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

[Blues4LifeDan]

They are very brave men. They won’t let the club die and are risking their own money to save it. There are some wealthy men involved but none of them have the wealth you would need to just write off a few million without a moment’s thought. God bless COSU. Trust what they say. The future’s bright, the future’s blue.

It's frankly amazing of them. However, if I was there financial advisor, I'd have had a coronary at that statement! Anyone with sound body and mind would never trust Ron like they have to. It's mind-blowing. As much as we are hugely desperate and grateful, none of us truly believe we would advise someone to trust Ron, knowing he'll do anything to screw anyone over.

One can only hope that because COSU is made up of local people, they would make Ron's life hell if he were to do that.

 

[manor15]

COSU have done more for this club in 9 months than the Rat has in 20 years.

I hope this doesn’t all end in tears because they are true heroes and we are incredibly lucky to have them.

 

[Cricko]

IF and when this deal goes through we should all back COSU 100% and get behind everything they are trying to do. I expect huge season ticket sales to kick it off.

 

[tommy tucker]

All of the couse team deserve all the pludits . They are going well beyond what they need to do to save our club .Thank you so much from the bottom of all shrimpers hearts for trying so hard to save our club .Now its over to you mr martin just hand over the keys to the hall .And let theres men get on with doing what you cant and .SAVE SOUTHEND UNITED .

 

[Ron Manager]

That makes me feel better. Admittedly from a low starting point where I couldn’t really feel any worse about the whole situation. But better all the same.

 

[RHB]

I doubt very much if any of Team Martin read the Zone, but if they do, then please, for once in your miserable lives, do the right thing and grab this offer from COSU. Doing so may stop you and yours from being targets for the rest of your lives. Your shout.

 

[Jedi Shrimper]

Incredible from COSU. Heroes all.


Can anyone confirm what this all means though?

Does this mean they will complete on buying the club itself now, and the Roots Hall aspect later once the Council & Citizen come to an agreement? That should mean the bond won’t be required?

And does this also mean they’re paying the WUP?

 

[RHB]

In advance of any progress here, from the bottom of my heart, and the bottom of @Cricko's pockets, thank you everyone in COSU for sticking with us. No Southend, no party.

 

[Wingnut]

I don’t know who makes the decision to let them buy the club ,can’t see it happening to be honest
Think it’s time to say goodbye sufc

 

[Hadleigh Blue]

If the transfer of the club goes through then I assume the Roots Hall covenant will remain active and protect SUFC and COSU from Ron trying to sell Roots Hall from under them. Rent in the interim period before full transfer of RH could be agreed upfront further limiting risk.

However, COSU still need unfeasibly large balls indeed

 

[Holy Joe]

Is Ron in a position to sell the club now?

Does that mean COSU are willing to buy the club with Ron's £20m debt still sitting on the balance sheet?

 

[Flinty]

From memory the club was always going to be sold to COSU before the ground was, with an agreed rent free period to allow planning matters to be concluded and charges lifted. I thought this was all in the HoT, but it was such a long time ago I may be getting confused, especially as I can’t see any reason why the club can’t be handed over to COSU now.

 

[Wingnut]

who’s going to make that decision

 

[Target man]

Ron Martin was never asked for a bond in years where it was clear he had no money, so why this year when he's finally about to sell? Also, why didn't the league ask in May when season ended instead of now!

 

[Holy Joe]

From memory the club was always going to be sold to COSU before the ground was, with an agreed rent free period to allow planning matters to be concluded and charges lifted. I thought this was all in the HoT, but it was such a long time ago I may be getting confused, especially as I can’t see any reason why the club can’t be handed over to COSU now.

I recall the same on the RH transaction.

The reason I thought the club couldn't be sold now was the £20m of debt sitting on the clubs balance sheet. I thought that needs the debt to equity swap to be completed to be written off.

 

[Wingnut]

Ron Martin was never asked for a bond in years where it was clear he had no money, so why this year when he's finally about to sell? Also, why didn't the league ask in May when season ended instead of now!

Remember the fa have got to vito if yet ! Million is a stupid amount

 

[danbowen]

Ron Martin was never asked for a bond in years where it was clear he had no money, so why this year when he's finally about to sell? Also, why didn't the league ask in May when season ended instead of now!

They dont want us to survive. How many clubs even at league one level could post a £1m bond in less than 2 days. Completely unacceptable by them. They are the most incompetent football authority ever

 

[SunSea&Shrimpers]

From memory the club was always going to be sold to COSU before the ground was, with an agreed rent free period to allow planning matters to be concluded and charges lifted. I thought this was all in the HoT, but it was such a long time ago I may be getting confused, especially as I can’t see any reason why the club can’t be handed over to COSU now.

Valid point here

 

[Wingnut]

They dont want us to survive. How many clubs even at league one level could post a £1m bond in less than 2 days. Completely unacceptable by them. They are the most incompetent football authority ever

Think we need to get tomorrow out the way first before we need to worry about that stupid bond

 

[Colblue]

Well that’s great news for you all to wake up to, I’ts a really positive development and I hope it helps those especially who are feeling the mental effects of all this the most, deep down though im sure they’re only doing it to Keep the Essex derby going
Seriously though guys, this COSU lot are keepers, it’s incredible they’ve hung in there after yesterday’s developments.

One question, was their original plan to buy the club AND RH on day one? My recollection of timelines is the reason it had to wait for FF to be signed off is so that all the charges on RH could be transferred over before COSU bought it.
Could it now be they’re trying to buy the club now but may have to have some short term deal to lease RH until charges removed?

EDIT: ignore question above, I see it’s been asked and answered in the ten minutes it took me to write my post lol