasn't gone well.
It's a great step that the council are actually discussing us, but that's all that it is at the moment, discussion. Also, be cautious. Why now? We've been in perilous situations before and they didn't want to know. Let's not forget that councils have been involved in clubs before (owning land and stadium's etc.) and it hasn't gone well.
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