Breaking News Stewarts Law LLP/PG Site v SUFC - 26 June 2024 - DISMISSED WITH COSTS

[kentblues]

Or the club is transferred into the ownership of COSU, which would then negate the above...

That’s what they said- but the NL are often unable to commit to words what they mean….regrettably….but this bond issue should go away

 

[Barry.C]

PG Site Services saved us twice it seems. Firstly with what was the highly praised shirt sponsorship money , acknowledged by Tom and Stan at the time and the second occasion as a substantial £350k loan just as we were were about to go under again.
It appears the loan was secured contractually against the Rat House unless ive misunderstood. Surprisingly it seems the loan was not being paid back by Mr. Martin as agreed

 

[tommy tucker]

Hopefully come friday the consortium will have taken over the club .Then hopefully that will shut that stupid national leauge up .As the 10 men have enough money to runn the club .

 

[united we stand]

This is beyond comical

I wonder if it was deliberate? They knew it would make everyone laugh

 

[Hooly]

We have made the Grauniad again.

To anyone who remembers the original Reggie Perrin, our sign could be the title screen for the TV series based on our struggles "The Rise & Fall of Ronnie Martin".

‘Beyond the 11th hour’: Southend United avoid winding-up order

After the Southend chairman agreed a deal with a former club sponsor, the Custodians of Southend United is set to take over National League club

www.theguardian.com

 

[Strykr]

We have made the Grauniad again.

To anyone who remembers the original Reggie Perrin, our sign could be the title screen for the TV series based on our struggles "The Rise & Fall of Ronnie Martin".

‘Beyond the 11th hour’: Southend United avoid winding-up order

After the Southend chairman agreed a deal with a former club sponsor, the Custodians of Southend United is set to take over National League club

www.theguardian.com

View attachment 32515

Nowt nore professional looking then that sign.

 

[BoyWonder2]

PG Site Services saved us twice it seems. Firstly with what was the highly praised shirt sponsorship money , acknowledged by Tom and Stan at the time and the second occasion as a substantial £350k loan just as we were were about to go under again.
It appears the loan was secured contractually against the Rat House unless ive misunderstood. Surprisingly it seems the loan was not being paid back by Mr. Martin as agreed

It’s been more than twice…

 

[Hooly]

We have made the Grauniad again.

To anyone who remembers the original Reggie Perrin, our sign could be the title screen for the TV series based on our struggles "The Rise & Fall of Ronnie Martin".

For those like Creeko who will claim to be too young.......

 

[Holy Joe]

I think as part of the ownership approval process the Consortium basically need to provide this anyway. The condition for the takeover is qualified as being “concluded to the satisfaction of the League and the FA”


What’s FRI regulations in this context?

Such a rule would seem sensible though to limit owners like Ron gaming the system.

FRI is financial reporting initiative. Clubs need to fill out a form every 3 months confirming they've paid vat etc and provide accounting information.

If you do not comply with FRI you're placed under embargo.

Appendix D in the NL rule book has info

 

[Streaky]

PG Site Services saved us twice it seems. Firstly with what was the highly praised shirt sponsorship money , acknowledged by Tom and Stan at the time and the second occasion as a substantial £350k loan just as we were were about to go under again.
It appears the loan was secured contractually against the Rat House unless ive misunderstood. Surprisingly it seems the loan was not being paid back by Mr. Martin as agreed

Like others on here i have had a good laugh at PG Site Services for their twitter announcments and some odd actions in the past. However chucking £350k into the financial binfire of SUFC while under Martins ownership to keep us afloat is commendable.

 

[LBBlue]

This is an extract of the part of the rules they have got us on.
Our very late submission of accounts for 22/23 won’t have helped - they must have forced us to do so.



IFRP is an Independent Financial Review Panel

Pre-Season Budget (‘PSB’)

Each Club must submit a PSB to the Competition by no later than the 14th day ofJune, in such format as determined by the Competition from time to time. This shall include the budgeted revenue and expenditure for the Club for the forthcoming season and a balance sheet including sufficient details to enable the Competition to identify net current liabilities falling due for repayment.

The PSB shall contain details of any Existing Loans and the cost of servicing the same, or a provision for repayment if an Existing Loan is repayable before the end of the PSB Period.

The PSB shall also contain details of any actual or proposed Permitted Loans and the cost of servicing the same and any provision for repayment should the Permitted Loan be repayable before the end of the PSB Period

In order to be eligible to participate in the Competition for the Playing Season included within the PSB Period for which it has been prepared, the IFRP must give a Club’s PSB either:

a) Unqualified Approval; or
b) Qualified Approval.

Unqualified Approval shall be given by the IFRP when, in its sole opinion, the PSB is considered to be reasonably financially viable.

Where a Club has been unable to obtain Unqualified Approval for its PSB, it may be given Qualified Approval. Qualified Approval may be given by the IFRP when, in its sole opinion, it assesses that the Club’s ability to meet all costs in its PSB, including opening liabilities falling due for repayment, is in doubt.

Where a Club’s PSB is given ‘Qualified Approval’ the IFRP may permit the Club to start the Playing Season on such terms as it may deem appropriate, including, but not limited to:

• The attendance of the Club for interview with the IFRP;
• the provision of monitoring information and/or explanations as it deems necessary;
• the imposition of an Embargo;
• the imposition of a Bond.

A Club shall be obliged to notify the Competition within five working days of becoming aware of any material variation to the figures included in an Approved PSB (whether Unqualified or Qualified). For the purposes of this provision, a material variation shall be any actual or projected decrease in overall income or increase in overall costs of more than 15%.

I can’t see the embargo being removed until the requirement for a Bond is removed or the Bond paid. They have been patient with us for so long I’m surprised they haven’t kicked us out.

2.18 If during the course of a season the Board decide that the organisation and management or finances of a particular Club fall below the standards appropriate to membership of the Competition, the Competition Secretary shall be instructed to warn the Club at once that it may be excluded from membership of the Competition at
the end of that playing season. Such a Club shall have the right to appeal to The FA within 14 days of the date of notification of the Board’s decision.

 

[Leigh_Seasider]

Like others on here i have had a good laugh at PG Site Services for their twitter announcments and some odd actions in the past. However chucking £350k into the financial binfire of SUFC while under Martins ownership to keep us afloat is commendable.

Unbelievable really, how many people over the years have taken Martin at his word ..

 

[Smiffy]

PG Site Services saved us twice it seems. Firstly with what was the highly praised shirt sponsorship money , acknowledged by Tom and Stan at the time and the second occasion as a substantial £350k loan just as we were were about to go under again.
It appears the loan was secured contractually against the Rat House unless ive misunderstood. Surprisingly it seems the loan was not being paid back by Mr. Martin as agreed

It’s secured against a Rat hole “holiday home” I believe. Rather than Rat HQ in Benfleet.

 

[Holy Joe]

Like others on here i have had a good laugh at PG Site Services for their twitter announcments and some odd actions in the past. However chucking £350k into the financial binfire of SUFC while under Martins ownership to keep us afloat is commendable.

Indeed - many on here ridicule them - but as sponsors I believe they went above and beyond in providing financial support to the club. Guessing its quite probable that we're only here today with COSU takeover pending because of them

 

[Leigh_Seasider]

It’s secured against a Rat hole “holiday home” I believe. Rather than Rat HQ in Benfleet.

A chalet up at Clacton?

 

[Smiffy]

A chalet up at Clacton?

Beach hut on Canvey more like.

 

[kentblues]

The embargo was specifically for the WUP
So that should be lifted
If they want to slap on another one for something else they will do no doubt. They might want to be a little careful with setting precedents however as all clubs must be treated equally and fairly. I’m not sure all other clubs would stand up to a higher bar that easily either- most in the NL are loss making and trade at the whim of their owners (who range from the very good to dodgy no doubt)

 

[Strykr]

It’s been more than twice…

Why not go after ron after a deal is done then? Or pursue cosu for the money after the deal is done who would more likely pay it as they are proper businessmen and not complete scum like ron

 

[The Dirty One]

That's like saying Adolf Hitler failed to invade England in 1939 through no fault of his own!

Pedant alert.... 1940

 

[Richard Hearn]

A chalet up at Clacton?

No, Jaywick.

And it's a bijou des-res.