Sale of Southend United to Justin Rees and his consortium

[Callumturner22]

All being well and if the deal goes through anyone else a tad concerned about him not having enough funds to run the club on he’s own . Or do you reckon he really is relying on some investors to be part of the consortium to have some extra safety.

 

[Bromley Blue]

Has Ron engineered a situation where the club needs to be bought now in a rush to force a buyer into conceding on the usual amount of DD?

He’s managed to kick the can down the road by using previous bidders for leniency in the court room but it does really feel like last chance saloon time now and so I’m wondering if that would help him hide a few more skeletons given the time pressure involved.

 

[shrimpled]

All being well and if the deal goes through anyone else a tad concerned about him not having enough funds to run the club on he’s own . Or do you reckon he really is relying on some investors to be part of the consortium to have some extra safety.

Certainly. From what I gather his access to capital isn’t an issue, it’s all about limiting his personal exposure.

 

[danbowen]

Has Ron engineered a situation where the club needs to be bought now in a rush to force a buyer into conceding on the usual amount of DD?

He’s managed to kick the can down the road by using previous bidders for leniency in the court room but it does really feel like last chance saloon time now and so I’m wondering if that would help him hide a few more skeletons given the time pressure involved.

Well it is 100% last chance saloon time. Either it all gets paid or we go under. No it’s no buts Octobers court case will be the last one hopefully to close the case down and not the club.

 

[* ORM *]

I think we’ve focussed on the wrong mystery Aussie bidder. It’s her, I know it’s her. We should be so lucky, lucky, lucky lucky.

 

[tommy tucker]

SO many if buts .What if he doesnt have the money .What if there is a dark concortium waiting in the wings on there whuite charger to save our club . To be honest who buys the club .Or who loans someone money to save our club .All i want is like most a closer of this .The money is paid off them the club can move on to a new chapter Long live SUFC .

 

[It'sGrimUpNorth]

I bet the rat loves reading this thread. Seeing how agonising it is for us shrimpers.
F@c! Off Ron.

 

[West Stand]

Ron Martin will never get the opportunity to bulldoze roots hall and build flats.

The backlash from the town/city against him would be incredible. And massive pressure on the council and local MPs.

Understandably this is an emotional response but the reality is if SUFC was no more and RH is left to rot ( even more) then a developer would happily take on the project and it would almost be impossible if left vacant for circa five years for the local council, to stop what would be a Brownfield development.

Five years is relevant because past that time the site would no longer get protection as a designated playing field.

The Elephant in the room for me is the planning permission being sought for a reduced capacity stadium at FF. That stadium be it 22k or a16k capacity will unlock development on both sites and that unfortunately could happen without a football club being in existence.

The reality is there would be a bigger bottom line profit without a money pit that unfortunately is SUFC .

 

[West Stand]

Well it is 100% last chance saloon time. Either it all gets paid or we go under. No it’s no buts Octobers court case will be the last one hopefully to close the case down and not the club.

That’s how I see it so it sort of surprises me that some seem to be focussed on matters that cannot feasibly or legally happen within the next three weeks.

For instance who could the council loan enough money to to clear the WUO debt ? Whoever or whatever that is would have to have 1) security against which the debt could be secured and 2) Ability to not just service the debt but almost certainly a business plan to repay the capital.

But even the the WUO isn’t the only priority debt you then have the accumulated HMRC post 23/3

I am not saying that given time things couldn’t be sorted with say the Council but legal process is almost impossible to be completed in the time left

 

[Sparte]

I was talking to a mate about the plight of SUFC at the weekend, the sale, winding up order etc when his Mrs shouted from the other room “I’d rather save Wilko than SUFC!”… the stress and pressures are obviously impacting family life

 

[kentblues]

Has Ron engineered a situation where the club needs to be bought now in a rush to force a buyer into conceding on the usual amount of DD?

He’s managed to kick the can down the road by using previous bidders for leniency in the court room but it does really feel like last chance saloon time now and so I’m wondering if that would help him hide a few more skeletons given the time pressure involved.

JR has been going on for weeks and if Kimura are in anyway involved they did DD also so unlikely

 

[Chrisb]

The Elephant in the room for me is the planning permission being sought for a reduced capacity stadium at FF. That stadium be it 22k or a16k capacity will unlock development on both sites and that unfortunately could happen without a football club being in existence.

The reality is there would be a bigger bottom line profit without a money pit that unfortunately is SUFC .

Do we know if there a date for that to be discussed/decided by the council ?

 

[edwardss2]

For instance who could the council loan enough money to to clear the WUO debt ? Whoever or whatever that is would have to have 1) security against which the debt could be secured and 2) Ability to not just service the debt but almost certainly a business plan to repay the capital.

This is right.

Maybe I have missed something, but it is not clear to me what the intention is. If it is the purchase of the ground then it is possible to sort of imagine they might get a return, or at least that it could be some kind of community facility. As Councillors are comparing it to investing in the Victoria Shopping Centre, I am guessing this is what they mean.

The Council has a clear Capital Investment Strategy. I am not a legal expert but if they were to not follow this presumably it would lead to a Judicial Review as someone somewhere is likely to object. I am pretty sure that wages and associated running costs could not be treated as capital anyway, so which budget would this come from?

Is there even a date for the Special Meeting which I think was called to discuss this? If they were serious about this they would have started this process many, many months ago.

 

[alansufc23]

Anyone starting to feel like we won't have a club in a few weeks

Where the ****s the protests

Where has all the noise gone

The slience from the club is shocking

For months and months our mental health has taken a hit

Waiting for this and that and nothing

RON ****ING MARTIN DOESN'T WANT TO SELL THE CLUB

We have less than 4 weeks until out beloved club has gone

 

[Callum]

Wish I could bulldozer Ron Martin house lol greedy ****

 

[Westcliff DGS]

JR has been going on for weeks and if Kimura are in anyway involved they did DD also so unlikely

I agree it is unlikely.

The issue with consortiums is agreement in the short and long term. For instance if JR is still looking for an investor and say said investor is putting in +25%, would he then think i want my own DD as i am not sure baout those before as those deals didnt come to fruition, so whats wrong with the DD or were there other issues. All in all I therefore want DD done by someone I trust etc

It is going to be very close to the deadline thats for sure, the comments from Cox seems to have muddied the waters a little re the council involvement, but it has ot be said no amount was ever mentioned by the council (that i saw) and they only said the may they didnt guarantee. Would be hard for them to back down as you mentioned last week (to which I agreed) but al in all everything is as clear as it has been over the last 4 months and more.

 

[Strykr]

it all just seems so absurd doesnt it.

Some random australian guy with no football background appearing from nowhere saying he wants to buy the club, but doesnt have the money to do so.

What happened to this global agency that was supposed to be finding a buyer?
Not knocking stan, but what happened to his long list of buyers?

I get that rons a slippery ****er probably hiding a few million of debt but in todays reality, if someone wants to buy a football club shouldnt they have x amount of millions to invest? at least initially to get us out of the doldrums?

sick of it all.

 

[Yer Blues]

Anyone starting to feel like we won't have a club in a few weeks

Where the ****s the protests

Where has all the noise gone

The slience from the club is shocking

For months and months our mental health has taken a hit

Waiting for this and that and nothing

RON ****ING MARTIN DOESN'T WANT TO SELL THE CLUB

We have less than 4 weeks until out beloved club has gone

No.

 

[alansufc23]

No.

Lovely response there

Helped massively

 

[Tommy2holes]

I must admit it does seem that the fan base has become complacent.

The club could be gone in weeks and protests etc appear to have dried up.