Breaking News When will the takeover go through? Council / Citizen Housing agree new Heads of Terms 26 June

[M_Simps]

There’s a cabinet meeting at the council today. SUFC is NOT on the list. Absolutely ridiculous. Should be one of the first things they should be talking about!

There's nothing for them to discuss right now, is there? From the council's point of view, they need Heads of Terms to be drawn up and agreed before anything else can happen.

 

[Yorkshire Blue]

I believe anyone joining the petition has equal rights.

For the petition to be withdrawn we would need to satisfy all creditors who have joined in the application to the court, not just the original petitioner, as any creditor with £750 or more outstanding can still take the action forward, even if the original petitioner has withdrawn.

Thanks. I think this is actually helpful to us.

Imagine a scenario where Stewarts argue to wind us up but PG Site Services, owed a similar sum argue that they now believe their best chance of being paid is to grant an extension. In that scenario a judge is likely to err on the side of caution and give more time.

So - the potential scenarios in my opinion -

1 - COSU pay ahead of the WUP and we rumble on
2 - It goes to the hearing and a judge possibly adjourns for whatever reason or winds us up

Ron won't put us in administration, of that I'm sure. There's no point. It would be better if we weren't around as a club.

3. Stewarts agree beforehand to seek an adjournment.

 

[Shrimper]

I assume the new HoT would need agreement from COSU to go ahead?

 

[Boreham Blue]

I assume the new HoT would need agreement from COSU to go ahead?

I assume it’s just between the Council and Citizen to agree and then for COSU to decide if it’s enough to keep them in the separate deal?

 

[Hadleigh Blue]

I assume the new HoT would need agreement from COSU to go ahead?

I guess that COSU would need to believe that the deal outlined in the new HOT’s has a plausible chance of passing DD before they would consider putting more money into the club prior to our court case. If they feel that the revised deal is simply another Ron wish list and has no or little chance of actually coming to fruition then I would expect them to take a chance on an adjournment based on a ‘potential’ deal being agreed between SUFC and the council, and then still chase completion but without significantly increasing their liability.

 

[Yorkshire Blue]

I assume the new HoT would need agreement from COSU to go ahead?

No.

Citizen Housing needs to agree Heads of Terms of with the Council. This deal then needs to be agreed by CBRE as well.

COSU aren’t involved in the Citizen-Council deal other than wanting a deal to be struck to allow their separate deal to proceed.

 

[fbm]

3. Stewarts agree beforehand to seek an adjournment.

That's covered by option 2... "...adjourns for whatever reason...".

But I take the point, it may be pre-agreed.

 

[Holy Joe]

There’s a cabinet meeting at the council today. SUFC is NOT on the list. Absolutely ridiculous. Should be one of the first things they should be talking about!

Nah - the less politics in the deal the better. Council has already voted to delegate to leader and council officers - I'd say keep it that way.

If this new deal will need to go to a council vote I don't know @CllrDanielCowan can you clarify if further council votes will be needed

 

[southendkid]

I know they've voiced their support elsewhere already but we got a mention on the podcast Gary Lineker and Alan Shearer do at 20:10, apparently they know about our problems because one of the producers at the BBC (Phil Bigwood) is a shrimper.

They clearly don't know enough to speak about us in depth but the podcast gets a big audience (the YouTube version usually gets around 200k viewing, I imagine the podcast version gets similar numbers) so it'll make a lot of people aware that we're in serious trouble.

 

[kentblues]

I may recall this incorrectly but I thought on one of the many earlier WUP threads that someone said that once a WUP had been issued you couldn’t opt for administration anyway?

I think you lose the option of doing so independent of the court- I think its still possible with the permission of the court.

 

[Medway Blue]

There’s a cabinet meeting at the council today. SUFC is NOT on the list. Absolutely ridiculous. Should be one of the first things they should be talking about!

It doesn't need to be discussed at a Cabinet meeting at the moment. Head of the Council and officers are dealing with it, and Daniel Cowan is spending the vast majority of his working days on this. I don't think much more could be asked of the council at this precise moment in time.

 

[ms brush]

Probably not a conventional view, but I am certain that SCC have never really had an issue with the club, but it has had a very difficult time trying to deal with the club owners...

I think SCC have gone above and beyond over the last few months.

 

[Magnum PI]

Keep the faith folks. The darkest part of night is before dawn....

 

[tommy tucker]

Probably not a conventional view, but I am certain that SCC have never really had an issue with the club, but it has had a very difficult time trying to deal with the club owners...

I think SCC have gone above and beyond over the last few months.

But unless the H O T is agreed soon it wont help the club or the concortium at all .Time is not on our side Unless a knight in shining armour comes to our rescue .

 

[Leeboy]

Keep the faith folks. The darkest part of SUFC is Martin Dawn....

edited that for you

 

[THE SEVENTIES NORTH BANK]

Probably not a conventional view, but I am certain that SCC have never really had an issue with the club, but it has had a very difficult time trying to deal with the club owners...

I think SCC have gone above and beyond over the last few months.

There was a big fallout when the council stopped letting Southend train at Priory Park. There was a feeling that the council at that time couldn't care less about SUFC. Vic Jobson then fell out with the council over the first plans to move to a new stadium. Vic famously said that the council were not supporters of the towns football club, so he might move it to Basildon. Ron Martin has been backed and supported by the council, but....he has let them down many times, causing friction and mistrust. Allegedly.

 

[Shrimper]

Should we be concerned if there's no consortium statement today? If they're not walking then it should be straightforward to release one?

 

[Holy Joe]

Should we be concerned if there's no consortium statement today? If they're not walking then it should be straightforward to release one?

I'd imagine the easier statement to write is that they 're out.

So I'm of the view no news is, for now, good news

 

[Shrimpergonzo]

I'd imagine the easier statement to write is that they 're out.

So I'm of the view no news is, for now, good news

That's my view too

 

[Flinty]

I'd imagine the easier statement to write is that they 're out.

So I'm of the view no news is, for now, good news

Or alternatively, it’s easier to say we are staying and harder to write why you are walking away