SUFC: The Future SUFC up for sale

[GIBBO]

Someone on Twitter has just said 3pm tomo

Who? Link?

 

[kentblues]

Really?! Just looking at Ron’s corporate structure, and the amount of debt that Ron essentially owed himself in the accounts, I would be concerned that the first set of accounts I was shown as a prospective buyer were a work of fiction to knock Agatha Christie into a cocked hat!

I’d say there’s evidence that the accounts have been interrogated pretty closely already and some of Ron’s phantom sums have been edited out of the versions published yesterday.

This should help reduce the risk of the remaining DD throwing up anything too catastrophic, but then again I’m sure Kimura have seen enough by now to know they need to (in the words of Reagan and Gorbachev) ‘trust, but verify’ everything before signing on the dotted line.

In my opinion I think yes. They are not buying the other group companies. Just the major shareholding in the football club. They won’t be interested in the inter company debt. The club is worth what it’s worth and that debt will need to reduce/disappear accordingly. Of course if it was external debt it would be a different challenge.

 

[Spaceman Spiff]

Can you share this evidence please.

It’s been shared already - the rent and management fee reductions to nil in the published accounts would not, IMO, have been in the accounts prior to this negotiation. Feel free to disagree, but I’m pretty confident those are recent changes.

 

[Shrimper Brownie]

Who? Link?

It’s the Southend United Armed Forces account.

He/she has posted several details before about the sale, apparently having an “interesting conversation” (meaning they have inside knowledge as such) but preceded to post info which everyone already knew, just in a more fancy way.

They are saying “3pm tomorrow”.

 

[Shrimper Brownie]

Who? Link?

 

[kentblues]

I think we need to distinguish between the club and the stadium.

It’s a lot quicker to buy just a company - where you need to agree a price for the shares and then reps and warranties - than agree a property development deal which is a longer, more complicated document.

Tactically it’d make sense to do the two together. IMO you lose leverage if you buy the club first and then try and negotiate the stadium. Ron has to sell the club and sell it fast as it’s costing him money and any value will disappear unless there’s a cash injection. If you give him a load of cash for the club he can start dicking you around on the stadium negotiations. If I was buying I’d want one deal encompassing both club and new stadium. If you press ahead with just the club you risk Ron shafting you.

Exactly. The transaction for the club ought to be pretty straightforward- it’s how complex they want to make the piece about FF that could slow things down. Some approaches will no doubt be far more challenging than others.

 

[TrevorFitzpatrickHattrick]

Thames Estuary Galacticos.... Here we go

 

[kentblues]

It’s been shared already - the rent and management fee reductions to nil in the published accounts would not, IMO, have been in the accounts prior to this negotiation. Feel free to disagree, but I’m pretty confident those are recent changes.

I’m not sure you can just restate prior year accounts in that way. Well you shouldn’t. That I can state with complete confidence.

Of course when everything gets filed 2+ years late it does rather leave open the question to be asked..

BTW I was surprised in those 2 years our losses we around the £1m each year. I was expecting nearer £2m- that said I wasn’t expecting to see the income from transfers that to some extent plugged the gap.

 

[stewart]

Chris Philips posted looks like i will have to cut my holiday short, im hearing the deal is almost done .

 

[Callum]

Who is ready to party

 

[Yorkshire Blue]

It’s been shared already - the rent and management fee reductions to nil in the published accounts would not, IMO, have been in the accounts prior to this negotiation. Feel free to disagree, but I’m pretty confident those are recent changes.

It hasn’t been charged for two years. It’s the equivalent of a write down, which Ron has done previously and has publicly said he’d do. More significantly it doesn’t alter the rent and management charged in previous years.

Further write downs are likely - that’s all part of the commercial negotiations rather than DD though and certainly not because they were “phantom”.

 

[kentblues]

Chris Philips posted looks like i will have to cut my holiday short, im hearing the deal is almost done .

Everything feels that way doesn’t it- and with a month to pre-season would really change the prospects for next year. Fingers and everything else crossed.

I even wonder where the money to pay players, accountants and legals came from? May just have pushed things over the line? Pure speculation

 

[kentblues]

The Kimura Performance Stadium anyone?

 

[Dubai]

HWFG.

 

[Tampa Blue]

The Kimura Performance Stadium anyone?

As long as they name the toilets in honour of Ron Martin

 

[Callum]

Imagine the queue outside roots hall for season cards I hope they have more staff on lol

 

[JB Shrimper]

Can we have one last statement from Ron saying some nonsense like "I had a higher offer but this one was right for the club" and "Although I am departing I am still your saviour"

 

[Colchester and proud!]

Kimura burger............with onions!

 

[Yorkshire Blue]

The Kimura Performance Stadium anyone?

I’d hope not. I’d like to think they could bring outside sponsorship in.

 

[Hadleigh-shrimper]

Any sites can lump on southend winning the league? Lol no seriously be over the moon completely different to what I hear literally 3 days ago.