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SUFC: The Future SUFC up for sale

Our hopes and visions for the rebirth of Southend United, plus any plans published by the consortium for discussion
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  • The money to fund the Club’s debt is not required on day one. The Club assesses the cash required in the short term, including settling HMRC (releasing the embargo), to be about £1m. The balance of debts (around £1.5m) can be spread over a period of time, as we have with many of our creditors.



If the money to fund the clubs debt is not required on day one… then is there money there to pay the staff now???
 
hlane17 said:
Sounds like a fair deal if you ask me. Would like to hear from the other side...
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If you look at Southend United Football Club at Companies House, 3 Charges have been recently put there. Mezcal Investments, Roots Hall Ltd and South Eastern Leisure, would imagine these are some of the debts Ron is talking about. Don't know the value of these, but wouldn't be at all surprised if far in excess of £10 million.
 
MattE said:
You said the club would own the asset (I've presumed Roots Hall) and benefit from any uplift in value by developing? Have I got wrong end of stick?
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Yes, the club would own the asset (Roots Hall) and benefit from any uplift in value by developing it (i.e. by selling it for housing and moving to a new stadium, or even by improving RH itself)

In reality I suspect there will be more houses and no stadium at FF. So they would need to find another site if they wanted a new stadium down the line.
 
Bobs your uncle said:
  • The money to fund the Club’s debt is not required on day one. The Club assesses the cash required in the short term, including settling HMRC (releasing the embargo), to be about £1m. The balance of debts (around £1.5m) can be spread over a period of time, as we have with many of our creditors.



If the money to fund the clubs debt is not required on day one… then is there money there to pay the staff now???
Click to expand...
The debt doesn’t have to be paid on day 1- eg this years tax debt!
 
If Ron’s offer doesn’t have any booby traps. And a buyer comes to our rescue. Do we now have to be nice to Ron ?
Is Ron getting out and proves ‘“ I love this ****ing club”.
 
Bobs your uncle said:
  • The money to fund the Club’s debt is not required on day one. The Club assesses the cash required in the short term, including settling HMRC (releasing the embargo), to be about £1m. The balance of debts (around £1.5m) can be spread over a period of time, as we have with many of our creditors.



If the money to fund the clubs debt is not required on day one… then is there money there to pay the staff now???
Click to expand...
No he is saying £1m clears the embargo that covers salaries as well as HMRC. He is suggesting some of the £1.5m could be subject to a repayment schedule..
 
£4.5m for a dilapidated stadium that needs significant investment and no mention at all of the Fossetts development.

People are seriously suggesting Kimura should bite Ron’s hand off? Doesn’t sound particularly prudent to me.
 
meerkat54 said:
If Ron’s offer doesn’t have any booby traps. And a buyer comes to our rescue. Do we now have to be nice to Ron ?
Is Ron getting out and proves ‘“ I love this ****ing club”.
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No. Not if he’s used the club to turn green belt into flats using the most complicated and painful means necessary. He’s still a …
 
Pak66 said:
In the front garden debate at Mr Martin's house Mr Martin stated ' he'would give a further update on Monday'! Unfortunately for all of us he did not stipulate which Monday.
There are lot of Monday's left in this year alone. That is why we should all appreciate what Mr Martin says generally does not come to fruition.
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Wow! Those fans must really have got to Mr Martin!
Direct action does work and I take my hat off to everyone who supported the demo on Saturday and the previous one's building up to Saturday.
 
As well as Fratton Park (I was at uni in Portsmouth and was often there) it would be worthwhile having a look at Plymouth Argyles Home Park. The main stand was undergoing a huge redevelopment the last time I was there.
 
Yorkshire Blue said:
The flip side would be that it’s involves a £10m outlay to acquire a business that loses £1m-£2m a year so you’ll have your work cut out to break even let alone get a return on that sort of investment.
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Yup but the new owner would own RH, be in charge of the club’s destiny and not be tied in to the Fossetts pipe dream that’s yielded the sum total of nothing in 20 years.
 
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