Breaking News Today's Echo - Who owns the Blues? (2010 thread)

[Hotman]

The biggest single piece of news in the article (thanks for the write-up btw, Jay) is the confirmation of just how much debt Ron Martin is in. Now I know that people are unlikely to feel sorry for him but if you just for a moment look at things from his point of view you'll quickly see that he's not going to go anywhere. If he walks away now he's finished. So he'll cling on for as long as he possibly can to the one thing that can turn this all round for him.

By clinging on he'll drag us down with him if he fails (which he looks likely to do), but that isn't going to be enough reason for him not to do so.

So the only way I see out for us would be if someone else would come in (Sainburys/The Consortium) to take over the running of the football club, handle the wagebill and taxbill for the season until we can start again in 2011/12 and at the same time keep Ron Martin and his dream alive. A buy-out of the football club, with Roots Hall still owned by RHL and Fossetts Farm still owned by Martin Dawn/SEL, seem like the best of a bad set of possible outcomes for us. But the question is would that outcome be acceptable to Sainsburys/The Consortium/any other potential saviours?

They'd need to be magicians to turn a profit out of it. And if I was RM, I'd accept £1 for the club if I could keep the new development...

 

[Cricko]

They aren't sundry expenses, they are administrative expenses (ie the cost of running the business). You know full well that they've been broken down and are comparable with the levels they have been for the past 15 years (because you've had this exact conversation with either Firestorm or myself half a dozen times).

The Deloitte allegation in the Echo is one of a number of issues which clearly needs clarification.

They haven't though Beefy..it was the exact question I asked an accountant on here when he looked at their last published accounts...there was no breakdown of the 2 mill odd expenses unless you can show me different.?

 

[Mick]

.
Talking of things tenants shouldn't be paying, I know something tenants should be paying - and that we don't seem to have: rent.

I'm sure we have been paying ..... one way or another !

 

[Mick]

And talking of accounts, I wonder if that supporter who Ron Martin tried to humiliate at the last AGM for having the temerity to vote against the accounts had a wry chuckle when he read his Echo yesterday.

 

[Cricko]

Talking of things tenants shouldn't be paying, I know something tenants should be paying - and that we don't seem to have: rent.

If I own 2 companies neither of which has any monies,what would be the point.It would be pretty pointless writing a chq out for zero to yourself as you already own both.Paper movement now that is another story all together and one RM seems very good at.

 

[Smiffy]

The only bit of good news as mentioned, is the fact Sainsbury's have now agreed a deal with Prospects. BUT, this is only verbally AGAIN. There is no signed contract in place as yet. This is the 5th time this stage has been reached...

 

[Somerset Ex-TTB]

They haven't though Beefy..it was the exact question I asked an accountant on here when he looked at their last published accounts...there was no breakdown of the 2 mill odd expenses unless you can show me different.?

Exactly, they are not running expenses. That is the salaries, the motor expenses, the print post and stationary, the depreciation, the accountancy the repairs and maintainance, the leasing, the hire charges, IT, etc.

I work in a business with a turnover of £90m over 10 times that of SUFC. Our sundry expenses are less than £5k stop putting your head in the sand, the club and OUR money has been wasted and stripped from where it should go to pay for RM's failure.

BTW a Bently costs almost £2.5k for a service. I bet we have paid for that too.

 

[pickledseal]

BTW a Bently costs almost £25k for a service. I bet we have paid for that too.

You were ripped off for your last service....

http://www.balmoraluk.com/service.htm

 

[Crawliano]

You were ripped off for your last service....

http://www.balmoraluk.com/service.htm

Either way, £600 for 4 litres of oil and a filter is a bloody joke.

 

[John Cena]

BTW a Bently costs almost £25k for a service. I bet we have paid for that too.

Where on gods earth did you pick that figure from? Thats the biggest load of ******** I have ever heard, my bosses Ferrari only costs him £2k to service.

 

[ibwiajwa]

There was a club chairman called Ron,
Whose balance had gone overdrawn.
Exposed in the Echo,
He squirmed like a gecko,
His Emp'ror's new clothes had all gone.

 

[Fiftyone]

And talking of accounts, I wonder if that supporter who Ron Martin tried to humiliate at the last AGM for having the temerity to vote against the accounts had a wry chuckle when he read his Echo yesterday.

Perhaps at the next AGM we need to vote en masse against the accounts.

 

[TJC]

Perhaps at the next AGM we need to vote en masse against the accounts.

If we have one!

 

[GBJ]

RON TAKES A 60K MANAGEMENT FEE

Ron Martin charges Southend United a 60,000 a year "management fee" through his company Martin Dawn plc.
Mr Martin has always maintained he does not take a paid salary from Southend United for his work as chairman, and it is not clear from accounts of either of the companies what specific work the management fee covers.
His company, Martin Dawn plc, also charges expenses to Southend United, including a bill of 95,585 in 2007.
However, according to the 2009 accounts for Southend United, Martin Dawn charged no expenses that year and only 4,625 in 2008.
There are no further details in the accounts for what the expenses cover.

Anyone with a bit of savvy about them can surely read between the lines here (especially the bit in bold)?

 

[Somerset Ex-TTB]

Exactly, they are not running expenses. That is the salaries, the motor expenses, the print post and stationary, the depreciation, the accountancy the repairs and maintainance, the leasing, the hire charges, IT, etc.

I work in a business with a turnover of £90m over 10 times that of SUFC. Our sundry expenses are less than £5k stop putting your head in the sand, the club and OUR money has been wasted and stripped from where it should go to pay for RM's failure.

BTW a Bently costs almost £25k for a service. I bet we have paid for that too.

Whoops, missing a decimal point. Now changed!

 

[THE SEVENTIES NORTH BANK]

Exactly, they are not running expenses. That is the salaries, the motor expenses, the print post and stationary, the depreciation, the accountancy the repairs and maintainance, the leasing, the hire charges, IT, etc.

I work in a business with a turnover of £90m over 10 times that of SUFC. Our sundry expenses are less than £5k stop putting your head in the sand, the club and OUR money has been wasted and stripped from where it should go to pay for RM's failure.

BTW a Bently costs almost £25k for a service. I bet we have paid for that too.

There has definitely been a mis management of the clubs funds. Payments made under different headings, as well as whopping unexplained £60,000 a year management fee to Martin Dawn. In 2007 there was also an expenses charge of £95,585 to Martin Dawn. There are no further details in the accounts what the expenses cover. Why not? If all above board.
The taxman wants to shut down Martin Dawn. It looks like Southend's much needed cash has been used to keep Martin Dawn going.

 

[GBJ]

There has definitely been a mis management of the clubs funds. Payments made under different headings, as well as whopping unexplained £60,000 a year management fee to Martin Dawn. In 2007 there was also an expenses charge of £95,585 to Martin Dawn. There are no further details in the accounts what the expenses cover. Why not? If all above board.
The taxman wants to shut down Martin Dawn. It looks like Southend's much needed cash has been used to keep Martin Dawn going.

Hhmmmm, interesting...

 

[pickledseal]

Was speaking to my dad last night and he seems pretty sure that Martin Dawn have never had any money... they had one decent year when they built Aldi near Priory Park and that was it! Not sure if anyone else can back this up?

Certainly indicates that we as a club have been bankrolling all RM's companies rather than vice-versa as he'd like to have us believe!

 

[Cricko]

A bit more in today's Echo.......

Since Feb 2009 the Echo can reveal the club has diverted all money it has received from season ticket sales £1 to £1.5 Mill according to the club to paying off debts to financial loan Company Charterhouse Finance.....the club has also being using another mainstay of it's income a £640k a season basic award payment from the FA to pay off debts to the firm since 2008.

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

 

[BrettieAngell]

A bit more in today's Echo.......

Since Feb 2009 the Echo can reveal the club has diverted all money it has received from season ticket sales £1 to £1.5 Mill according to the club to paying off debts to financial loan Company Charterhouse Finance.....the club has also being using another mainstay of it's income a £640k a season basic award payment from the FA to pay off debts to the firm since 2008.

The Echo can also reveal Ron Martin borrowed money from Charterhouse Commercial Finance against land he owns at Ferry Road, Benfleet, where he unsuccessfully tried to develop 30 homes in the mid 90's

jesus wept!