SUFC: The Future SUFC up for sale

[SeldomSeenShrimper]

How to distract Southend fans:

Step1. Put Yellow on the new home kit.

 

[WestyReturns]

Based on everything I know, FF is dead in the water!

Thats a really bold statement to make. I wouldn't be inclined to post that unless I had a clear understanding of the situation factually myself.

 

[West Stand]

The obvious one missing is selling the company. That is absolutely the option that is being pursued, and the basis on which the courts have approved payment of specific bills (notwithstanding Ron still mentions financial support from group companies as a kind of backstop)..

Re trading whilst insolvent, the directors have to reasonably believe that the situation can be resolved (i.e. return to a state of solvency). In this case by a sale (but actually with football clubs it's often a belief that the owner will continue to put in funds). Without owner funds many football clubs are "insolvent".

Neither a CVA or administration will occur if the sale goes through which is currently the working assumption.

The option is there but only through administration.

As for trading whilst insolvent you are right many clubs have rider attached to their accounts acknowledging the point about being a “ going concern ,being dependent on owner’s contributions etc etc but in Southends case RM seems to have acknowledged the club is insolvent a state where the club can’t pay its bills other clubs through their owners pay their creditors

As I have pointed out there is absolutely no sense in the club entering Administration but if RM sells his shares or not I can see a CVA being a viable business option

 

[leeblue]

Thats a really bold statement to make. I wouldn't be inclined to post that unless I had a clear understanding of the situation factually myself.

The fact no work on a new stadium has started in 25 years, don't need to be sherlock to figure that it's a flop

 

[CRATE]

My understanding of the FF situation is.

- The stadium could potentially go into review due to the traffic issues already in the area, without a huge housing development added to that plus event / match day traffic. Anyone who uses that junction will know how bad it can be.

- Someone buying FF, would need to have very deep pockets. Since the stadium was designed (and changed, and changed again) the cost of materials and labour have rocketed. And it would put the club back into debt. If cleared when purchased.

- Buying RH and redeveloping it, with apartments and housing around it, makes the £4.5M price for RH a lot more attractive. It offers a ROI that makes buying the club attractive and could quickly see it self sustainable. Once redeveloped on a stand by stand basis.

 

[bigmolt]

Anyone know where he stables his horse?

Well I know BluesTocking is stabled at Ralph Becketts stable at Kimpton in Hampshire.

 

[West Stand]

The fact no work on a new stadium has started in 25 years, don't need to be sherlock to figure that it's a flop

If RM gets the asking price for RH then I would feel that it’s highly likely that FF will go ahead albeit without the linked requires to replace RH itself with a new stadium. Win Win for RM

If he retains ownership of RH both the site and stadium and leases the ground I would imagine that there would be some sort of option agreement requiring the club to re locate and a new stadium at FF and would almost certainly be built but then the question would be to what size etc . If that happens win win for RM

 

[WestyReturns]

The fact no work on a new stadium has started in 25 years, don't need to be sherlock to figure that it's a flop

Haha without doubt a massive disaster for Ron but I'm thinking with able owners and interest in land development. Infact from what I've heard the only reason it didnt progressis because of interested parties on the property development side not wanting to work with Ron. Ron's had a dire reputation in the property world long before he took over SUFC.

 

[Sparte]

Phew, thank god it’s not 95%

It’s like the cleaners that kill 99.9% of germs… it’s the 0.1% that will kill you!

 

[Phippsy]

All this talk about Administration and different scenarios regarding our future got me thinking. Whilst we were all looking up Kimura, Trying to find out how rich our new owners were going to be, Was it Clairvoyant or one of the other so called (ITK outsiders) who popped up suggesting the new consortium or the 3rd interested buyers as we knew them as, were not absolutely cash rich and wanted the club to go into Administration but their intentions were honest and very much aimed at the club and community moving forward.

It looks very much to me as if it might be moving that way more and more. Maybe the poster was more in the loop than we initially thought?

 

[Yorkshire Blue]

FF is too complicated to wrap up in the time available.

Any incoming owner needs to ensure Ron doesn’t have them over a barrel in future negotiations.

The solution is therefore buy the club and RH. It grants independence from RM. So long as you have a viable alternative (initially redeveloping RH but later down the line I expect another site will emerge as an alternative) you have leverage in your discussions with Ron later down the line.

A stadium at FF is still the easiest way for Ron to make his millions/cover his losses as he has planning permission for it. RH is probably a more attractive site for housing as it’s more central and not next to a sink estate so the return is probably greater at building on RH than building yet more flats on FF. RH can then be part payment for the new stadium once it’s built.

Buy the club and RH and then see if there is a viable deal for the stadium. Once the club is bought time is no longer of the essence and you have time to adjust plans and you can see what works best for the club.

Buying RH now leaves all options open.

 

[alansufc23]

Morning chaps

So been out of the loup over the weekend

Due to being away

What lovely rumours are going around

Do we think anything will come out this week

The suspense is killing us all lol

#Martinout

 

[Sparte]

I’ve just driven along the A127, past Cuckoo Corner and Priory Park and onto where FF stadium will be, it was slow and snarled up even today! Can’t imagine what it would be like if you had 10,000 SUFC and 103 Boreham Wood fans converging on it…

 

[WickfordShrimper]

So the new Stadium at FF is now dead

You honestly cannot make this up, the whole idea of Fosset Farm development been approved in the first place was for Southend United FC to build a new Stadium, the plans for housing , flats hotels , shops etc was added over the years to so Mr Martin can make a few Bob.

What next a the new owners looking to relocate us to Basildon as we have no available Land in left in Southend..lol

Sounds familiar ?

 

[CC51DAS]

Morning chaps

So been out of the loup over the weekend

Due to being away

What lovely rumours are going around

Do we think anything will come out this week

The suspense is killing us all lol

#Martinout

Are you Wolfy?

 

[Rayleigh boy]

I’ve just driven along the A127, past Cuckoo Corner and Priory Park and onto where FF stadium will be, it was slow and snarled up even today! Can’t imagine what it would be like if you had 10,000 SUFC and 103 Boreham Wood fans converging on it…

believe me the Wood "army" won't be that massive .

 

[Jack_23]

New owners to be part of the new kit launch.. we can dream

 

[kentblues]

The option is there but only through administration.

As for trading whilst insolvent you are right many clubs have rider attached to their accounts acknowledging the point about being a “ going concern ,being dependent on owner’s contributions etc etc but in Southends case RM seems to have acknowledged the club is insolvent a state where the club can’t pay its bills other clubs through their owners pay their creditors

As I have pointed out there is absolutely no sense in the club entering Administration but if RM sells his shares or not I can see a CVA being a viable business option

Plainly the option of a sale is the preferred route out of the current situation and is the option whether we are currently trading insolvent of not.

If there is no sale, but we have cleared football creditors (and hence are in the league) administration or a CVA I guess can never be ruled out as a last result - but frankly at this moment I see both as very unlikely outcomes. Fingers crossed..

 

[alansufc23]

Are you Wolfy?

No I am not that ****

Lol

 

[kentblues]

My understanding of the FF situation is.

- The stadium could potentially go into review due to the traffic issues already in the area, without a huge housing development added to that plus event / match day traffic. Anyone who uses that junction will know how bad it can be.

- Someone buying FF, would need to have very deep pockets. Since the stadium was designed (and changed, and changed again) the cost of materials and labour have rocketed. And it would put the club back into debt. If cleared when purchased.

- Buying RH and redeveloping it, with apartments and housing around it, makes the £4.5M price for RH a lot more attractive. It offers a ROI that makes buying the club attractive and could quickly see it self sustainable. Once redeveloped on a stand by stand basis.

Yes I don't think it is fully appreciated that if you overlay the stadium onto the current RH development site (which also includes some additional land at 297-301 Victoria Avenue) then a meaningful proportion of the residential units could be still built providing funds to develop the stadium.

This assumes what is for sale is the whole RH development site not just the stadium site (separate titles). If just the stadium then more limited development still possible.