Dutch Branch
Striker
Not so good then
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Sale of Southend United to Justin Rees and his consortium
- Thread starter Napster
- Start date
- Status
Not so good then
in the know
Newbie⭐⭐
But the blame and responsibility for being in that situation falls on RM only. Wouldn't blame a potential buyer .
Absolutely. Even as a fan as much as I love the ****ing club, would I wait to see if I could get it almost debt free?
My head tells me absolutely I would wait, but my heart says no I'd buy it right now debt and all.
Green Wizard
Colchester⭐⭐
If Administration happens would that mean the club can carry on, the embargo lifted, all debts written off and another 10 points deducted? As the club doesn't own anything substantial it can't lose anything? Ron Martin doesn't want to subsidise the club anymore so unless a buyer comes along what will be the benefit to him, why wait until now? My bloody head hurt.
Minus 10 is the only guarantee there.
Everything else would be down to the appointed administrator and eventual new owner to get sorted. But yes the club would carry on, you would hope a quick sale could be agreed, Ron gone or at least with no overall control, debts paid and any credit agreements put in place which allows the embargo to be removed and players signed.
tommy tucker
Manager
If the keeper is injured as i have read somewhere .Are we not allowed to bring in a keeper for 28 days Embargo or not .
Holy Joe
Manager⭐⭐🦐
We are allowed to bring in a keeper but with conditions, such as non contract terms no better than Collins and cannot be named in same match day squad as Collin
tommy tucker
Manager
If Colin has a goinstrain then he is hardly going to be in the same match day squad And there must be plenty of keepers out the not attached to a club The state the club finds it self in any keeper is better than no keeper
WestyReturns
Striker
Surely the trust would of had this personally guaranteed against Ron if the club failed to pay etc. I'd expect that would be the least aggressive of the 'clauses' in place?
He promised to sign a personal guarantee but surprise surprise never did,
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WestyReturns
Striker
And the trust just accepted that!!!! WOW
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They did at the time as it was helping to pay unpaid staff
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Dutch Branch
Striker
He even managed to manipulate that deal in his favour too, unbelievable has this man no shame.
Fairport
Coach⭐
I think administration is the odds on favourite now, not exactly unusual for a football club, morally totally wrong but from a business point of view it makes sense. If it happens I wouldn't be surprised if the Administrator is contacted by a number of interested parties. Another faint hope is that someone comes along at the eleventh hour (3 Oct) and does a deal with the dodgy property developer.
Flinty
Not a member⭐🦐
He knocks charities for money so no surprise there !
SuperBlue
Newbie
The debenture is likely to be severely questioned given its timing and may not actually be considered by administrators.
Ron won’t be able to guarantee that he can get the club back after administration so he will lose all the “debt” built up.
The club still has zero in the way of assets, and HMRC will still need to be paid in full.
So all it actually does is get rid of some of the smaller debt and anything that hasn’t been dug up in the due diligence.
I don’t think admin is likely at all. As many have said he either negotiates on his price or eventually HMRC will just wind us up.
Ron won’t be able to guarantee that he can get the club back after administration so he will lose all the “debt” built up.
The club still has zero in the way of assets, and HMRC will still need to be paid in full.
So all it actually does is get rid of some of the smaller debt and anything that hasn’t been dug up in the due diligence.
I don’t think admin is likely at all. As many have said he either negotiates on his price or eventually HMRC will just wind us up.
Holy Joe
Manager⭐⭐🦐
I think it's more for when the injured player recovers, it doesn't have to be automatic that the replacement player leaves
Dutch Branch
Striker
Unreal
THE SEVENTIES NORTH BANK
Life President⭐⭐🦐
This guy has no shame. The Trust obviously took him for his word, which again proves his word is worth f-all. Slippier than an ice rink.
Thundersley Blue
Coach⭐🦐
I still think Administration is still the last thing The Rat would want. Think of all those cans of worms that The Administrator would want to open.
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