The Sale Of The Club Is Underway!

[Jai]

Quite, hence I wonder if heads of terms was mentioned.

I'm pretty sure it was investment memorandum rather than heads of terms.

 

[stewart]

its been said there are two interested buyers one from the UK one from overseas ,so that being the case i would say things are definitely progressing and god willing a sale is imminent. RM needs to sell ASAP.

 

[Napster]

Just out of interest, if someone was interested now at this stage, would Ron welcome a new entrant?

 

[Silver]

Could this be a positive nod to our future.

BLUES TO TRAVEL 6,700 MILES IN THE NEW SEASON

Blues will travel approximately 6,706 miles next season, a slight increase on the 2022/23 campaign.

www.southendunited.co.uk

 

[dusterman]

Could this be a positive nod to our future.

BLUES TO TRAVEL 6,700 MILES IN THE NEW SEASON

Blues will travel approximately 6,706 miles next season, a slight increase on the 2022/23 campaign.

www.southendunited.co.uk

Nah just someone who loves the club basically working for free.

 

[Holy Joe]

Quite, hence I wonder if heads of terms was mentioned.

Would an investment memo need to be signed though? By the buyer? I think it was reported on here that an investment memo had been signed by buyer - but I didn't think buyer needed to do that to receive the memo

 

[kentblues]

Would an investment memo need to be signed though? By the buyer? I think it was reported on here that an investment memo had been signed by buyer - but I didn't think buyer needed to do that to receive the memo

Hmmm.... Investment memorandums can hold a lot of necessary but confidential information I guess. So its possible that there might be some "screening document" that confirms genuine interest and means? Otherwise I could get in contact and request a copy saying I am part of a consortium interested in buying the club, here's my linkedIn profile, and they would potentially just send it to me? Unlikely...

 

[Holy Joe]

Hmmm.... Investment memorandums can hold a lot of necessary but confidential information I guess. So its possible that there might be some "screening document" that confirms genuine interest and means? Otherwise I could get in contact and request a copy saying I am part of a consortium interested in buying the club, here's my linkedIn profile, and they would potentially just send it to me? Unlikely...

No I'm not saying anyone can obtain an investment memo - contents of which would be protected by the NDA. I'm just saying I didnt think they needed to be signed by the buyer - investment memo is the seller detailing what the opportunity is right? Nothing from the buyers side.

 

[kentblues]

No I'm not saying anyone can obtain an investment memo - contents of which would be protected by the NDA. I'm just saying I didnt think they needed to be signed by the buyer - investment memo is the seller detailing what the opportunity is right? Nothing from the buyers side.

Correct. I didn't make myself clear. the IM would itself wouldn't be signed but a prior screening document as well as, quite likely, an NDA yes. Indeed the two might be combined. But that might be what was meant by the IM being signed if that was what was said. Who knows.

 

[tommy tucker]

its been said there are two interested buyers one from the UK one from overseas ,so that being the case i would say things are definitely progressing and god willing a sale is imminent. RM needs to sell ASAP.

If Ron has a grain of decentcy he will sell up ASAP given kevin and his staff time to work on the out oif contract players .And bring in some new players .But we all know Ron likes to play mind games prat that he is .

 

[Medway Blue]

Those were the days of Garry Adamson and later Tara Brady. Two excellent people that were good at what they did and best of all, communicated with the fans.

The old man had a "follow me to Blues Country" sticker in the back of the car.

Great bit of marketing, that. Started making some real inroads in mid-Essex, until it got pulled.

 

[Jai]

If Ron has a grain of decentcy he will sell up ASAP given kevin and his staff time to work on the out oif contract players .And bring in some new players .But we all know Ron likes to play mind games prat that he is .

Problem is a sale process takes time. He is trying to sell the club and there are ongoing talks. I am not sure if anyone is stalling, Ron certainly doesn't want to have to pay the HMRC debt himself. He wants someone else to pay it, so it is in his interests to complete a sale ASAP.

 

[Massimo Giovanni]

Problem is a sale process takes time. He is trying to sell the club and there are ongoing talks. I am not sure if anyone is stalling, Ron certainly doesn't want to have to pay the HMRC debt himself. He wants someone else to pay it, so it is in his interests to complete a sale ASAP.

Agreed.
However there isn't too much that is tangible to be buying other than the freehold land.
The value of the properties at The Hall, Boots & Laces, or FF is limited imo.
The goodwill etc are the main things for the football club sale BUT the future plans are professional guessing on value.
Solicitors will earn their money by writing water tight contracts to cover any Ron clauses.

 

[Spaceman Spiff]

The sale of the Club is underway. There are interested parties, who have shown proof of funds (that was revealed in court today). Some are further down the line then other.

When a sale will actually take place, who knows, but seems like this case will be dismissed come July 12th. Hopefully that’s by our new owners

Thanks for this update. It’s far from the first time you have provided this info, so hopefully folks will read it - and perhaps even remember it (!) - this time.

We just need to try that ancient and long forgotten thing everyone - patience. It’s not easy, to be fair, given everything. We have no choice though. This will remain the exact same position tomorrow, and the next day, and the one after that… until Ronnie signs off on a sale or takes us all down the gurgler with him.

Wailing and gnashing of teeth, or taking pops at each other, won’t change this picture one iota.

 

[Medway Blue]

I'm pretty sure it was investment memorandum rather than heads of terms.

You're quite right. "Investment memorandum" is what was said in court. I was also separately told about a Heads of Terms agreement, but that person may have been confusing Heads of Terms with IM.

 

[tommy tucker]

You're quite right. "Investment memorandum" is what was said in court. I was also separately told about a Heads of Terms agreement, but that person may have been confusing Heads of Terms with IM.

The one thing we dont need is someone to invest in the club .We need a fresh face at the helm .i Iam sure if we get a new owner then the season ticket sales will be on the up .If teflon is still around instead of going then the fans going through the game will be very small indeed .

 

[Medway Blue]

The one thing we dont need is someone to invest in the club .We need a fresh face at the helm .i Iam sure if we get a new owner then the season ticket sales will be on the up .If teflon is still around instead of going then the fans going through the game will be very small indeed .

I don't think an IM means that investment is the only thing on the table. An IM is like a mini business plan which gives key info to an investor or buyer to help them to better understand the business What is being offered for sale, description of the business's operations and risks, and terms of engagement. It's quite formal so even if it means little in the grand scheme of things, it's at least a sign that the seller is serious.

 

[hlane17]

I don't think an IM means that investment is the only thing on the table. An IM is like a mini business plan which gives key info to an investor or buyer to help them to better understand the business What is being offered for sale, description of the business's operations and risks, and terms of engagement. It's quite formal so even if it means little in the grand scheme of things, it's at least a sign that the seller is serious.

I'm quite surprised the judge accepted an IM. I suppose he saw no loss in trying to allow any positive conclusion for this saga.

It's a very flaky document in the way it doesn't give any great confidence that any sale will ever occur. It only demonstrates that potential buyers have been given relevant info about what they are buying (in this case SUFC)

Of course we can state things are further along the line, but a Heads of Terms document would be far better if we can't get it over the line before next time.

 

[Medway Blue]

I'm quite surprised the judge accepted an IM. I suppose he saw no loss in trying to allow any positive conclusion for this saga.

It's a very flaky document in the way it doesn't give any great confidence that any sale will ever occur. It only demonstrates that potential buyers have been given relevant info about what they are buying (in this case SUFC)

Of course we can state things are further along the line, but a Heads of Terms document would be far better if we can't get it over the line before next time.

Ron's counsel mentioned the IM verbally. The judge may have had much more detailed and convincing evidence on the papers in front of him which, as was alluded to on here before the hearing, might have been subject to NDAs and so couldn't be verbalised. He was obviously content enough with what he had in front of him.

Spot on though, if a sale hasn't been concluded by 12th July then you'd think HoT would be the logical thing to produce if needed. That will prove that there has been progress since this week and that a sale has been agreed in principle.

 

[Westcliff DGS]

If any sale is underway, I only say if as I cant remember anyone reporting (media wise) of any interested parties, will the perspective owner have to pass the FA test for ownership (is that relevant for non league clubs?) if they do will that delay the process as that from what we have seen with football league clubs can take a while it seems