SUFC: The Future SUFC up for sale

[Blues4LifeDan]

That update from CP is really frightening. I didn't realise that Kev and Co hadn't been paid, I assumed they would have been paid alongside the players. I really do fear for our future now. Productivity behind the scenes must be awful and it's beyond sad after all the hard work of last season.

It still baffles me why Kimura are even interested in a club that is basically dead and now also has problems with the building project too. The club's only assets are the players and management team and they must be so close to walking out the door. We simply have to get the playing side sorted this side of the court case. I'm not saying it can't go past the 12th, but if it does, the playing side will be absolutely decimated and therefore not worthwhile purchasing.

 

[JAL]

So reastically, we have Monday and Tuesday for this takeover to be complete, it doesn't feel you with much hope when Ron Martin is on the other side.

 

[Yorkshire Blue]

The interest payments alone on RM's borrowings are staggering, where does that money come from?

There’s a similar question for how Kimura are to finance the new takeover and new ground.

 

[Evening Echo]

SOUTHEND United’s contracted players have now been paid for June – but fears remain for the future of the football club.

Read more on this story


Help with Echo links

 

[Jack_23]

Feel physically sick. Really hope this can be done before Wednesday and we can all relax with a pint. Have heard that it is likely to be done by Wednesday but who knows with Ron and Southend United

 

[Cricko]

There’s a similar question for how Kimura are to finance the new takeover and new ground.

Pessimist.

 

[Shrimper Brownie]

So reastically, we have Monday and Tuesday for this takeover to be complete, it doesn't feel you with much hope when Ron Martin is on the other side.

We have Monday, Tuesday and Wednesday morning for the club to be bought by Kimura, yes .

 

[ms brush]

You do wonder how much land he owned that he’s had to flog over the years.

He probably bought up vast swathes of cheap land over the years, put planning permission in place and sat on it - benefitting from a combination of a lack of house building and increasing land values, then leveraging this by taking loans out at the historically low interest rates that we have seen for the last 15 years. I expect he hasnt sold that much land, and his web of whatever you care to call it has been interconnected with shell companies, loans etc, so the same money is circulated through a wide variety of sources.

When you factor in that Roots Hall and B&L were originally owned by SUFC, and were "sold" by Ron to one of his companies to "clear historic debts", my personal perception is that the value of these were underplayed in this "sale", and the actual values, once in his sticky mitts suddenly became higher. This means that these assets could be leveraged by "loaning" money to the football club, which by rights was the club's in the first place, and over time any money that has flowed into the club fromTV rights, player sales etc has evaporated in much the same way.

I am not suggesting that SUFC should be rolling in money, as I guess it would still need capital injections at specific points in time, but I believe that the situation is vastly worse because there has been 25 years of asset stripping going on under our noses.

And I also believe (personal opinion only) that much of the money RM says he has put into the club was generated by the club and taken out on the first place! It all started to unravel when we were promoted into the Championship a bit too quickly, and compounded in 2008 when the financial markets crashed, but the resultant low interest rates saved the day for RM. However, 2 years of pandemic and then the rise of inflation / interest rates has hammered a few nails in the coffin of this particular cash cow.

The result of this means that the club could be a few days away from extinction, but you can bet your bottom dollar that RM will have a very tidy pile of wealth already stashed and hidden in an untraceable offshore holding company!

 

[JAL]

We have Monday, Tuesday and Wednesday morning for the club to be bought by Kimura, yes .

Wednesday would be way too close for comfort, I don't think we can rely on AM of Wednesday for the deal to be done.

 

[Shrimper Brownie]

Wednesday would be way too close for comfort, I don't think we can rely on AM of Wednesday for the deal to be done.

Agree, I’m only saying what I’m reading, and Wednesday AM is the ultimate deadline. I’m hoping and praying it’s done tomorrow or Tuesday- like you say, wed am is cutting it extremely fine

 

[annie1954]

very strange for a sunday drove past the ground around 3 15 and the roots hall gates were wide open so hopefully ron was there saying his last goodbyes and clearing his desk

 

[Medway Blue]

“However, Kimura’s deal is believed to only be on the table until Wednesday when the Shrimpers are back in court following a winding up petition from HMRC.”

Are any ITK’s able to confirm whether or not this is true?

True story.

If it's Administration (if it even can be), then they may stick around to see if they can save some of RM's mess.

 

[SeaSideDoughnut]

very strange for a sunday drove past the ground around 3 15 and the roots hall gates were wide open so hopefully ron was there saying his last goodbyes and clearing his desk

Maybe his looting the club one last time. That desk will be on Gumtree later on.

 

[MisterStubbs]

very strange for a sunday drove past the ground around 3 15 and the roots hall gates were wide open so hopefully ron was there saying his last goodbyes and clearing his desk

That, or the person who gets paid to close and lock the gates behind them has finally thought “**** it”.

 

[Richard Hearn]

very strange for a sunday drove past the ground around 3 15 and the roots hall gates were wide open so hopefully ron was there saying his last goodbyes and clearing his desk

The Great Leader has probably just pawned the padlocks.

 

[AustScullyPriorPowell]

So, Kimura get all what they want or Ron gets nothing.

Barring reconciliation and meeting halfway etc (which has been going on for months and hasn't happened), these are the only options surely?

Ron Martin is in a corner, waiting for the fat lady to sing

 

[meerkat54]

Feel physically sick. Really hope this can be done before Wednesday and we can all relax with a pint. Have heard that it is likely to be done by Wednesday but who knows with Ron and Southend United

For the past month or so , all we kept hearing that the deal was 95% done.
If the deal is not concluded before Wednesday, I think it’s time up for us. I do so hope I’m wrong, but just trying to be realistic.

 

[Blues4LifeDan]

Agree, I’m only saying what I’m reading, and Wednesday AM is the ultimate deadline. I’m hoping and praying it’s done tomorrow or Tuesday- like you say, wed am is cutting it extremely fine

What time is the court case with HMRC? Surely Ron can't complete a deal and attend that on the same day.

I still have this sickening feeling that there will still be some kind of adjournment on Wednesday, irrespective of what horrors that will unleash on the club.

The whole situation is mind-blowing when you try to assess it. All the money he owes to various people/groups that needs sorting. Then there's the money for repairs, players and staff. Then there's HMRC debt. Then there's trying to satisfy the league and negotiate with players and new players. Oh and one extra thing, we've not even started training properly yet and we have a game on Saturday. How on earth all of that can get sorted so quickly is beyond me. That's just to list some of the football club side of things. Don't even mention FF!

I just hope this nightmare ends before Wednesday. If they pull out on Wednesday and Ron pays the HMRC debt as he said he would, where do we go from there? Honest question.

 

[Mad Cyril]

‘Kimura’s deal is believed to only be on the table until Wednesday’

Is the table being seized by the courts?

 

[Liam AAS]

What time is the court case with HMRC? Surely Ron can't complete a deal and attend that on the same day.

I still have this sickening feeling that there will still be some kind of adjournment on Wednesday, irrespective of what horrors that will unleash on the club.

The whole situation is mind-blowing when you try to assess it. All the money he owes to various people/groups that needs sorting. Then there's the money for repairs, players and staff. Then there's HMRC debt. Then there's trying to satisfy the league and negotiate with players and new players. Oh and one extra thing, we've not even started training properly yet and we have a game on Saturday. How on earth all of that can get sorted so quickly is beyond me. That's just to list some of the football club side of things. Don't even mention FF!

I just hope this nightmare ends before Wednesday. If they pull out on Wednesday and Ron pays the HMRC debt as he said he would, where do we go from there? Honest question.

Has been about 10:30 on previous days. Dunno when the deadline for submission of evidence is but apparently they sent something in at 5pm the day prior on the last occasion.