SUFC: The Future SUFC up for sale

[Hampshire Shrimp]

Looks like the deluded one is going to take us down with him!!?

 

[SeaSideDoughnut]

All very true except Kimura had to show proof of funds at the beginning? And have been able to fund £3-400k of DD without even the certainty of a deal? So it seems unlikely to be an issue.

Where does this figure come from? It's been mentioned a few times and I find it strange with everything we don't know, we do know how much they've spent.

Its also a absurd amount of money and makes me wonder why they don't have legal council on staff. It'd probably be cheaper!

 

[Shrimper]

I'm bracing for bad news.

I hope against all hope that I'm wrong, but a fairly decent source for bits of info who has been pretty good up to this point, has just let me know that the deal is all but dead in the water, and it would take an extremely unlikely , absolute miracle to bring it back to life. What looked like an 85% chance of agreement is now looking more like a 100 to 1 shot as of this lunchtime.
Of course , we'll never know until we know, and I suppose where there is life, there is hope, but I trust this persons insight way more than any of the "so called" ITKs I've seen on here. I want this to be so wrong..... but its not looking good.

Not a phone call I wanted to take.......... after nearly 60 years of being a Shrimper fan, but 100 to 1 shots do come good sometimes.........

So you're telling me there's a chance?

 

[Liam AAS]

The club would exist in some form. But if liquidated it wouldn’t be the “same” club which might be an issue. One thing about the WUP is the court can also place the club in administration. Especially if another entity is offering to acquire immediately paying off some of the debt. Maybe having approached HMRC and/or other debtors. Whether good enough for NL who knows and certainly points deduction for administration. A very long shot.
Even if club didn’t exist I would be joining what I believe would be very large numbers of supporters making clear to SCC that building without the club couldn’t go ahead- and we would organise campaigns to unseat any councillors foolish enough to think it can- I will happily join any protest outside council offices to reenforce ..the thought of Ron building anything with the club gone should have hundreds if not thousands out in protest (note I said should)

I dont think that this is right

 

[BoyWonder2]

Yes, they’d have needed proof of funds but for the purchase (rather than purchase plus running costs) and it would have been a couple of months ago so there is a possibility things may have changed since (interest rate rises, investors pulling out etc).

So whilst it hopefully is ok, we don’t know that for sure.

They’ve provided proof of funds on three separate occasions…

 

[hlane17]

Problem is the city council has a quota of houses to build which is set by government I believe. It may have increased in number once we became a city, so while protesting is good cant see they will change their minds sadly

No quota but councils are under pressure to replace properties lost from their housing stock.

 

[Westcliff DGS]

They haven't anymore. Difficult to comment without getting into politics and mentioning something internal running up and supporting the back. And politicians are generally self serving when it comes to re-election. Anyhow not a debate for now.

No agree it isnt, i will say when my local councillor knocked at the end of June he said (as i asked) that the development at FF was an important part of the councils future housing targets.

 

[Westcliff DGS]

No quota but councils are under pressure to replace properties lost from their housing stock.

Yes they have targets so maybe quota was the wrong word

 

[rootshall rambler]

Hope this is an April Fool joke

... I'm way past the point of any jokes. ......just praying that the man is very wrong on this occasion....but i have to say that I'm sick with worry.......'cos hes been pretty good up to now. I'm cracking up here.

 

[Halstead Blue]

... I'm way past the point of any jokes. ......just praying that the man is very wrong on this occasion....but i have to say that I'm sick with worry.......'cos hes been pretty good up to now. I'm cracking up here.

It’s dead in the water until it isn’t. Hopefully your ITK mate has it correct as of now, but unless RM wants to forever feel the wrath of us fans he will do a last minute deal and accept the offer.
I might be clutching at straws here but the alternative doesn’t bare thinking about.

 

[kentblues]

They can't, I don't believe. The administrators wouldn't do that (although I think they did with Ken Bates at Leeds but got in to a lot of trouble for it) as they would have to invite offers and take the best one. That will take time, time we don't have.

Not always. E.g. with a pre-pack. Problem with administration is it could only be a very very temporary state as the club can't trade profitably/solvently so no funds for an administrator to operate with.. Question who at this stage could force administration if Ron didn't want it? I think only floating charge holders can request this of the court - so not sure it's an option here on reflection.

 

[Medway Blue]

I'm bracing for bad news.

I hope against all hope that I'm wrong, but a fairly decent source for bits of info who has been pretty good up to this point, has just let me know that the deal is all but dead in the water, and it would take an extremely unlikely , absolute miracle to bring it back to life. What looked like an 85% chance of agreement is now looking more like a 100 to 1 shot as of this lunchtime.
Of course , we'll never know until we know, and I suppose where there is life, there is hope, but I trust this persons insight way more than any of the "so called" ITKs I've seen on here. I want this to be so wrong..... but its not looking good.

Not a phone call I wanted to take.......... after nearly 60 years of being a Shrimper fan, but 100 to 1 shots do come good sometimes.........

Whether this is true or not would depend on who you speak to.

If you speak to RM right now, he'll probably say it doesn't meet his requirements and so is dead in the water.

If you speak to Kimura, the offer remains on the table and all it requires is RM to realise that he needs to sell and won't get a better offer for the deal to go through.

It is definitely at stand-off and "who blinks first" stage, though.

 

[kentblues]

This was my thought exactly. Kimura's deal off the table by the 12th, RM fails in his bid to squirrel his way out of this one. Kimura then tell the court they will buy the club immediately the court puts it into administration, allowing them to clear the debts and with the full backing on the NL (I expect that they are fully involved one way or another). Yes, it would mean administration and a points deduction, but it also puts Kimura firmly in the driving seat, particularly if what I suspect is something smelly emerging from the DD. Also bear in mind my other post earlier...

On reflection the only party other than Ron that can request this of the court is a floating charge holder -which Kimura aren't.

 

[Jasrod]

Whether this is true or not would depend on who you speak to.

If you speak to RM right now, he'll probably say it doesn't meet his requirements and so is dead in the water.

If you speak to Kimura, the offer remains on the table and all it requires is RM to realise that he needs to sell and won't get a better offer for the deal to go through.

It is definitely at stand-off and "who blinks first" stage, though.

And as Ron has he’s eyes closed constantly??

 

[JAL]

And as Ron has he’s eyes closed constantly??

Rons been going in blind the whole time, he doesn't know what he's doing.

 

[sufcfed]

''But I love the club you f&£king idiot''

Sure.....sure you do mate., hours away from putting us into non-existence when a deal is on the table.

 

[rootshall rambler]

So you're telling me there's a chance?

there's a chance i'll win the euros....... and buy the bluddy thing myself.

 

[Holy Joe]

It's my understanding and belief that Ron has no options left and is like bear with a sore head about it. He knows he has to sell. Relationships at board level are, let's say, "interesting".

Anymore info on the board level relationships?

 

[kentblues]

I dont think that this is right

Which bit?
The court certainly has the power to put the club into administration- if requested by shareholders/directors or floating charge holder. But court has to be convinced its viable and in the interests of creditors I think.
The bit about if the club was liquidated and reformed as say Southend City or Southend United (2023) Limited or whatever, then would that preserve the condition that a new stadium would need to built for the club- I don't know.

 

[bazzashrimper]

Whether this is true or not would depend on who you speak to.

If you speak to RM right now, he'll probably say it doesn't meet his requirements and so is dead in the water.

If you speak to Kimura, the offer remains on the table and all it requires is RM to realise that he needs to sell and won't get a better offer for the deal to go through.

It is definitely at stand-off and "who blinks first" stage, though.

You think Kimura could go back in with an extra few quid so Ron thinks he’s won? Obviously not the £1.3m or whatever was quoted by wolfy Jack. But a sweetener?