SUFC: The Future SUFC up for sale

[Che's Left Foot]

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
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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.

Jesus Christ. How does this absolute weapon sleep at night.

 

[Holy Joe]

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.

Under the current conditions of the current planning permission on Roots Hall. Planning conditions could be changed however. At the very least if the new planning application for the smaller FF stadium is passed, then Phase 1 of that is not big enough to currently satisfy the existing condition on the RH planning permission - so he must be confident of getting conditions amended.

 

[Callumturner22]

I’m hoping the sale goes throguh by some time next week am I’m being optimistic yes do I belive it will I’m not sure but got everything cross either way for the current staff sake and the players more then anything so they can hopefully relax and progress with what they want to do for the upcoming season ie current targets and current player’s situation with talks and so on .

 

[Blue Yonder]

Last minute court pleas… crucial documents filed with minutes to spare… it’s like a Netflix docudrama…. and maybe it is….

 

[borientater]

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.

But if there’s no football club why would he still need to build a stadium?
Do not all these conditions only exist as long as the club exists?
Maybe I’m being cynical but I reckon Ron will be happier maybe even richer if SUFC is no longer about unless he gets his asking price

 

[Holy Joe]

But if there’s no football club why would he still need to build a stadium?
Do not all these conditions only exist as long as the club exists?
Maybe I’m being cynical but I reckon Ron will be happier maybe even richer if SUFC is no longer about unless he gets his asking price

The conditions don't actually state Southend United has to play in the stadium. So yes the conditions would still exist,but one would imagine a new application could be submitted without the stadium, but he would run the risk it isn't passed

 

[rootshall rambler]

It's quite amazing what people 'choose' to hear to satisfy their need for more drama and hate than we have already (which is more than enough as it is).

This is not a defence of RM as a person or custodian of our club, so don't bother with the 'RM fanboy/lover' jibes etc. (that goes for the likes of @rootshall rambler and others).

RM never said that Roots Hall is for sale. He never said it could be part of the deal. He said that the club is for sale and, ideally, the stadium at FF (built or not).

Roots Hall is a separate entity to the club and the land it is built on is a vital component of his development plans.

If he were to sell it and lose control of the land, I would think he is even more incompetent than I do already.

You really need to pay attention to the facts and what is said.

Oh dear !! Touched the tiniest of raw nerves with a bit of reality. ????

One doesn’t have to go back too far on the zone to find a surprising amount of supportive comments**. regarding the totally toxic Martin regime. To be fair though, and given the last 12-18 months, it’s understandable that people of that disposition have gone a bit quiet on here, and are changing their tone somewhat……

** or at least neutral…. Which in my view is just as shameful….

 

[Spaceman Spiff]

Tone it down and move on gents please. @overseas shrimper and @rootshall rambler We’ve all got more than enough to be concerned about without turning on each other or arguing about whose halo is brightest.

 

[overseas shrimper]

Tone it down and move on gents please. @overseas shrimper and @rootshall rambler We’ve all got more than enough to be concerned about without turning on each other or arguing about whose halo is brightest.

I don't think I'm in a 'brightness of halo' challenge and it's a shame you think so (personally think I'm quite reasonable in my thoughts and opinions). I'm stating facts and pre-empting boring, predictable digs. If you don't like me doing it, give me ban. You'll do me a favour seeing as I lack the self-discipline to stay off here at the moment during such a depressing time.

 

[Spaceman Spiff]

I don't think I'm in a 'brightness of halo' challenge and it's a shame you think so {personally think I'm quite reasonable in my thoughts and opinions). I'm stating facts and pre-empting boring, predictable digs. If you don't like me doing it, give me ban. You'll do me a favour seeing as I lack the self-discipline to stay off here at the moment during such a depressing time.

That won’t be necessary, but I do think you could take a breath and then re-read my post and your (yours and RRs) two posts. You’ll find there were two things I referred to - one for each of you. Hint: the halo bit wasn’t directed at you, or your entire career of posting on the Zone.

This post by you might be marginally understandable but it got a not entirely unexpected response. I fully agree that it’s out of character from you. We don’t really need either your post or the reply it got on the public forum at the moment - private chat might be a better place to raise an issue with someone if you would like to - so please can we just move on. Cheers

 

[Westcliff DGS]

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.

It may do yes, but councils, especially city councils have to build a certain number of affordable e and new homes so would guess it is easy to amend

 

[Paulie Walnuts]

Simon Jackson (CFO of Kimura) has just tweeted a photo of the club crest btw. Hopefully, this can be done sooner rather than later and we can move on from this madness.

 

[Shrimpergonzo]

Simon Jackson (CFO of Kimura) has just tweeted a photo of the club crest btw. Hopefully, this can be done sooner rather than later and we can move on from this madness.

I can’t find Simon on Twitter - can you share his Twitter handle please? (pm if you don’t want to share publicly). Thanks

 

[Callum]

Can see Ron rejecting this bid hope I’m wrong

 

[Jack_23]

Simon Jackson (CFO of Kimura) has just tweeted a photo of the club crest btw. Hopefully, this can be done sooner rather than later and we can move on from this madness.

You sure ? Can’t even find his Twitter

 

[Callum]

It’s Ron Martin lol ready to turn the bid down ha

 

[jphfitz]

You sure ? Can’t even find his Twitter

The picture I have seen is his (or someone called Simon Jackson as I don’t know what he looks like) Facebook page. I couldn’t see the post on his actual Facebook page though but possible he deleted it.

 

[Paulie Walnuts]

Meant Instagram.

 

[Paulie Walnuts]

I mean Instagram (sorry it's early).

 

[Shrimpergonzo]

Meant Instagram.

Thanks - got it!