When will the takeover go through? The Waiting Game...

[ColinMorrisWalksOnWater]

restated report doesn't deal with planning matters and re-iterated will be called in, due to being developed on Green belt land.

All that happens later.

 

[Cricko]

Link to webcast for later:

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

southend.public-i.tv

Now on.

 

[Cricko]

DD not completed yet. No obligation to proceed until it's done.

 

[ColinMorrisWalksOnWater]

Property due diligence completed, council moving into finance due diligence now.

 

[Cricko]

There will be a part 2, no doubt in secrecy

 

[ColinMorrisWalksOnWater]

If council satisfied after financial DD completed, then they will go ahead with the transaction. If not then they won't and no obligation to proceed until DD completed.

 

[Cricko]

All that is being done is moving the houses from RH to FF

 

[ColinMorrisWalksOnWater]

Tony Cox stressing nothing in addition than not building a stadium and all that this transaction is doing is moving the housing from Roots Hall to Fossetts.

Stressing the huge amount of work that has been done in a shorter amount of time than usual.

 

[Cricko]

All the renting arrangement is the same as previous.

 

[SHRIMPERPETER]

Will it be finalised today?

 

[Holy Joe]

All that is being done is moving the houses from RH to FF

That needs some context - as my understanding is the mix of housing/affordable is changed and the financial deal is very different so it's over simplifying to say just moving houses from RH to FF

 

[ColinMorrisWalksOnWater]

Councillor from Prittlewell saying pleased that Roots Hall is being developed and the growth of the football team. City wise that Fossetts fulfils a benefit for the city and housing requirements.

Happy that the transaction covers both of these and asked can we go ahead with the transaction.

 

[Cricko]

All agreed to go forward from here, although of course lots of work still to be done before it is legally agreed.

 

[ColinMorrisWalksOnWater]

Just getting ready to move to the private section.

Leaving to Derek Jarvis to close the meeting.

 

[ColinMorrisWalksOnWater]

Webcast closed as meeting concluded closed by Derek Jarvis.

 

[Holy Joe]

All the renting arrangement is the same as previous.

Has there been some developments over the past week or 2, I thought the term of the lease had been increased?

 

[Cricko]

That needs some context - as my understanding is the mix of housing/affordable is changed and the financial deal is very different so it's over simplifying to say just moving houses from RH to FF

I think you are right but that was not the context of todays meeting.

 

[Cricko]

TBH it does not feel we have moved forward much, just pushed the issue along.

IMO It's still going to be a long process and that is the worrying thing,

 

[ColinMorrisWalksOnWater]

It depends on Ron, how long the council take to complete the financial DD. I am sure the Consortiums input to this part of the process will be relatively straightforward, Ron's however.

The positive bit was that Cllr. Cox said and others were agreeing, that once this was complete, then the transaction could be completed. the cllr from Prittlewell actually asking if the transaction could be completed at that stage I also thought was a positive.
All that of course is from the council's perspective. Obviously for the sale to be concluded, then the charges need to be removed from the Hall, by Ron's financiers. Do the council hold any influence on that part, apart from obviously holding the key to the planning permission?

Interesting opening, where another councillor was saying the revenue from the rents that the council would get would be greater in the early years and this should be carefully accounted for and money put by for subsequent leaner years, that may not happen. The stressing of financial responsibility is therefore minuted and covered off for future years and administrations.

 

[Yorkshire Blue]

TBH it does not feel we have moved forward much, just pushed the issue along.

IMO It's still going to be a long process and that is the worrying thing,

This.

At what point do the consortium decide enough is enough as they’ve had enough of pumping money into a project they don’t yet own?

The club faces a winding up petition May 15th.

Why would you put more money into the club ahead of that?

If Ron misses that deadline too what confidence can you have that he will meet whatever the next deadline is?

This can’t go on forever. The question is when will their patience run out?

Our future is as precarious as it has ever been. As I see it there is a very high chance of things collapsing over the next month.