Echo News Southend United consortium ‘risk taking on club with no assets’

[Shrimper]

Are they hoping to complete this today?

 

[Shrimpergonzo]

Maybe the sweetener to the deal could be the new training ground? Or is that mortgaged to the hilt as well?

 

[borientater]

So long as there’s a SUFC to watch on a Saturday afternoon I don’t really care what goes on behind the scenes , got enough in my own life to keep on top of without needing to know the ins and outs of the running of the club.
Never understood this new fad of needing transparency in every thing nowadays tbh

 

[ForeverBlue]

Maybe the sweetener to the deal could be the new training ground? Or is that mortgaged to the hilt as well?

Ron didn’t pay for the new training ground.

 

[Shrimpergonzo]

Ron didn’t pay for the new training ground

He doesn't pay for much!

I think the ownership is transferring to POSU at some stage, presumably this was meant to be when the whole deal completes. My point was maybe this can be brought forward, unless it also has charges on it.

 

[Spaceman Spiff]

‘it buys more time’ …. Those four words should be a worry on every shrimpers mind

Not really - at this point it’s a choice of ‘no time’ and ‘some more time’ isn’t it?

 

[ForeverBlue]

He doesn't pay for much!

I think the ownership is transferring to POSU at some stage, presumably this was meant to be when the whole deal completes. My point was maybe this can be brought forward, unless it also has charges on it.

I’m sure he’s doing his very best to hide many debts that the consortium won’t be aware of at the club.

 

[dusterman]

I’m sure he’s doing his very best to hide many debts that the consortium won’t be aware of at the club.

You’re gonna stick around if this gets done or we die, aren’t you fella? You bring da fun bruh. Don’t wanna miss it when my club’s gone.

 

[Sammy Shrimper]

He doesn't pay for much!

I think the ownership is transferring to POSU at some stage, presumably this was meant to be when the whole deal completes. My point was maybe this can be brought forward, unless it also has charges on it.

I think the new training ground is owned by Thames Plaza plc, which has a charge for a loan arranged by CBRE. The land titles are listed in the Deed at Companies House. Not that easy to understand as there isn’t a plan showing each plot.

 

[TUMBO]

Can someone remind me what POSU stands for again?

He doesn't pay for much!

I think the ownership is transferring to POSU at some stage, presumably this was meant to be when the whole deal completes. My point was maybe this can be brought forward, unless it also has charges on it.

 

[Holy Joe]

Can someone remind me what POSU stands for again?

Property of Southend united

 

[dusterman]

Property of Southend united

I thought it was ‘Prisoners of Southend United’

 

[ColinMorrisWalksOnWater]

Now what's the odds of Martin leaving one house uncompleted to drag out the sale of Roots Hall down the line?

 

[Tommy2holes]

How does this even work.

So they will own the club. What is the club. The name and players contracts etc?

What's to stop Ron barring the club from playing at roots hall and leaving "the club" homeless.

Will the consortium have to sign a lease agreement for X amount of years.

Can the consortium still renovate or will they even want to.

Surely, owning roots hall is the key to success. I'm not sure I see how this works.

 

[WestyReturns]

How does this even work.

So they will own the club. What is the club. The name and players contracts etc?

What's to stop Ron barring the club from playing at roots hall and leaving "the club" homeless.

Will the consortium have to sign a lease agreement for X amount of years.

Can the consortium still renovate or will they even want to.

Surely, owning roots hall is the key to success. I'm not sure I see how this works.

Thats the things they will no doubt be discussing! I'm sure they wouldnt be silly enough to agree to something where we could be homeless or rental costs would be fixed.

 

[Holy Joe]

How does this even work.

So they will own the club. What is the club. The name and players contracts etc?

What's to stop Ron barring the club from playing at roots hall and leaving "the club" homeless.

Will the consortium have to sign a lease agreement for X amount of years.

Can the consortium still renovate or will they even want to.

Surely, owning roots hall is the key to success. I'm not sure I see how this works.

This was always the plan. It's been previously mentioned club will have a 25yr lease on RH. RH will be sold to POSU when planning permission is granted for FF.

What we don't know is if this plan needs to change that they're now buying the club before there is a financial agreement between council and Ron

 

[Jim Levenstein]

Shrimperzone, the political battleground where politics is banned.

 

[Shrimpergonzo]

Shrimperzone, the political battleground where politics is banned.

Quite correct, Jim!

 

[kentblues]

Hmmm…
The original deal was that ownership would transfer when DD was signed off, external audit complete and contract with SCC signed. At that point COSU would own the club but no guarantee FF would happen or planning be approved. That situation of course is the same as now.

The stadium to POSU also will only happen with PP. Nothing has changed.

The only thing that has changed is the balance of risk as CllrCowan has said. The additional risk being the difference between HoT only being in place and DD having been completed, external audit and signature- that risk will be informed by SCC now being confident that DD will pass on the new deal.

Newsflash: the original terms also carried the risk of COSU taking on a club with no assets!!!!!

I do want to see that commitment from SCC re the timeline for DD and external audit. Would be surprised if COSU haven’t insisted on same. Yes this all provides more time for it to happen BUT should not result in it taking more time than absolutely necessary!

 

[stephencummins]

you have just jumped on to Shrimperzone 3 weeks ago,looking for votes. where have you been in the past ?

Not looking for votes, I just want to do some good. I don't follow football, but I do care about Southend, that's why I'm on here. Don't vote for me, but let me do what I can to help.