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

Forums New posts
BoyWonder2 said:
We’ve had other court cases marked as final.

We’ve had a previous adjournment on a “final” court case.

Not suggesting we will get an adjournment, but we have before.
Click to expand...
Not this time, only one man to blame for all this. Who will switch of the life support machine?

The Judge,
COSU,
NL.

All the delays and dithering are coming back to bite them. For everybody`s sake, let`s get this ended once and for all?

Final this, Final that, no more negotiations, You cannot make this **** up?
 
Hampshire Shrimp said:
Not this time, only one man to blame for all this. Who will switch of the life support machine?

The Judge,
COSU,
NL.

All the delays and dithering are coming back to bite them. For everybody`s sake, let`s get this ended once and for all?

Final this, Final that, no more negotiations, You cannot make this **** up?
Click to expand...

We will find out on Wednesday.

Before this announcement from the National League, I hear an adjournment was the most likely outcome.
 
BoyWonder2 said:
We will find out on Wednesday.

Before this announcement from the National League, I hear an adjournment was the most likely outcome.
Click to expand...
Yeah, this has really now changed the state of play. We’ll find out Wednesday for sure so will be an interesting 24 hours.
 
undercovershrimper said:
I see some of you are still mentioning Weds being adjourned, sorry to make things worse we are all putting up with enough, Weds is marked as final, there won't be an adjournment
Click to expand...
There is no such thing as ‘final’ regardless of what the judge says.
Legally they HAVE to follow procedure and make a decision based on the facts laid out in front of them.
It’s true that if we come up in front of the same judge that said ‘final’ then he ‘may’ be more inclined to wind us up, but he still needs to make a decision based on the facts in front of him.

Can you imagine if he said ‘final’ and we had ‘proof’ that we had funds in the account, had instructed a payment and the bank had an IT issue and the payment was delayed ?
 
THE consortium keen on buying Southend United believe buying the club now is the only way it can be saved.


The National League revealed last night how Blues must post a bond of £1million to prove they can fulfil their fixtures next season.
And, in a statement issued early this morning, the custodians of Southend United (COSU) have expressed their frustration towards the League.
The statement said: "COSU is extremely disappointed in the National League's latest actions, especially the timing and the short lead time to comply.

At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it's remarkable that our League is only making the situation more difficult to resolve."

The group insist the problems are not as bad as things may seem and they will now not wait for the revised Fossetts Farm plans to be agreed before taking control of the club.

The statement added: "To our fans, the situation is not as hopeless as may appear from the outside.

"We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.

"It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.

"Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and due diligence at Fossetts to continue subsequently.

"This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.

"To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future due diligence issues.


Ron and the Council know what is required and have given us assurances that they are aligned and are working towards delivering that outcome.

"We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay united and positive."
 
So COSU do not want to walk away and want the deal expedited, so it’s now over to Council and Citizen Housing to get this done and get the club signed over!
 
“To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future due diligence issues.“

This for me is the interesting part, what are the other requirements? Does this include Rat boy guarantee on further investment or do we think agreement not to pursue the £18m in inter company debt he is applied on the club?

Over to you @CllrDanielCowan is it possible to get HOT signed and agreed if all parties play ball within 24/48 hours?
 
They are very brave men. They won’t let the club die and are risking their own money to save it. There are some wealthy men involved but none of them have the wealth you would need to just write off a few million without a moment’s thought. God bless COSU. Trust what they say. The future’s bright, the future’s blue.
 
They are, hats off to all the COSU team.

Point is, the club will move from the precipice to firm ground in a heartbeat when the deal finally goes through. Regardless of the situation with Roots Hall, the club itself can thrive because it will be properly run, properly funded and the new custodians will have decent allies in SCC. That itself will attract inward investment, which will help with sustainability.
 
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