Stewart’s Law to ask court to dismiss WUP proceedings - settlement reached with SUFC

[RHB]

who's vice-chairman?

Vice Chairman
Steve Thompson MBE (Dagenham & Redbridge)

 

[Holy Joe]

Has Stewart's been paid off or have they reached a deferred payment agreement?

 

[RHB]

Has Stewart's been paid off or have they reached a deferred payment agreement?

I would imagine that we will never know. The wording implies all paid up to me.

 

[londonblue]

I would imagine that we will never know. The wording implies all paid up to me.

If it is they may not want to publicise.

 

[Medway Blue]

No club can, with any certainty, guarantee in advance they are (and will remain) fully funded for a whole season.

Of course they can't, but they can show intent and demonstrate that there is money or forecast funds there to meet upcoming obligations. Once again, other clubs can do that and we can't.

 

[borientater]

I’d like to know how they came up with that figure £1m ?

 

[borientater]

So what if we post a £1M bond then 2 thirds of the way through the season we start to get tight for money are they gonna release some back to help out ?

 

[RHB]

Of course they can't, but they can show intent and demonstrate that there is money or forecast funds there to meet upcoming obligations. Once again, other clubs can do that and we can't.

........yet.

 

[Smiffy]

So what if we post a £1M bond then 2 thirds of the way through the season we start to get tight for money are they gonna release some back to help out ?

Under COSU ownership, or if we can prove our ability to fund the season via other means, then there is absolutely no need for the bond.

Therefore, I would imagine COSU have no plans to pay this and instead complete the takeover of the club at the earliest opportunity.

If the rat doesn't play ball and complete the sale of the club to COSU (via the new "de-coupling" route) in the coming days, then that is another conundrum entirely and one we don't want to think about.

 

[Napster]

If the rat doesn't play ball and complete the sale of the club to COSU in the coming days, then that is another conundrum entirely and one we don't want to think about.

Too late! aaaaaarrrrrrrrggggggghhhhhh

 

[Supershrimper]

All the other clubs have provided detailed finance and accounting info which demonstrates that they can be fully funded and meet their financial obligations throughout the season.

SUFC have not.

Do COSU have the details but haven't submitted because they don't technically own the club and therefore we have fallen down because we are still technically under Rons watch?

I assume once the takeover has gone through COSU will provide the detailed information required to satisfy?

 

[Rattus Norvegicus]

If anyone is bothered, the National League Rules for the 23/24 Season can be downloaded here


https://www.thenationalleague.org.uk/downloads/rules

For a League that make it up as they go along so far there are 129 pages of rules.

Appendices D and E pages 77 to 88 cover detailed financial monitoring for all clubs.

With our financial accounting record is hardly surprising they have kept a close eye on our financial situation.

I know it is nice to have a scapegoat - someone (something) to throw stones at & blame - but I think many of you are being a bit hard on the National League.

It would be so much easier if each of the clubs in the league were properly run, didn't get themselves in trouble & be in a constant state of flux.

But that isn't the case and so rules are put in place or amended to deal with situations as they occur.

After all, who could make up the ins and outs of our (Southend United) club during our stay in this league? Such a story is all but unbelievable.

 

[kaymac]

Of course they can't, but they can show intent and demonstrate that there is money or forecast funds there to meet upcoming obligations. Once again, other clubs can do that and we can't.

Showing intent means nothing. As for forecasting on funds, tantamount to an educated guess (or hope) that funds will be found or what’s already in hand deemed sufficient….whereas a lot of things change financially over a season.

 

[kaymac]

I know it is nice to have a scapegoat - someone (something) to throw stones at & blame - but I think many of you are being a bit hard on the National League.

It would be so much easier if each of the clubs in the league were properly run, didn't get themselves in trouble & be in a constant state of flux.

But that isn't the case and so rules are put in place or amended to deal with situations as they occur.

After all, who could make up the ins and outs of our (Southend United) club during our stay in this league? Such a story is all but unbelievable.

No, not at all, they are genuinely cr*p… and always have been.

 

[LBBlue]

Showing intent means nothing. As for forecasting on funds, tantamount to an educated guess (or hope) that funds will be found or what’s already in hand deemed sufficient….whereas a lot of things change financially over a season.

That’s all part of sound financial management, budgeting, monitoring, cash flow forecasting and reacting to it. SUFC has been the biggest basket case in this regard for years. The amount we owed trade creditors at the end of July 2023 was a mere £2.4million, which is probably more than the turnover of the vast majority of NL Clubs.

The NL require clubs to make quarterly returns to them showing their financial position.

 

[kentblues]

It is probably true to say many clubs in the league are loss making and are only viable because of the ongoing support of an individual benefactor who could, heaven forfend, be run over by the proverbial Clapham omnibus tomorrow. Yet the league will accept that on the basis that they get a statement from said benefactor that yes the accounts are horrible but I will continue to underwrite the club. Si despite the club therefore not being self sustaining the league don’t request bonds.

So they are not that serious about ensuring clubs can complete the upcoming season, which is why so many administration events have happened in the EFL and NLs mid season.

Which in our case also means COSU can take over and also say yes the accounts are a car crash but we will fund the club going forward. And all will be fine.

Obviously the evidence Ron can’t cover the losses is mountainous…and at the same time COSU has been paying the bills.

 

[The Original Tribal Chief]

I know it is nice to have a scapegoat - someone (something) to throw stones at & blame - but I think many of you are being a bit hard on the National League.

It would be so much easier if each of the clubs in the league were properly run, didn't get themselves in trouble & be in a constant state of flux.

But that isn't the case and so rules are put in place or amended to deal with situations as they occur.

After all, who could make up the ins and outs of our (Southend United) club during our stay in this league? Such a story is all but unbelievable.

Dullard is right. The Martins are obviously the lead villains here but the NL had no reason to do this with a takeover pending.

 

[kentblues]

That’s all part of sound financial management, budgeting, monitoring, cash flow forecasting and reacting to it. SUFC has been the biggest basket case in this regard for years. The amount we owed trade creditors at the end of July 2023 was a mere £2.4million, which is probably more than the turnover of the vast majority of NL Clubs.

The NL require clubs to make quarterly returns to them showing their financial position.

But are they are looking at the “trading position” and most financials wash their face because of owners injecting funds

 

[Holy Joe]

Do COSU have the details but haven't submitted because they don't technically own the club and therefore we have fallen down because we are still technically under Rons watch?

I assume once the takeover has gone through COSU will provide the detailed information required to satisfy?

Remember the last public statement from Cosu before today was them giving a set of conditions needed to continue funding the club. That put huge doubt in fans eyes as to if Cosu would continue funding, maybe nl took the same view

 

[The Real Durera]

Can was being kicked for several months, I see the league's intervention as a terrifying, but ultimately brilliant act.

Rat: League won't do anything, I'll take my time
League: **** you, take a million hit
COSU & SCC: That's pretty much the leverage we wanted, ta.

It puts us, the fans, through the ringer. One family (it's not just the rat, it's the full vermin) are to really blame, and can finish it now, or hang on and finish themselves.