SUFC: The Future SUFC up for sale

[blake2]

As a commercial accountant for 45 years & having done DD reviews on a number of prospective purchases, including some very, very dodgy cash businesses where their reported outgoings were so far outside their income, sound familiar?, a purchase was entirely inappropriate I'd be very surprised if this goes smoothly.

The guys I worked for were "not strictly legal" so tax avoidance, well in most cases evasion, was a bit of a sport & I'd be very surprised having looked many times at the horrible complexity Crooked Ron has created over years in the myriad of accounts around the club there was a way through the murk. That's normal for a successful property developer to be honest but then they generally have the means to choose the project that he never has had.

I'd really, really not like to be the one signing this off.

Some observations from a retired commercial solicitor who was in practice for 55 years.
First, As we know there was a delay in filing the accounts at Companies House. I would guess that this was because the auditors required more current information before signing them off. If that is the case then most of the information the purchasers require for their DD would be readily available.
Secondly, the purchasers will have factored in any obvious risk when making their offer. They would have been as well aware of the nature of the beast they were dealing with as we are.
Thirdly, the purchasers will not in any event, be solely making the decision as to whether or not to proceed on the basis of what their accountants discover during the DD. Nobody would, after all, contemplate purchasing the club as a purely commercial proposition. The accountants will report to their clients who will make the final decision and I'm sure that their client's interest in purchasing the club extends beyond the narrow criterion of its profitability.

 

[The Original Tribal Chief]

Some observations from a retired commercial solicitor who was in practice for 55 years.
First, As we know there was a delay in filing the accounts at Companies House. I would guess that this was because the auditors required more current information before signing them off. If that is the case then most of the information the purchasers require for their DD would be readily available.
Secondly, the purchasers will have factored in any obvious risk when making their offer. They would have been as well aware of the nature of the beast they were dealing with as we are.
Thirdly, the purchasers will not in any event, be solely making the decision as to whether or not to proceed on the basis of what their accountants discover during the DD. Nobody would, after all, contemplate purchasing the club as a purely commercial proposition. The accountants will report to their clients who will make the final decision and I'm sure that their client's interest in purchasing the club extends beyond the narrow criterion of its profitability.

I believe the auditors required payment before anything was signed off.

 

[tommy tucker]

When does the squad come back for pre season training .Hopefully the sale will be done by then

 

[Spaceman Spiff]

I can’t see any confirmation in the press from Ron or SUFC that kimura have exclusivity? Just journalistic suggestion. Have I read that wrong?

No, you’re bang on. Time for Ron to come out from under his rock and say something himself.

 

[blake2]

I believe the auditors required payment before anything was signed off.

Maybe but the accounts were ready. Once they were paid they filed them. They must have had the information necessary.

 

[The Original Tribal Chief]

Maybe but the accounts were ready. Once they were paid they filed them. They must have had the information necessary.

I think that was my point. They weren't waiting for information, they were waiting for readies.

 

[TheSouthendUnitedRunner]

Some observations from a retired commercial solicitor who was in practice for 55 years.
First, As we know there was a delay in filing the accounts at Companies House. I would guess that this was because the auditors required more current information before signing them off. If that is the case then most of the information the purchasers require for their DD would be readily available.
Secondly, the purchasers will have factored in any obvious risk when making their offer. They would have been as well aware of the nature of the beast they were dealing with as we are.
Thirdly, the purchasers will not in any event, be solely making the decision as to whether or not to proceed on the basis of what their accountants discover during the DD. Nobody would, after all, contemplate purchasing the club as a purely commercial proposition. The accountants will report to their clients who will make the final decision and I'm sure that their client's interest in purchasing the club extends beyond the narrow criterion of its profitability.

Essentially, DD sounds a bit like a medical with a player.

The physio/doctor/whoever can say don’t sign this player because of XYZ, but if the manager/owner/club are desperate for him through the door, they’ll still sign him and keep everything crossed.

 

[Napster]

I think that was my point. They weren't waiting for information, they were waiting for readies.

Wasn’t even the normal auditors but a new bunch

 

[Holy Joe]

I can’t see any confirmation in the press from Ron or SUFC that kimura have exclusivity? Just journalistic suggestion. Have I read that wrong?

Group edges closer to buying Southend United

THE Kimura led group have been granted exclusivity in their bid to buy Southend United.

www.echo-news.co.uk

"THE Kimura led group have been granted exclusivity in their bid to buy Southend United."



No quotes from club sources - but that's a pretty firm statement from Chris - so I'd have thought either club or Kimura have fed that to him. Or he's err'ed.

 

[Spaceman Spiff]

Group edges closer to buying Southend United

THE Kimura led group have been granted exclusivity in their bid to buy Southend United.

www.echo-news.co.uk

"THE Kimura led group have been granted exclusivity in their bid to buy Southend United."

That’s not a quote from Ron, or from an official channel, which is @Awooga’s point. This is deniable by Ron.

 

[Holy Joe]

That’s not a quote from Ron, or from an official channel, which is @Awooga’s point. This is deniable by Ron.

Yep - I was editing my post as you replied

 

[Swiss Tony]

Can’t we all pretend it’s 40 years ago, no social media so no drama or speculation, and we rely on Roger Buxton and the Southend Standard for the news. Simples.

I played cricket against him once and his whites were creased, very news worthy I thought.

 

[Paddypel]

When does the squad come back for pre season training .Hopefully the sale will be done by then

Assume it would be first week of July or possibly the tail end of this month. I agree, I think the sale needs to be done by then to plan accordingly.

 

[TrueBlue]

Also. He is talking in general terms ie what he believes is going on.

He isn't involved and never ever got anywhere near the books or the club. As much as he can speculate, it's exactly that.

It doesn't sound like Kumira are mugs and you don't get where they are in their own business by not having a clue.

They will be well aware as local lads of what the club has been through, the views of businesses, footballing bodies and other clubs, as well as fans and staffs views.

We are a basket case and they know it!

I would imagine the club comes with a million problems to be addressed, but realising what a mess the club is in, isn't one of the them.

If you had the chance and the backing to buy and run the football club you love but the club would not talk then few months later puts the club up for sale I would be pretty sour as well!

No shame in that

 

[fbm]

Personally, I'm not expecting anything concrete on the positive side until 10th or 11th July.

The 12th is crucial because of the court case. Ron will not want to have to pay the outstanding amount himself (which he has said he will do, and must have convinced a judge that he could do otherwise we wouldn't be here).

It is not in the buyers interests to proceed quickly. They must do the DD as thoroughly as they can as, once the deal goes through, any problems become theirs. So their team will be looking for skeletons they don't already know about. If they find one (or two!) it becomes an issue to either renegotiate the price or walk away.

To get the best deal they must be prepared to walk away.

If they do walk away we are absolutely screwed as, although Ron might be able to get us out of trouble on 12th, that's only a stay of execution. He said as much in the press conference. In fact, he may just let it all go under on the 12th.

But it is not in his interests for it to go all Pete Tong.

So my guess is that - in order for it to go through - he will buckle at the 11th hour and just agree to anything to get it done.

Of course, this only applies if they find something and they have less than a month to do it.

If they find absolutely nothing then I will be amazed but that's up to them, and their team may take the view that, if they can get the club for a low enough price then actually there isn't anything that can come up and make it not worthwhile. Let's hope so.

FWIW, I do think the whole Wrexham thing has changed the playing field here. Wrexham have a story, but my God so do we! The media rights are the game changer and the timing of that may be the thing that is massively in the buyers favour.

American dollars buy a lot of pounds at the moment and stateside there is currently a lot of interest in lower league soccer.

So as long as there is no horrific news, I think we will be fine.

But not just yet.

 

[blake2]

I think that was my point. They weren't waiting for information, they were waiting for readies.

And my point is that the information that will be required by the purchasers is largely available. The auditors can readily produce it to them.

 

[shrimperjon]

I can’t see any confirmation in the press from Ron or SUFC that kimura have exclusivity? Just journalistic suggestion. Have I read that wrong?

So many rumours and in the knows stating this, that and the other. It’s so draining and frustrating as fans. Just want to wake up and read something positive that is truthful and factually correct. Really hope Ron isn’t ****ing off Kimura as we keep thinking it could be Friday or Monday and then a spanner gets put in the works and it may be this Friday and two weeks time. From what we hear and if true Kimura seems a great fit for the club but how far down the line this is and when it will be completed is a complete guessing game. One thing is for sure is that it needs sorting and sorting quickly. We are missing out on players and losing time in building for next season. Get it right and this club is ready to explode for sure. Just hope that Kimura stick this out and get the deal done in the best interest of themselves but most importantly the club and it’s fans

 

[CanveyCastle]

It must get sorted soon or the annual event will need to be called "Meet The Fans Day" as we might not have any players.

 

[leeblue]

Anyone touched on the state of roots Hall and how the repairs are to be addressed. Let's face it the west facilities are not fit/safe etc. IF Ron landlord surely falls on him...or price adjustment for new owners to address?

 

[Spaceman Spiff]

Anyone touched on the state of roots Hall and how the repairs are to be addressed. Let's face it the west facilities are not fit/safe etc. IF Ron landlord surely falls on him...or price adjustment for new owners to address?

I’ve told them directly about the North West corner, general cleanliness and loos etc. It’ll be interesting to see what will be done to tart the old girl up while we still have her. Minimal spend but fixing things, cleaning things, sorting the pitch and a coat of paint will do me.

Plus a revamp of the bars and food outlets to stock something edible / drinkable would be great.