SUFC: The Future SUFC up for sale

[Richard Hearn]

Id want collateral if I was dealing with ron martin - an indemnity just wouldnt cut it!!

What about a couple of his family members as hostages?

 

[Westcliff DGS]

They are not investment bankers.

Sorry should have phrased it better, they are a sports investment company. Which ever way you slice it they have investors and they don't want any debt they want to make money on short to mid term projects.

 

[Cricko]

Some of the things Ron expected to be waved through wouldn't get past even the most mediocre or liberal of compliance/risk departments.

Typical RM , thinking he can pull the wool over another's eyes. The man is a Charlatan who is using the club only for his self benefit .

 

[Cricko]

I'd imagine a large portion of the payment with go into escrow.

I think that is what he worries about most.

 

[Westcliff DGS]

I certainly understand it. You have fans screaming for the staff to be rightly paid by an insolvent business and on the other you have the same fans exacerbating the insolvency by refusing to pay for tickets they soon will be anyway.

I also don't blame the fans withholding their season ticket money.

And nor do i which is why i say i se both sides of the argument

 

[united we stand]

Or walk away.

And certain things you would ask the seller to take out an indemnity policy for too.

Agreed, but that wasn’t my point. Several posters have said that the price is agreed and have implied that it’s ‘final’ and can’t be renegotiated.

That doesn’t make sense to me, but then I don’t work in corporate finance

 

[Cricko]

Agreed, but that wasn’t my point. Several posters have said that the price is agreed and have implied that it’s ‘final’ and can’t be renegotiated.

That doesn’t make sense to me, but then I don’t work in corporate finance

Surely no price can be final if the buyer turns up bodies.

I love your house , but the survey has turned up rising damp........

 

[Hawkwell Blue]

Tell your pal that's an awful take on the situation!

Bit harsh, if your salary was dependent on income generated by supporters you’d hope they would continue to buy season tickets.

 

[C'mon you Shrimpers]

Just out of interest can this mythical second party just breeze in with a "we know Ron and he's a **** but here's the asking price. We'll live with the consequences". I know rather unlikely and foolhardy but is it possible.

 

[Cricko]

Bit harsh, if your salary was dependent on income generated by supporters you’d hope they would continue to buy season tickets.

True if it was guaranteed that season ticket money went to them, which of course the club has shown it doesn't.

 

[Rob1920]

The fact Kimura haven’t ‘yet’ walked away would imply they are still trying to get a deal done. It must be close because if they were still miles apart with the deadlines that are looming, you’d think they would just give up & save their sanity. That’s the only hope I have right now.

 

[Justleavingwork]

Bit harsh, if your salary was dependent on income generated by supporters you’d hope they would continue to buy season tickets.

Outside of civil service jobs all jobs are dependent on their customers receiving the goods or services they are paying for.

Why would a customer hand money when they have a high likelihood of not getting it, plus they have the opportunity to take their service elsewhere, that also includes supporters.

It’s harsh on the people working at the club but if my employer was not paying me I would of served notices like our players and gone elsewhere

 

[londonblue]

But surely the price is agreed on the basis that the info given to date is accurate. If DD brings up something new/something that contradicts what you had been told you take this into account?

I don’t like the analogy with buying a house as this is far more complex, but in buying a house you have a survey ( DD) and if it brings up something bad you might choose to re-negotiate

That's not how it works apparently.

 

[GNH]

Just out of interest can this mythical second party just breeze in with a "we know Ron and he's a **** but here's the asking price. We'll live with the consequences". I know rather unlikely and foolhardy but is it possible.

It would be possible, but it is never realistically going to happen.

You wouldn't do that on even the simplest business acquisition, let alone a tangled web of intercompany dealings.

The issue we currently have is down to clauses in the contract, there are certain red lines drawn up by both parties and some of them are fundamentally opposed on the same issue. Unless they can agree a way around this we have come to an impasse.

First time I'm genuinely fearful for our future, no real way out of the current situation and the 12th July is not very far away to work out a solution.

I fear it could be curtains.......

 

[Holy Joe]

It would be possible, but it is never realistically going to happen.

You wouldn't do that on even the simplest business acquisition, let alone a tangled web of intercompany dealings.

The issue we currently have is down to clauses in the contract, there are certain red lines drawn up by both parties and some of them are fundamentally opposed on the same issue. Unless they can agree a way around this we have come to an impasse.

First time I'm genuinely fearful for our future, no real way out of the current situation and the 12th July is not very far away to work out a solution.

I fear it could be curtains.......

It's always darkest before dawn

 

[borientater]

Not if it’s Martin Dawn

 

[davewebbsbrain]

I think your friend needs to refocus their unhappiness elsewhere on this unfortunately. This is not on the fans.

Yep, it's an odd thing to say

 

[davewebbsbrain]

Being investment bankers they wont want to take on anything i guess that could saddle them with debt. In my experience with work Investment bankers usually look for profits in a short to mid term scenario, there fore i would assume the see the club as a decent asset to do that. In that we get promoted, new stadium and they can sell on and make some money, for that reason I think what many have said that DD has bought up a few things and they want an indemnity against it so they dont get hit with costs they dont want.

Just my musings

Whereas Ron is just a huge banker

 

[annie1954]

True if it was guaranteed that season ticket money went to them, which of course the club has shown it doesn't.

I would like to say regarding season tickets and staff wages I fully understand people not buying their season ticket because of Ron martin and agree it’s Ron’s responsibility to ensure his staff are paid fully & on time , but the club was relying on ticket sales for wages so when a thousand plus supporters decided not to renew this income was not there, whatever is right or wrong in reality this is what happened so l’m only passing on what happened to my friend at the club and they stay there because they are loyal to Southend United ( such a sad state of affairs but this is where we are now)

 

[Tampa Blue]

Well apparently chris Phillips is chasing up some stories about southend utd while he at Wimbledon

Look who else will be at Wimbledon at the moment :

https://www.youtube.com/channel/UCHZSewero5hor5zaz8iCIsQ