SUFC: The Future SUFC up for sale

[SeaSideDoughnut]

Good luck to Chris!

 

[The Dirty One]

Everyone needs to stand up and make a stand I’m not sure who he is

An opportunist (and a bit of a ****)

 

[Westcliff DGS]

https://twitter.com/x/status/1678812925014712320

Unhappy at playing time or club situation?

 

[BoyWonder2]

https://twitter.com/x/status/1678812925014712320

You’re very rarely wrong, so I hope you’re right about Lomas.

I don’t think we’ll be seeing him in a Southend United shirt again.

 

[Smiffy]

Strange wording from CP - are we back with water at B&L - that would indicate someone's paid the bill?

I'd suggest that is CP being careful with his wording rather than the bill being paid.

 

[TJC]

If Kimura are pulling their offer tomorrow as said in the Echo, then I can't see how that can be used in court to prove a sale is progressing?

Discussions continue but it is understood the deal is being held up by the stadium side of the transaction.

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.

Blues players paid but club still in crisis

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

www.echo-news.co.uk

Was there a time on it? i.e. midnight or sometime before hearing 10:30am?
Jeez, can't believe we are now talking in hours rather than weeks or days

 

[GIBBO]

Let's put Ron on a crucifix n throw eggs at him untill he sells. I'm at last chance saloon now. Good luck to the protest!

 

[GIBBO]

Let's put Ron on a crucifix n throw eggs at him untill he sells. I'm at last chance saloon now. Good luck to the protest!

Yes, I'm encouraging violence

 

[fredheim_holm]

https://twitter.com/x/status/1678812925014712320

I'm not ITK, but sounds like without a last minute change of heart from either party that the deal will elapse and Kimura will therefore pull out. Will be classic of Ron to snatch defeat from the jaws of victory.

 

[THE SEVENTIES NORTH BANK]

Let's put Ron on a crucifix n throw eggs at him untill he sells. I'm at last chance saloon now. Good luck to the protest!

In Cricko's day, they used to use this.

 

[fbm]

I think it's likely that - unless something is announced in the next hour or 2 - Kimura won't be the buyer.

But Ron clearly believes someone will... even if it only means buying the club and not the stadium. That is a much simpler process and keeps us in the game. Ron steps down as Chairman, new owners take over, immediate injection of cash to see us through the new season and catch up with the historic debts. He presumably then gets to keep the houses/flats projected that he was expected to give up.

The club then has to be run profitably. This means we ALL need to support the club as much as possible. We are responsible for a huge part of this clubs income stream. After tomorrow, it will be counter productive to continue a vendetta against RM. He will be irrelevant.

You would hope the new owners would have agreed within the price for the RH rent to be included (or RM to charge but write off the debt as he already has done).

This keeps us in the game until FF is built. Then it's another negotiation which may actually only be about rent. Owning a stadium is ok but it eventually becomes a liability and you have to spend on it annually what you would pay in rent anyway. It's not a disaster.

All Ron has to do is convince a judge of that and I would suggest that he would need firm evidence that a sale was either already agreed or IMMINENT.

The usual minimum time for an adjournment is 28 days but it could be less; however we are entering holiday season so i don't see why it would be less (especially as apparently the NL will agree to the embargo being lifted very quickly).

The only thing I'm not sure about is this £1.5m debt that materialised after agreeing the price. I'm presuming that any new bidder knows about this already (and if they don't, I'm not sure I'd be confident about them being in charge anyway!)

Just my thoughts.

 

[bazzashrimper]

I'm not ITK, but sounds like without a last minute change of heart from either party that the deal will elapse and Kimura will therefore pull out. Will be classic of Ron to snatch defeat from the jaws of victory.

I guess it depends where the sources are. If they are locked in a meeting then who knows?

 

[Mad Cyril]

I think there is at 6pm

A lot of private security as I drove past.

 

[kentblues]

One thing I should point out tomorrow is that if the court does issue a winding up order the directors have 5 days to appeal and seek to have it rescinded (by paying all the creditors). Potentially giving an extra week or two.

But under such circumstances Ron would get absolutely rinsed by any buyer worth their salt and he would be in a terrible negotiating position - he would be an idiot to allow it to happen if he can avoid it.

Cancel a winding up order

Apply to cancel a winding up (liquidation) order so your company can continue to trade - find out the form you need and what happens at the hearing

www.gov.uk

 

[kentblues]

A lot of private security as I drove past.

The first useful bit of information will be is he there?

 

[West Stand]

So is it feasible then that we go into Administration and Ron agrees for the 2nd horse to buy the club, does this potentially benefit him more personally than the Kimura bid ?

If it goes into administration then it will be down to the administrator as to what happens

 

[rlb999]

A lot of private security as I drove past.

Which will be paid for by the club. Is visiting his house doing the club a favour?

 

[TJC]

This might sound wrong, but in a way, I'm glad we are in court tomorrow to focus minds and give us closure hopefully one way on an other. If SUFC were a pet, I think the visit to the vets would have now taken place

I guess there is a chance that it is given a very small adjournment to get a deal over the line, but I don't think that will help. Ron will kick the can down the road until there is no more adjornments.
Sadly, tomorrow needs to be the end of it one way or the other.

 

[Smiffy]

I think it's likely that - unless something is announced in the next hour or 2 - Kimura won't be the buyer.

I'm leaning towards this course as well. The info @ForeverBlue has been posting, is starting to make sense now. Be it who is hinted in his postings, or someone else, it looks more and more likely another buyer will need to be found. Unless of course Ron & Kimura come to terms at the 11th hour.

I'm now starting to wonder whether there is/was any intention from Ron at all of the club being sold to Kimura.

 

[West Stand]

No. An Official Receiver would be appointed. To sell the assets and wind the company up.
We would not go into administration. The court could possibly allow Ron to put the club into administration- but there would need to be evidence of this benefitting creditors and that there is an immediate buyer. The administrator does not fund the running of the club under administration and we are insolvent.

It’s possible that the OR would oversee the liquidation but that’s unlikely it would almost certainly be a private company appointment as liquidators