SUFC: The Future SUFC up for sale

Stanbridge · Jun 5, 2023

Sky News is reporting live from outside the High Court this morning in connection with the Prince Harry case. Two minutes ago, Ron Martin was clearly visible entering the building.

Yer Blues · Jun 5, 2023

Sorry to be a pain, but why are we in court today?

Smiffy · Jun 5, 2023

Pale Blue Dot said:
Sorry to be a pain, but why are we in court today?

Latest Rumours - SUFC up for sale

If the new owners had their way it would have been done sooner but with Ron in the drivers sear things are already taking longer than hoped! Ron not in driving seat anymore, after we almost had players walking out & the club getting thrown out of National League set up on Friday.

www.shrimperzone.com

Yorkshire Blue · Jun 5, 2023

Ron Manager said:
I get that. But it’s still stressful to a point because we don’t KNOW things with complete certainty.

And I get why that’s the case, but it’s still a worry until we get the outcome confirmed.

I’d suggest our future is currently looking a lot more secure than it has at any time in the last 5 years. The next winding up order/embargo was always just round the corner. We now have a way forward. It’ll take time and it probably won’t be as quick as everyone thinks.

No doubt everyone will still start panicking when it hasn’t been completed by the end of the week….

tommy tucker · Jun 5, 2023

Yorkshire Blue said:
No, this is procedural. If we get taken over by mid-July we’ll be fine (assuming new owners good for the money) and people seem to think we’ll be taken over this week.

Personally I don’t expect it to be that soon but I do expect it to be before mid-July.

would mid july a bit to late as wew are back in the high court on the 5th of july Surely any thake over has to be done before then .Maybe i an wrong .

Yer Blues · Jun 5, 2023

Smiffy said:
Latest Rumours - SUFC up for sale

If the new owners had their way it would have been done sooner but with Ron in the drivers sear things are already taking longer than hoped! Ron not in driving seat anymore, after we almost had players walking out & the club getting thrown out of National League set up on Friday.

www.shrimperzone.com

thank you sorry missed that. Was that clear that this was needed from the last court appearance?

Smiffy · Jun 5, 2023

Pale Blue Dot said:
thank you sorry missed that. Was that clear that this was needed from the last court appearance?

From the article in the Independent last week: https://www.independent.co.uk/news/...ue-hmrc-football-league-customs-b2348967.html

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.

Yorkshire Blue · Jun 5, 2023

tommy tucker said:
would mid july a bit to late as wew are back in the high court on the 5th of july Surely any thake over has to be done before then .Maybe i an wrong .

I think it’s the 12th July https://www.shrimperzone.com/forums/threads/the-sale-of-sufc-a-chronology.114930/

I think even then there would be scope for a further extension then if completion was expected within the next week but it shouldn’t come to that.

Yer Blues · Jun 5, 2023

Smiffy said:
From the article in the Independent last week: https://www.independent.co.uk/news/...ue-hmrc-football-league-customs-b2348967.html

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.

Thanks again. So much to stay across on this one.

TUMBO · Jun 5, 2023

Is anyone/fans at the court today? There was a chap on twitter who was live tweeting what happened at the previous hearing, but haven't come across anything as of yet

Jai · Jun 5, 2023

TUMBO said:
Is anyone/fans at the court today? There was a chap on twitter who was live tweeting what happened at the previous hearing, but haven't come across anything as of yet

Unfortunately AAS is not represented. We've been there so many times we've run out of annual leave...

TUMBO · Jun 5, 2023

Jai said:
Unfortunately AAS is not represented. We've been there so many times we've run out of annual leave...

One day I'd like to be able to look back and laugh about the fact you've run out of Annual leave due to the number of court appearances. Not today though

kentblues · Jun 5, 2023

The club sought a validation order to unfreeze banks accounts so could continue to pay bills.
Judge only gave partial approval- I.e. to pay players, accountants and legals because these were presented as existential.

The judge was only prepared to unfreeze the accounts for other payments with the evidence re NL and progress on sale. The purpose today is to get the bank accounts unfrozen so we can use them normally (I.e for all payments).

Note this is independent of the next WUP hearing that still is set for July. If it does not go our way today the only impact is that other bills won’t get paid.

Westcliff DGS · Jun 5, 2023

kentblues said:
The club sought a validation order to unfreeze banks accounts so could continue to pay bills.
Judge only gave partial approval- I.e. to pay players, accountants and legals because these were presented as existential.

The judge was on prepared to unfreeze the accounts for other payments without the evidence re NL and progress on sale. The purpose today is to get the bank accounts unfrozen so we can use them normally (I.e for all payments).

Note this is independent of the next WUP hearing that still is set for July. If it does not go our way today the only impact is that other bills won’t get paid.

But if the NL said (as reported and mentioned on this thread) we have to pay ALL creditors by a certain date or face expulsion there could be an effect as we wouldn’t have been able to do so surely? Unless proof of a forward motion in the sale of the club us adequate for the NL to not do that. Too much going on and all getting too confusing for my simple mind lol

Shrimper · Jun 5, 2023

I reckon we'll get an agreement in principle to sell this week. With completion end of next

Swiss Tony · Jun 5, 2023

londonblue said:
Lawyers in big firms are expected to work weekends and even pull all-nighters for no extra pay. However, I doubt very much this deal is big enough to warrant that. I would be surprised if they've done anything over the weekend.

Just joking LB.

but having to work for nothing,my heart bleeds for the greedy bastards.

Tommy2holes · Jun 5, 2023

If ever there was a club that needed a change in ownership, Southend united is that club.

We amazing fans we have.

Callum · Jun 5, 2023

Please be this week party time

bazzashrimper · Jun 5, 2023

So… any news on todays court case?

Smiffy · Jun 5, 2023

Whilst it's easy to get carried away with the winds of change and excitement (me included) I think we do need to temper that excitement just a little. I suspect much paperwork and DD to be done and of course Ron playing ball (it's his ball remember)

Let's stay hopeful something can be done soon, but not assume it's going to be this week. Fingers crossed of course that it will be.