When will the takeover go through? Council / Citizen Housing agree new Heads of Terms 26 June

[londonblue]

Friday is the deadline. The Martins could respond straghtaway, it doesn't have to go to the wire. They gain nothing by delaying an answer to the last minute

Yes they do. Control.

 

[Jon h]

It would be quiet a Ron thing to do that he accepts the deal on Friday

 

[Barling Magna]

Deadline 21st June, another bloody week of waiting.

Will it be a midsummer night's dream, or nightmare?

 

[blues exile]

Yes they do. Control.

Only putting off the inevitable. At last they have been brought to book, we hope.

 

[Blue Yonder]

It would be quiet a Ron thing to do that he accepts the deal on Friday

With a different string attached of course. Chancer.

 

[Tommy2holes]

Love the fact that the council have essentially outlined what is acceptable and what isn't.

Positives:

Cosu go no deal
Council will agree to the original aspect of Fossetts.
They won't allow the Martins to build on roots hall if this deal isn't accepted.
Ron has finally been put in his place.

Negatives:

Deal isn't accepted and Cosu will walk away.
Deal is accepted. Cosu won't be getting 20 million and may still walk away.
Not accepted and Ron can't build, cosu walk and Southend cease to exist. Roots hall is sold to someone else who may apply for housing, although I'd hope the council wouldnt accept any deal. There maybe the possibility of a phoenix and remaining at roots hall.

Either way. Dimished return will undoubtedly mean less money for Cosu and roots hall renovation. Hopefully it will be enough for them to accept and move on.

Another massive week for the club .

 

[Yorkshire Blue]

Yes

Yes. But I understand that acceptance was contingent on a few things. This new acceptance is not.

It’s good that Ron accepts that but i think the more significant ones here will be Citizen and CBRE. Are they onside with this?

I don't know the financial state the Martins are in. No one does apart from them - and perhaps they don't even know.

However, what happens if the Martins refuse to accept what is now on offer? We know that the council would not work with them on the development BUT the land they own would still be worth a tidy sum for another developer with whom the council would work. They would still own and be able to sell a very valuable asset.....

COSU would then walk, the club folds and the Martins have yet another valuable asset (RH) they could sell to a developer........

Am i missing something?

Yes, the debts secured by RH. The Martins would default and their creditors would call in their security.

 

[Rattus Norvegicus]

I would think the £20 million element of the deal was quite important for the football club. And to the developers of course.

I can't understand at the moment how the developers can agree to pay the £20 million if there is no agreement in place as to how the new/ex new stadium area/space is to be developed.

Can anyone help?

 

[Booma]

Yes they do. Control.

I don’t see how they have any control? Happy to be corrected through.

They have no where to go, take it or leave it.

 

[South Bank Hank]

Either way. Dimished return will undoubtedly mean less money for Cosu and roots hall renovation. Hopefully it will be enough for them to accept and move on.

Can't help but feel that this is the truth of it. So desperate are we to see King Rat out of the club or even snookered in some of his more grand ambitions, that we're willing to accept anything as great news.

Club survival is paramount and this all feels like a great step in the right direction. But surely the failure of the revised plans to go through DD is still a major blow to our club's ongoing ambitions.

We all wanted survival but those future funds, resulting from building on the new stadium site, would have been equally critical to our future.

 

[Booma]

Just read the echo article, the 2021 plan minus the stadium includes houses on Fossetts and Roots Hall. How does this work?

Would the houses proposed on Roots Hall simply be moved to Fossetts?

 

[cerbera45]

I think this takeover sale/deal is "dead in the water" imho

 

[Avl1983]

I think the key here is it seems as though COSU and the council have agreed on a way forward together and is either their way or the highway.

Should have happened a long time ago but I do feel as though the Martins will accept this….on Friday.

 

[SUBBlue]

Just read the echo article, the 2021 plan minus the stadium includes houses on Fossetts and Roots Hall. How does this work?

Would the houses proposed on Roots Hall simply be moved to Fossetts?

I’m not subscribed so can’t read it, are you able to post it on here at all please ?

 

[defender05]

Can someone explain how the 2021 deal would be good for us. The hold up was the transfer of the flats instead of the stadium, if we go back to the old deal then they are not included and we are back to square one. Isn't part of the takeover dependent on that transfer happening?

 

[Jasrod]

Sorry, I will keep my personality to myself next time

Just read the echo article, the 2021 plan minus the stadium includes houses on Fossetts and Roots Hall. How does this work?

Would the houses proposed on Roots Hall simply be moved to Fossetts?

Isn’t this more about the accepted % for affordable housing etc that was agreed in 2021?

 

[Booma]

I’m not subscribed so can’t read it, are you able to post it on here at all please ?

The leader of Southend Council has issued a surprise update on the status of the deal to save Southend United - revealing the Fossetts Farm plan has failed the 'due diligence' stage.


Labour leader Daniel Cowan has issued the update today before an expected Monday announcement - revealing the due diligence on the controversial plans for 1,300 new homes "did not pass".
Instead an alternative proposal has been made to Citizen Housing.
The new plan would seek a return to the 2021 deal minus the stadium - with the 2021 deal seeing homes split between Fossetts Farm and Roots Hall.

The latest proposal involved allowing the construction of up to 1,300 homes at Fossetts Farm to allow the sale of Southend United to the consortium spearheaded by Justin Rees.
In an update letter issued today, Mr Cowan said: "Due diligence on the proposed Fossetts Farm deal that was negotiated by the former leader of the council and presented to the policy and resources scrutiny committee on April 24 has now completed.

"It is with regret that I inform you that the proposal did not pass our due diligence."

Mr Cowan added that on June 7, he said he would revise plans and put a financially viable proposal forth that "does not put public money at undue risk".
He said: "Today we wrote to Citizen Housing setting out a proposal that meets all of those aims and we believe can be made to work.
"The summary of those aims is that we are largely seeking to return to the model that was agreed in 2021 minus the stadium.
"We have given them to Friday June 21 to respond."
Mr Cowan has also called on restraint from fans to "minimise distractions."
He said: "I want those involved in responding to our letter to be completely focused on making this work, so I would urge restraint at this point to minimise distractions and maximise our chances of getting an agreement.

"This may feel like a negative update but I believe this is the most positive to date.
"No more time will be spent on unworkable schemes and a scheme that can work is now on the table."
Southend United are due in the High Court on June 26 as they face a potential winding up petition from Stewarts Law and an ex club sponsor which is believed to total around £500,000.
The hearing has been adjourned twice already.
It is understood the consortium will not be issuing their own update at this stage.

 

[Snowy]

Would love to be a fly on the wall at Ratty Towers this week!!!

 

[WestyReturns]

Surely that’s a good sign. Ron will have to agree otherwise he is bankrupt

Ron's already planned for bankruptcy which is the worry. All the assets have been dispersed to his family.

 

[JB Shrimper]

It would be very like Ron to decide if he doesn't get what he wants then nobody does. Interesting week ahead!