SUFC: The Future SUFC up for sale

[Boreham Blue]

Would be good to know from ITKs that the players have been paid.

 

[danbowen]

Would be good to know from ITKs that the players have been paid.

id be surpised if they werent after the court case today requesting permission to do this.

 

[Medway Blue]

Agree just wondering if this has been the case previously on our many trips to the WUP? We carried on paying players and other must pay bills at least so either 1. The bank accounts weren’t frozen (not sure it’s mandatory even if wise) or 2. We have simply missed numerous validation orders being agreed previously (which is possible but seems unlikely?)

This is why I can't imagine the reason that the accounts have been frozen is the WUP. Not on its own, anyway. We were subject to one from September 2022 until 1st March 2023, yet we managed to pay (some) employees out of the club's bank account during that time.

In fact, players were paid put out of the club's bank account as recently as the end of last month.

So it's clearly development of the last month or so, and doesn't appear to be solely because of the WUP.

 

[Medway Blue]

From what I've been told by people close to those who know the Kimura chaps, they seem positive things are moving forward and are confident of it going ahead and I don't think they've been shy in that.

As for the Winstone thing, as has been pointed out before by me and others, that was a total non-story and certainly won't be heading up the club in any kind of capacity.

I think it had gone a little bit quiet on Ron's part this week. I'm now thinking that may have been because he had to focus on today's hearing.

The offer is/has been with him. I believe today will only crank up the pressure on him to accept their offer ASAP.

 

[hlane17]

This is why I can't imagine the reason that the accounts have been frozen is the WUP. Not on its own, anyway. We were subject to one from September 2022 until 1st March 2023, yet we managed to pay (some) employees out of the club's bank account during that time.

In fact, players were paid put out of the club's bank account as recently as the end of last month.

So it's clearly development of the last month or so, and doesn't appear to be solely because of the WUP.

I wonder if it's due to new parties joining the WUP before the latest hearing. It's not just HMRC after money anymore and PG Site are owed a considerable sum themselves.

Edit: It is also apparently legally advised to freeze accounts for companies subject to WUP because if directors take money out, the bank would have to cover the money withdrawn if the company entered liquidation.

 

[NZamba Legend]

From what I've been told by people close to those who know the Kimura chaps, they seem positive things are moving forward and are confident of it going ahead and I don't think they've been shy in that.

As for the Winstone thing, as has been pointed out before by me and others, that was a total non-story and certainly won't be heading up the club in any kind of capacity.

What about the “rock”, is he still Vic Ave bound?

 

[overseas shrimper]

Question - probably been asked before given that there's 224 pages of thread and counting.

Lots of people saying to Ronald "just sell". How do we know that whoever is buying is any more able to deal with running the club than the guy who is exiting the building? Bury were delighted with their new owner until it became apparent a few months in he hadn't got a clue, and the club quickly folded. My concern is that some well-meaning novice takes over and we're very quickly screwed.

(And before this is decried as a pro-Ron comment, read it again - it isn't).

Well, if you were given two revolvers and told you had to pick one, put it to your head and pull the trigger, which would you choose? One that has three bullets in the chamber or one that has the chamber full with all six bullets?

That's where we are now. Guess which revolver is Ron.

 

[Spaceman Spiff]

From what I've been told by people close to those who know the Kimura chaps, they seem positive things are moving forward and are confident of it going ahead and I don't think they've been shy in that.

As for the Winstone thing, as has been pointed out before by me and others, that was a total non-story and certainly won't be heading up the club in any kind of capacity.

Agreed, apart from the last part - The Rock was a total non-story; Ray Winstone was a wrong story. My understanding is that there is a positive story there but it’s not the one that’s been reported.

I’m sure all the details will come out if and when the sale completes, which I believe it will, possibly quite soon.

 

[SUFCGoals]

Agreed, apart from the last part - The Rock was a total non-story; Ray Winstone was a wrong story. My understanding is that there is a positive story there but it’s not the one that’s been reported.

I’m sure all the details will come out if and when the sale completes, which I believe it will, possibly quite soon.

On the same page as you there

 

[Murkey_Mouse]

From what I've been told by people close to those who know the Kimura chaps, they seem positive things are moving forward and are confident of it going ahead and I don't think they've been shy in that.

As for the Winstone thing, as has been pointed out before by me and others, that was a total non-story and certainly won't be heading up the club in any kind of capacity.

That what Chris Phillip said on his Twitter, “It’s up to Ron to accept”.

 

[Medway Blue]

From what I've been told by people close to those who know the Kimura chaps, they seem positive things are moving forward and are confident of it going ahead and I don't think they've been shy in that.

As for the Winstone thing, as has been pointed out before by me and others, that was a total non-story and certainly won't be heading up the club in any kind of capacity.

Not a non-story. Perhaps not investing stupid money or being a figurehead in the club's new hierarchy. But definitely not a non-story.

 

[kentblues]

This is why I can't imagine the reason that the accounts have been frozen is the WUP. Not on its own, anyway. We were subject to one from September 2022 until 1st March 2023, yet we managed to pay (some) employees out of the club's bank account during that time.

In fact, players were paid put out of the club's bank account as recently as the end of last month.

So it's clearly development of the last month or so, and doesn't appear to be solely because of the WUP.

Although, again, I don't think bank accounts are automatically frozen when under a WUP. Although many times the bank will (and it might even be good practice to avoid any potential liability for the bank). So its possible the accounts hadn't been frozen until very recently? Why? What changed? Who knows... banks like Ron are laws on to themselves..

 

[Murkey_Mouse]

Look like to me, Ms Stonefrost (Southend Utd lawyer) is our key players in our survival.

 

[Tangled up in Blue]

Reality check:-

Southend United secure court order over player payments​

5 hrs ago
SOUTHEND UNITED FC
COURT
SPORT
SOUTHEND-ON-SEA
By Tom Pilgrim, PA
Share
10 Comments
Blues secure urgent court order over player payments to help ensure survival (Image: Focus Images)



Southend United have secured an urgent court order allowing the payment of players and accountants before deadlines that threaten the club’s survival.
A lawyer for the National League side told a specialist judge they would “simply cease to exist” if payments to playing staff and for the filing of overdue accounts were not made on Wednesday.
Judge Sebastian Prentis heard at an online hearing that players could “walk away” if they did not receive their salaries due at the end of this month, while the National League had said it would withdraw the club’s membership if accounts were not filed “by close of business”.
The insolvency and companies court hearing comes after HM Revenue and Customs (HMRC) issued a winding-up petition against the non-league club over a £275,000 tax debt.
Earlier this month, the Blues were given more time to clear the debt as the owners look into the sale of the club.
Read more Blues news:

• Blues issue update as talks to sell the club continue
• 'It's a huge boost' - Blues fans welcome news of possible takeover

Barrister Hilary Stonefrost, representing the loss-making side, told Wednesday’s hearing it needed a “validation order” to unfreeze a bank account and make payments.
She said this was “to ensure the business of the company can survive under its present ownership long enough for a sale of the company’s shares to new owners”.
“The salaries of the footballers and the footballing staff need to be paid today… and if they are not paid they can walk away,” she said.
“The National League has said that if they did not file accounts before close of business today then they will withdraw their membership of the league.”
Ms Stonefrost apologised for the lateness of the club’s court application, saying management was “very occupied with putting the sale together”, including it being “marketed in America”.
In March, it was reported that the club’s parent company had appointed General Sports Worldwide, an American agency, to explore the market for potential buyers or fresh investment.
Ms Stonefrost told the hearing that agents were instructed to produce an “investment prospectus”, saying negotiations were being conducted with prospective buyers who had passed “the financial requirement test”.
She said club chairman Ron Martin, who observed the online hearing, had given an “undertaking” that sale proceeds would be used to pay HMRC and creditors.
Southend’s parent companies, South Eastern Leisure UK Limited and Martin Dawn Plc – both Mr Martin’s family companies – have “always funded this club”, Ms Stonefrost said.
She said it was “not necessarily in a timely manner” but money has been raised to pay debts.
The club settled an outstanding bill of £1.4million with HMRC earlier this year, which has issued a number of winding-up petitions against the Blues in recent years.
Ms Stonefrost told the court there was a “short-term liquidity” problem with the parent companies in relation to a “huge development in Southend”.
Judge Prentis said £25,000 of the club’s current HMRC debt had been paid – with the petition due to be reconsidered on July 12.
He said the “manifestly insolvent” club had to provide to the National League accounts for 2020 and 2021, having not filed any to Companies House since July 31 2019.
The judge said that unless players were paid they had the right to leave within 14 days “without providing any value to the company through transfer fees”.
He granted part of the requested order to cover payments to accountants, footballing staff and lawyers, but said he was “concerned” over “weak” evidence that the club could meet a second National League deadline of June 2 to pay HMRC in full as well as all football creditors.
The case will return to court on Monday, when Ms Stonefrost said the judge will receive a National League letter saying it has changed the June deadline.
She also committed to providing confidential information on the sale process and detail on how money from a sale would be handled.

 

[borientater]

So , if SUFC no longer exists how does this adversely affect RM ?
Will he still own RH and if no club can he then demolish and build housing ( or sell on to a proper house builder ) ?
Same with FF , he’ll no longer need a stadium and could sell the whole project on as solely housing ???
I don’t think he cares one way or the other to be honest

 

[Medway Blue]

Would be good to know from ITKs that the players have been paid.

Not as of around 3 hours ago. That may have changed now. Will try to find out.

 

[Yorkshire Blue]

So , if SUFC no longer exists how does this adversely affect RM ?
Will he still own RH and if no club can he then demolish and build housing ( or sell on to a proper house builder ) ?
Same with FF , he’ll no longer need a stadium and could sell the whole project on as solely housing ???
I don’t think he cares one way or the other to be honest

It completely screws up his plans.

He’ll still own Roots Hall but he can only develop it if he builds a stadium first and he really doesn’t want to build a stadium where there’s no tenant and therefore no return.

 

[Smiffy]

Reality check:-

Southend United secure court order over player payments​

5 hrs ago
SOUTHEND UNITED FC
COURT
SPORT
SOUTHEND-ON-SEA
By Tom Pilgrim, PA
Share
10 Comments
Blues secure urgent court order over player payments to help ensure survival (Image: Focus Images)



Southend United have secured an urgent court order allowing the payment of players and accountants before deadlines that threaten the club’s survival.
A lawyer for the National League side told a specialist judge they would “simply cease to exist” if payments to playing staff and for the filing of overdue accounts were not made on Wednesday.
Judge Sebastian Prentis heard at an online hearing that players could “walk away” if they did not receive their salaries due at the end of this month, while the National League had said it would withdraw the club’s membership if accounts were not filed “by close of business”.
The insolvency and companies court hearing comes after HM Revenue and Customs (HMRC) issued a winding-up petition against the non-league club over a £275,000 tax debt.
Earlier this month, the Blues were given more time to clear the debt as the owners look into the sale of the club.
Read more Blues news:

• Blues issue update as talks to sell the club continue
• 'It's a huge boost' - Blues fans welcome news of possible takeover

Barrister Hilary Stonefrost, representing the loss-making side, told Wednesday’s hearing it needed a “validation order” to unfreeze a bank account and make payments.
She said this was “to ensure the business of the company can survive under its present ownership long enough for a sale of the company’s shares to new owners”.
“The salaries of the footballers and the footballing staff need to be paid today… and if they are not paid they can walk away,” she said.
“The National League has said that if they did not file accounts before close of business today then they will withdraw their membership of the league.”
Ms Stonefrost apologised for the lateness of the club’s court application, saying management was “very occupied with putting the sale together”, including it being “marketed in America”.
In March, it was reported that the club’s parent company had appointed General Sports Worldwide, an American agency, to explore the market for potential buyers or fresh investment.
Ms Stonefrost told the hearing that agents were instructed to produce an “investment prospectus”, saying negotiations were being conducted with prospective buyers who had passed “the financial requirement test”.
She said club chairman Ron Martin, who observed the online hearing, had given an “undertaking” that sale proceeds would be used to pay HMRC and creditors.
Southend’s parent companies, South Eastern Leisure UK Limited and Martin Dawn Plc – both Mr Martin’s family companies – have “always funded this club”, Ms Stonefrost said.
She said it was “not necessarily in a timely manner” but money has been raised to pay debts.
The club settled an outstanding bill of £1.4million with HMRC earlier this year, which has issued a number of winding-up petitions against the Blues in recent years.
Ms Stonefrost told the court there was a “short-term liquidity” problem with the parent companies in relation to a “huge development in Southend”.
Judge Prentis said £25,000 of the club’s current HMRC debt had been paid – with the petition due to be reconsidered on July 12.
He said the “manifestly insolvent” club had to provide to the National League accounts for 2020 and 2021, having not filed any to Companies House since July 31 2019.
The judge said that unless players were paid they had the right to leave within 14 days “without providing any value to the company through transfer fees”.
He granted part of the requested order to cover payments to accountants, footballing staff and lawyers, but said he was “concerned” over “weak” evidence that the club could meet a second National League deadline of June 2 to pay HMRC in full as well as all football creditors.
The case will return to court on Monday, when Ms Stonefrost said the judge will receive a National League letter saying it has changed the June deadline.
She also committed to providing confidential information on the sale process and detail on how money from a sale would be handled.

I’ve just re-read that for about the 5th time.

We’ve literally by the skin of our teeth (30 minutes) avoided being chucked into the Isthmian league today.

We now have to hope that letter from the NL arrives ahead of Monday. Will be interesting to see how much longer they will give us to settle HMRC and all other football creditors, before the threat of Isthmian league football becomes real again.

What an absolutely disgusting dire situation that man has placed our club in. Will never be forgiven or forgotten.

 

[Billy Bests boot laces]

That what Chris Phillip said on his Twitter, “It’s up to Ron to accept”.

Obviously he wants as much as he can get, but even he must realise (?) that if he plays 'hard ball' & the offer is refused, then he's treading on very dangerous ground?.
The wall's are closing in big time, he knows that, and if he becomes the individual who is responsible for the demise of our club, then surely his dream of making a fortune will be deferred for god knows how long, if ever?.

 

[Medway Blue]

I’ve just re-read that for about the 5th time.

We’ve literally by the skin of our teeth (30 minutes) avoided being chucked into the Isthmian league today.

We now have to hope that letter from the NL arrives ahead of Monday. Will be interesting to see how much longer they will give us to settle HMRC and all other football creditors, before the threat of the Isthmian league football becomes real again.

What an absolutely disgusting dire situation that man has placed our club in. Will never be forgiven or forgotten.

With you mate. We came perilously close to the brink today. A game of chicken is being played with our club's existence and I don't know how the **** sleeps at night to be honest. Need him the **** out. Now.