Sale of Southend United to Justin Rees and his consortium

[Blue Yonder]

25 years of the only way forward is a new stadium to the only way to survive is to scrap the idea. Takes some getting your head round. It says it believes Mr Martin won't let the club be wound up. He doesn't have the liquidity or will to sort out the debts which leaves administration which the experts on here all say is a really bad idea. Which is probably why it would happen. Add it to all the other bad ideas.

 

[hlane17]

Clear your diaries for Saturday afternoon chaps and chapettes...

Make yourself available and bring a friend.

I'll bring all my mates if I can

 

[Cricko]

I'll bring all my mates if I can

No, we need more than just one.

 

[londonblue]

F*** off Ron. Sell you pathetic excuse of a human. You dirty rat.

By the way Ron, that's how you write a statement. ****

Mate. Stop sitting on the fence and tell us how you really feel.

 

[Barling Magna]

I'll bring all my mates if I can

Blimey. Both of them?

 

[hlane17]

No, we need more than just one.

Knew that was coming! I should be able to rally 4 or 5 at least, depends on if they're available.

 

[Sparte]

I think that is the tennis equivalent of a powerful forehand into the corner of the court. Your shot, Mr. Martin.

Or a 90mph cricket delivery that's heading straight your stumps! block it, play it? your choice Mr Martin, you have a fraction of a second to decide...

 

[Richard Hearn]

I'll bring all my mates if I can

All my mates says he is busy on Saturday.

 

[Shrimper1985]

I'm sure this has been answered a million times but what does administration actually mean and why is it so bad for the consortium?

 

[Spaceman Spiff]

Yeah, good luck with that.

Like the rest of us, there are only so many options available to them and they have to carefully act on those to ensure maximum effectiveness: they can do no more than that. This looks like a sensible action from them, which looks credible and has been professionally and thoughtfully delivered.

Whatever anyone does through, in all cases the has the whip hand doesn’t he. Makes me sick thinking about it - he should never be allowed to run so much as a bath ever again.

 

[mark387]

A very good statement, which cleverly leaves Ron Martin with nowhere to hide. He can't deny that he's received a bid.

It seems the consortium believe that RM should cough up money to reverse the neglect that he's inflicted upon Roots Hall in his pursuit of a new stadium which he cannot and will not deliver. Not only has he failed to provide new facilities and mothballed the existing ones, but he will be able to earn more money by replacing the new stadium with additional housing at Fossetts. So why shouldn't he cough up?

Cleverly worded statement which is essentially publicly urging RM to do the right thing.

It seems that way. I do wonder why they would be looking for later return of funds rather than a reduction in asking price? I've not seen anything like that in a property or business sale before.

 

[LSUFC]

I'm sure this has been answered a million times but what does administration actually mean and why is it so bad for the consortium?

I have been wanting to ask this too as well as what is the difference between administration and liquidation?

 

[Medway Blue]

Yeah that stood out for me too. One day I think we’ll know a bit more about this I’m sure, but being unviable must be either:

• A financial thing (their funding and Ron’s timing not coinciding);
• A ‘lack-of-desire-to-work-with-Ron’ at all going forwards;
• Ron wants a hundred squillion pounds for it; or
• Ron will only agree to build it himself and then sell it (and they’ve looked at the plans and think it’s overpriced pony).

I doubt it’s a technical or environmental issue given the planning processes already completed.

You'll notice from the statement that JR mentions Tony Cox. So he has been in dialogue with the council. That may or may not be a clue as to how the new Administration feels about RM and the Fossetts Farm project as it stands.

 

[Gridelet's contact lens]

Do you think that the Consortium believe it is a buyers market and the Offers reflect that???

 

[londonblue]

Bottom line is that it is not looking encouraging unfortunately.

You can't buy if the seller doesn't want to sell.

How many more kicks in the guts can this club take as appears that Administration with a 10 point penalty is on the way.

Indeed. What that statement doesn't say is if Ron has made a counter offer. It's unlikely, but it could be that they made an offer, he countered and they made another offer. All the while they're getting closer to agreement.

However, my gut feeling is that he hasn't made a counter offer at all and has just said no. They have then come back with another offer, and are no nearer to knowing what he could accept.

 

[Tinks]

At the least something has been said to put away any rumours floating about.
I am pleased they are looking at staying at RH as I always wanted to.

jeez, what is wrong with this so called rat who currently still owns the club and we have always said it is him holding everything up as his still believes he will be our saviour.

lets be perfectly clear here RM only cares about one thing………………


Ron Martin.

I am fully willing to put my full support to whoever s buying our club and as said before happily give my free time up to help where needed

 

[Supershrimper]

I have been wanting to ask this too as well as what is the difference between administration and liquidation?

Administration does tend to be better for a business as it looks at ways to rescue viable aspects of the business to allow for trade to continue. Liquidation however, simply closes the business in an orderly manner

 

[dusterman]

Thoughts @ForeverBlue?

 

[londonblue]

It seems that way. I do wonder why they would be looking for later return of funds rather than a reduction in asking price? I've not seen anything like that in a property or business sale before.

Possibly because Ron needs the money to kick start the build and needs it all up front.

 

[Medway Blue]

It seems that way. I do wonder why they would be looking for later return of funds rather than a reduction in asking price? I've not seen anything like that in a property or business sale before.

The money needed to reverse the neglect at Roots Hall and then turn it into a facility that generates decent revenue for the club outside of match days (which is what any prospective new owner's business model will be built on) will cost far and beyond what RM is asking for to sell the club at the moment.

And RM needs money up front so that's probably a red line for him.