hlane17
⭐
Got West Ham mates (we all have our flaws I suppose) who are ranting about how £105m is not enough for Rice.
They don’t live in a different footballing world, it’s a different universe altogether. It’s why I can’t stand the Premier League.
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SUFC: The Future SUFC up for sale
- Thread starter Maidstone Shrimper
- Start date
Our hopes and visions for the rebirth of Southend United, plus any plans published by the consortium for discussion
- Status
They don’t live in a different footballing world, it’s a different universe altogether. It’s why I can’t stand the Premier League.
Medway Blue
Trust chairman/glutton for punishment ⭐🦐
Not just suppliers - any creditors, really. I'm sure there are several hidden debts in there, one or two of which might not have come from the most "conventional" of sources and which Kimura therefore rightly won't want to take on liability for. I'm in little doubt that he was hoping he could hospital pass as much of his shady web of borrowings onto the next owner as he could get away with.
yup - United fans at work moaning about the Glazers - try having the Martins!
Hampshire Shrimp
First XI🦐
It`s 100% Ron Martins historical debt that needs to be paid by him! It was on his watch, as chairman, and shouldn`t expect the potential new owners to pay it!?
One man has taken our club to the brink of being wound up, and his obsession of greed and not giving a S*IT about the club. It was all about his property empire.
Those that think we can carry on with Martin at the helm to get through next season are deluded, he has run out of money, ideas, to even pay staff wages, to name a few.
I know we all love the club, but, the only way to hurt Martin going forward if a takeover fails is to not give him a single penny more. Blackpool managed it, but it must be everybody.
Don`t get me wrong, I`m hoping that Kimura see through him and come to an arrangement.
#MartinOut
londonblue
Topgun Pilot
I think Napster realised that. I think, however, he was doing one of 2 things. Either he was being mischievous or he was pointing out that they may have been pre-occupied. My guess is it was a bit of both.
number11
"Good morning everybody........"
Agreed, the article Napster cited indeed deals with a technical point on offers (P36) and how much costs should Kimura pay following losing in an underlying claim (eg should they pay all costs or just reasonable costs) of their opponent following losing.
However, essentially, it looks like Kimura were sued for £3.9million odd quid, defended the case to trial and lost - so now have to pay those funds, plus their opponents costs, plus their own costs. (Cue jokes about them being a good fit for the SUFC ownership model of the last 25 years!).
This gives a better overview of the case - warning - it is an incredibly dry read - but does give some insight into their business
defender05
First XI
In regards to the old creditors that the club, wouldn't this have already been taken into consideration when agreeing the price for the club.
Surely it would be a case of if you won't pay them then it is coming off the asking price. If it was agreed that RM would pay them then it would just come out of the money he receives for the club.
Surely it would be a case of if you won't pay them then it is coming off the asking price. If it was agreed that RM would pay them then it would just come out of the money he receives for the club.
Shrimper
Life President
His stubborness alone will take it to the 12th
united we stand
Life President⭐🦐
Didn’t read everything but section 88 might be relevant in terms of kimura’s approach to our deal.
In summary they have to repay a party $5 million and they believe they don’t- judge says they do.
The judge states that if a professional lawyer had been involved in drawing up the agreements then the disagreement in the understanding of what was being agreed would have been discovered at that point- before contracts were signed
bazzashrimper
Director
Not if the debt is owned by the company. That’s the negotiation… how much of the debt will you pay? Most football club owners accept they will for the privilege. This is where Ron has always been different, and charges the football club for his services - even if this was on the balance sheet rather than real money at times.
Blues4LifeDan
Manager
As if this thread needed any more spicing up!
BoyWonder2
2024, the year of the Shrimpers ⭐🦐
I stay out of finances.
I thought, like someone else mentioned, the unfreezing of the accounts to pay last months wages included the backroom staff as well as the players.
June wages are due Friday. Can only guess what will happen then…
Bromley Blue
The artist formerly known as the_saafender
They’ve just tweeted that it’s “the lads’ first day back on the grass” and every single reply is something derogatory. Can totally see why they don’t bother.
Tommy2holes
Life President⭐
They wouldn't get any aggro at all of the club (Ron) provided updates.
He doesn't give a toss and the only noise coming from the club is media tweets etc.
There is so much frustration, anger and worry at the moment that the club will fold. It's no wonder people are trying anyway possible to vent the above, albeit at the wrong people.
in the know
Newbie⭐⭐
Think part of the problem being considered is that a ringfenced fund is wanted retaining some of the purchase money that can be reclaimed if something comes out of the woodwork over a pre set period of time.
I would imagine the amount and period are a sticking point.
I would imagine the amount and period are a sticking point.
Holy Joe
Manager⭐⭐🦐
Interesting, I'm no legal expert, but it sounds like the investor Yieldpoint had their cake and ate it, earning income without taking on the risk. Sympathy with Kimura on this one
hlane17
⭐
Makes sense to want this. I assume the purchase price is quite substantial, ringfencing some of this makes sense.
If problems arise from Ron’s previous doings Kimura shouldn’t be expected to foot the bill for it all.
Gustafferson
Striker
For me this is a textbook case of opportunity cost, and you could make a strong case of this carrying on the legacy of Ron Martin, that is, being penny-wise, pound foolish.
Whilst the takeover is delayed, as we know much needed funds are being withheld by Martin with regards to A. clearing the embargo, B. maintaining the new training pitches, C. late payment of staff who will surely walk soon etc. I'd say that the cost of this action is growing at a much larger pace than the difference in price paid for by the new owners. For example, repairing the training pitches will cost more in the future as their condition deteriorates than owning them and saving them sooner. Or, letting players of the quality of Jack Bridge go and having to find an equivalent replacement will cost the owners more in terms of, not only hard cash, but time spent remaining in the national league.
This is where I think the argument of, 'long term we will be better off, its better sacrificing this season to be shot of Ron' falls down somewhat.
As we know, its particularly difficult to escape this division, and for a club of our size it is simply not profitable. Another season wasted in the NL is another season of living beyond our means, and lowers your chances of competing for promotion in the following seasons. Whatever you say about McIlhenny and Reynolds at Wrexham, they clearly understood that to make the club sustainable, the priority is to return to the safety of the football league, and to do that you'd require an injection of funds that will be paid off in future. Now I'm not suggesting we need a similar level of funds, but the principal is the same. The cost of allowing the club to deteriorate further than it has today, is cost that will multiply rapidly, and I would argue, outweighs any potential benefit to prying the club away from Ron for a lower cost. (yes I realise we're not talking about a price now, its about development, debt etc. but these could all be expressed in terms of a numerical value)
Thoughts?
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SeldomSeenShrimper
Youth Team
If you wanna hear how deluded prem fans are, listen to this episode of my podcast
I'm still baffled by their opinions and I'm planning on arguing this further in another EP
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