SUFC: The Future SUFC up for sale

[TrevorFitzpatrickHattrick]

Who is this guy? I've not come across him before, but he seems to be putting out quite a lot of posts, hinting he's ITK. My assumption is he doesn't know anything and likes a bit of attention, unless anyone knows anything better?

https://twitter.com/Wolfy17143328

The guy's just regurgitating some of the more salient points of view from here.

From what I'm hearing, it may be a two horse race, but one of the horses is a thoroughbred and the other belongs on a merry-go-round.

Whilst the non-payment of club staff is shocking and totally unacceptable, you can see that this statement has been crafted with much more care than usual - further evidence that matters are progressing in the right direction. Keep the faith

 

[Ramsdenblue]

If the back room staff have not been paid to date, but first team and players have.

Is it time again for us SUFC supporters to help out and help those back room staff and carry out another GO FUND ME page.

Just because we have done it once, does not mean we cant do it again.

 

[rowe23]

For those picking up on the club statement where it alluded that there were multiple parties interested in purchasing the club (we know there were, but only 2 really had any legs and that quickly dropped to 1) the echo’s latest report from the court case today (Monday 5th June) shows we are only in talks with the single party and things are progressing well.

Potential buyer has shown 'genuine interest' in Southend United, judge is told

The judge was given details of Southend’s financial position at an Insolvency and Companies Court hearing.

www.echo-news.co.uk

 

[Barry.C]

The other 2 horse race seems to be what comes first regarding who gets paid what and when and by whom of the outstanding debt?

The previous evidence shown to court and enabling the extension to 12th July incorporated 2 options to stop the club being folded

1. The club gets bought
2. Ron evidenced he could fund the amount owed

Presumably the evidence for either option that was accepted by the judge had to be beyond flimsy ?

I remain confused about the full amount owed. The figure of £250K has been bandied about regarding the debt to HMRC. However other debtors joined the petition and were thought to be PG site services and ? previous accountants

I did wonder at one stage whether the club PURCHASE itself would include the paying off of the other debts owed to HMRC However there seems to be a plan to raise further finance mentioned in this latest statement as an option if needs be as the alternative if the club is not purchased by 12th July.

Originally Ron intimated he would find these funds as the second option presented to the Judge, and I thought by selling more land/property. But does it also possibly mean a TEMPORARY LOAN? although that doesnt make much sense and a LOAN wasnt taken out as we expected first time round This could point to there being pressure to settle the total debt , before the sale can proceed.

This might also delay matters further as anyone's guess on the TOTAL debt. We can think from whats been said it is at least £250k to HMRC+, then some have suggested the loan from PG site services who joined the petition was significantly into 6 figures, then there is the other party owed. Does that potentially mean an overall higher debt of up to £750k? needs to get sorted?

Would like that to be pocket change to Kimura or the other interested party?

 

[Westcliff DGS]

For those picking up on the club statement where it alluded that there were multiple parties interested in purchasing the club (we know there were, but only 2 really had any legs and that quickly dropped to 1) the echo’s latest report from the court case today (Monday 5th June) shows we are only in talks with the single party and things are progressing well.

Potential buyer has shown 'genuine interest' in Southend United, judge is told

The judge was given details of Southend’s financial position at an Insolvency and Companies Court hearing.

www.echo-news.co.uk

Reading that id say its 60/40 as it doesnt say the take over will happen says if it doesnt RM will raise the funds to pay everything, my optimism has diminished a little due to that. Hopefully things move fast and my optimism can increase again lol

 

[Callum]

Reading that id say its 60/40 as it doesnt say the take over will happen says if it doesnt RM will raise the funds to pay everything, SO my optimism has diminished a little due to that. Hopefully things move fast and my optimism can increase again lol

I think the takeover will go through just need a bit of patience if Ron is still in charge we will go under

 

[Smiffy]

For those picking up on the club statement where it alluded that there were multiple parties interested in purchasing the club (we know there were, but only 2 really had any legs and that quickly dropped to 1) the echo’s latest report from the court case today (Monday 5th June) shows we are only in talks with the single party and things are progressing well.

Potential buyer has shown 'genuine interest' in Southend United, judge is told

The judge was given details of Southend’s financial position at an Insolvency and Companies Court hearing.

www.echo-news.co.uk

A POTENTIAL buyer has shown “genuine interest” in taking control of insolvent non-league football club Southend United, a judge has been told.

HM Revenue & Customs (HMRC) issued a winding-up petition against the National League side over a £275,000 tax debt.

Judge Sebastian Prentis, who considered Southend’s plight in the latest in a series of court hearings on Monday, said he has been told there is “genuine interest” from a potential buyer.

He said the development is “significant and encouraging”.

The judge was given details of Southend’s financial position at an Insolvency and Companies Court hearing in London on Monday.

He said it is possible that the bankruptcy petition will be dismissed.

Southend are due back in court on July 12.

Barrister Hilary Stonefrost, representing the football club, outlined the latest developments to the judge.

“There is genuine interest from a party who appears to have the funds,” said Judge Prentis.

“It is, as Ms Stonefrost said, significant and encouraging.”

He added: “There is a possibility that the petition may simply be dismissed.”

The judge said Southend are “trading insolvently” but should be allowed to raise money in the “short term” and to try to clear their debts “by way of a sale” in the “short to medium term”.

Ms Stonefrost told the judge that a sale would raise funds to clear the HMRC debt and pay other creditors.

She indicated that chairman Ron Martin aimed to raise funds to clear debts if a sale did not go through.

Ms Stonefrost said Southend, which dropped out of the English Football League at the end of the 2020/21 season, had faced a number of bankruptcy petitions in recent years and told the judge that Mr Martin’s track record in making payments was good.

Judge Prentis agreed that all previous bankruptcy petition debts had been paid.

 

[Westcliff DGS]

I think the takeover will go through just need a bit of patience if Ron is still in charge we will go under

I don’t disagree we will go under if RM is in charge, the wording re potential takeover came across to me as not as far forward as we all hoped. Fingers crossed

 

[Callum]

I don’t disagree we will go under if RM is in charge, the wording re potential takeover came across to me as not as far forward as we all hoped. Fingers crossed

There is a lot of rumours it’s nearly done but it ain’t until everything is sorted then it will be announced the longer it does go on the longer we lose a few transfer targets

 

[Westcliff DGS]

There is a lot of rumours it’s nearly done but it ain’t until everything is sorted then it will be announced the longer it does go on the longer we lose a few transfer targets

The longer it takes then the more optimism drifts away as well, after all thus is SUFC and more over it is RM

 

[Danshrimper]

Reading that id say its 60/40 as it doesnt say the take over will happen says if it doesnt RM will raise the funds to pay everything, my optimism has diminished a little due to that. Hopefully things move fast and my optimism can increase again lol

It’s probably more a case of providing further reassurance that the debts will definitely be paid so we could get the bank accounts unfrozen.

You can’t go to court and categorically say the takeover will happen if there are still things left to be completed/signed off and not present an alternative payment method. Even if it’s 99% done.

 

[meerkat54]

I hope RM hasn't found backers to be able to retain control!

Heaven forbid

 

[Leeboy]

well Matt Slater on BBC Essex said Kimura wanted it done & dusted last week, so it really is down to Ron now to stop f - ing about

 

[Spaceman Spiff]

I’m not worried at all by the suggestion of multiple interested parties, or that Ron would source funds to clear the debts should no sale emerge, or that no promises as to how soon a takeover may complete were made.

That all sounds to me like a factual reading of the situation as it is today, with all bases covered to give the judge the greatest degree of comfort. There’s also a bit of Ron keeping his options open in there.

I’d say this is ‘as you were’, and that Kimura are the main show in town - and that we haven’t had any new information which makes a takeover soon (possibly this week) any less likely.

I’m really pleased to see a statement from the club, and also that it included an apology to the club staff who have been astonishingly committed, discreet and long suffering.

 

[tommy tucker]

Does ron not got the idear that if he holds onto control of thr club Hardly any fans will buy season tickets .The gates would drop by at least 50% If this sale does not go through you will slowly kill the club .

 

[Hadleigh-shrimper]

Does ron not got the idear that if he holds onto control of thr club Hardly any fans will buy season tickets .The gates would drop by at least 50% If this sale does not go through you will slowly kill the club .

Think he does which is why he’s selling

 

[Blues4LifeDan]

I’m not worried at all by the suggestion of multiple interested parties, or that Ron would source funds to clear the debts should no sale emerge, or that no promises as to how soon a takeover may complete were made.

That all sounds to me like a factual reading of the situation as it is today, with all bases covered to give the judge the greatest degree of comfort. There’s also a bit of Ron keeping his options open in there.

I’d say this is ‘as you were’, and that Kimura are the main show in town - and that we haven’t had any new information which makes a takeover soon (possibly this week) any less likely.

I’m really pleased to see a statement from the club, and also that it included an apology to the club staff who have been astonishingly committed, discreet and long suffering.

I agree. He can hardly state that all will be fine once I sell to the favoured buyer. He doesn't want to make them think they are the only option, it gives them all of the power and control. He wants to make them believe that things can still work out if they were to walk away. We obviously know that isn't the case but I can see why they have released the statement.

At least we have been provided a statement that covers all bases, including the staff's lack of wages. Let's just hope and pray this deal gets done asap because waiting until July 12th is too much to handle.

 

[blake2]

Does ron not got the idear that if he holds onto control of thr club Hardly any fans will buy season tickets .The gates would drop by at least 50% If this sale does not go through you will slowly kill the club .

Why would gates drop by at least 50%? I support the club as I have done for 75 years and already have my season ticket. I do not support the owner. My support survived Anton Johnson and will survive Ron Martin.

 

[rowe23]

Reading that id say its 60/40 as it doesnt say the take over will happen says if it doesnt RM will raise the funds to pay everything, my optimism has diminished a little due to that. Hopefully things move fast and my optimism can increase again lol

No of course, take your points, I was just sharing the article for those that hadn’t seen it and try to calm any concern people might have around the takeover. Obviously no Barrister can go into court and 100% say the takeover will go ahead as there are no legally binding documents to support this, so they have to offer up the current state of play, but I like to look at it that the Judge is comfortable with the supporting information that the takeover is progressing enough and is in a place where they feel the debts will be repaid by 12th July and unfreezing of the accounts is not going to have a detrimental impact on the club trading currently (insolvent) as the judge stated without the risk of the debts not being repaid come the 12th.

In my opinion and how I read it and this is just opinion on how I interpreted it, is that the supporting evidence provided suggested to the Judge the takeover will complete and the debts paid. If takeover didn’t go through in time there was evidence enough that alternative finance would be forthcoming to settle the debt.

Either way however anyone reads it, it’s opinions and there are only a few people who really know where we are in the process and how close we are for the debts to be settled one way or another. But I’m confident the takeover will be completed shortly and we can all put this sorry episode behind us and focus on matters on the pitch instead of worrying what’s happening off it.

 

[SeldomSeenShrimper]

Lets be real, this process was always going to be long. The fact that a large portion of you got all excited and thought it would be done last week, is so impressively deluded, you've managed to stress alot of fans out in to thinking it's going to full through.