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

[KiwiRob]

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

Interesting that the statement from the National League points out the club have a right to appeal and there does not seem to be any explicit time-frame for depositing the bond with the National League. Any appeal against the bond decision would surely take some time.

 

[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 .

before some pick me up again i know the name i COSU easry in the morning im half asleep with fat fingers sorry folks

 

[Mr. Benedict]

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?

The original plan was to buy the club and lease Roots Hall for a peppercorn rent (or free, I can't remember) until planning is granted at FF and the charges against it lifted, at which point Ron was to hand over RH.

 

[londonblue]

Maybe the council need to walk away and tell the rats they there'll be no more negotiations until you've sold the club.

 

[tommy tucker]

Ron Martin and son Prove to us you have a heart as let cosu take over the club even if its untill you get your pot of gold in the form of housing And let cosu keep the club ALIVE

 

[Colblue]

The original plan was to buy the club and lease Roots Hall for a peppercorn rent (or free, I can't remember) until planning is granted at FF and the charges against it lifted, at which point Ron was to hand over RH.

Thank you, that makes COSU’s statement all
The sweeter then if it doesn’t really alter the structure of the deal

 

[Uncle_Rons_Teapot]

Chances of the deal not getting done now?

 

[Snowy]

Does anyone else have more of a spring in their step this morning.
Take note these guys F***ing love this club, not you.

Felt some of the tension drain from my body when I read the statement.

 

[tommy tucker]

Chances of the deal not getting done now?

It has already been said cosu will still take over the club so they are not about to walk good news indeed .

 

[Avl1983]

Can someone clarify this for me please.

I was under the impression that the reason COSU couldn’t complete the takeover now was that Ron wouldn’t sign over the club until he had the new lease agreement etc done. So until the due diligence is complete and it’s all signed and sealed, not that the consortium had chosen not to complete the purchase.

Who is choosing to hold the deal up? The Martins or COSU? Because if it’s the Martins then it’s still a very big concern.

If I’ve got anything wrong then please educate me.

 

[bigmolt]

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

Who said they have 2 days to pay £1million?

 

[SeaSideDoughnut]

A few people posted that season ticket prices were more expensive this season to help with the survival of the club then they'd pay it. Perhaps they're the price they would've been otherwise with an option to contribute.

£1m bond plus a 500k WUP... It might not a huge difference because COSU would've already been anticipating a lump sum from season tickets but a little extra could soften some of the hits they're taking.

 

[gatecrasher]

If this allows us to continue next season I hole season tickets go through the roof, COSU have shown their commitment and as fans we should too.

 

[Holy Joe]

I wrote yesterday that one solution was for COSU to buy the club before the council/Ron agreement, but it begged the question why hadn't they already done that and saved the pain of wups and transfer embargo? I hope the answer is that it's riskier (or something like that).


NEGATIVE BIT ALERT

BUT could it be that COSU know it can't be done - have they played a pr blinder saying they'll buy the club now, knowing Ron cannot sell now and hence shifting all blame on Ron (not that there was much blame elsewhere).

I have no itk so hopefully just spouting bollocks.

 

[danbowen]

Who said they have 2 days to pay £1million?

Even if it isnt two days it is still unrealistic and I highly doubt there is a long time frame on this as they wont want this dragging on until the start of the season or even fixture release day

 

[nevereatwhitesnow]

A few people posted that season ticket prices were more expensive this season to help with the survival of the club then they'd pay it. Perhaps they're the price they would've been otherwise with an option to contribute.

£1m bond plus a 500k WUP... It might not a huge difference because COSU would've already been anticipating a lump sum from season tickets but a little extra could soften some of the hits they're taking.

Bear in mind the bond money gets returned if/when COSU take over, so whilst they are putting up the money “at-risk” on completion of sale they will get it back.

All of this depends on when the payment has to be lodged etc as theoretically if they can demonstrate change of control ahead of the bond due date they may not have to pay it into to the NFL escrow account.

 

[Holy Joe]

Given this twist from Cosu is it safe to assume that Ron hasn't put up security to allow COSU to continue funding the club whilst not owning it?

So none of the conditions that COSU set a week or 2 ago have been met (yet)

 

[SeaSideDoughnut]

Bear in mind the bond money gets returned if/when COSU take over, so whilst they are putting up the money “at-risk” on completion of sale they will get it back.

All of this depends on when the payment has to be lodged etc as theoretically if they can demonstrate change of control ahead of the bond due date they may not have to pay it into to the NFL escrow account.

Ahhh okay. Thank you for clearing that up.

 

[tommy tucker]

When i went to bed last night my heart was breaking at the thought that this is the end of the road for our club .I got up this morning to find that there are i0 men who are fighting tooth and nail to save the club you and i love .I truly hope they can pull us up from the final bell THANK YOU SO MUCH for doing all you can to save our club .

 

[defender05]

Can someone direct me to the statement from COSU please.