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

[dusterman]

Justin wants news by this Friday that it is a go.

A go before it goes to external auditor, I assume.

 

[Suomi Shrimper]

A go before it goes to external auditor, I assume.

I would think and hope that if the plans make it through the first three stages of DD and the arising issues are resolved to all parties' satisfaction, the external audit would be a formality.

If the plans are given the go on Friday, that would give two weeks (plus a couple of days' slippage) for the external audit before we're back in court on the 26th.

 

[Cricko]

I wonder how likely that is.

Probably it is still going to be crap going by these past few months, but he wants to get on with next season and there is only a limit to how much they put in. A timeline has to be set and i do not blame him for that. 6 months waiting for the council and the rat to sort there issues IMO is enough.

 

[Tommy2holes]

I am assuming the least the consortium will want to hear is that the council are positive about what they are seeing and it's a workable project that can be agreed in short time.

Anything less than this will likely be met with a very real chance that the consortium walk.

 

[Liam AAS]

Under what circumstances would we get a points deduction or expulsion from the NL?

The NL often grants conditional licences to crisis clubs. Mostly those are kept behind closed doors thought it was obvious that Southend were given one last summer because 2 years worth of accounts were submitted online at 16:50pm on 31st of May last year.

Points deductions are similar, there are standard points deductions for fielding ineligible players or failing to fulfil fixtures (these may not ACTUALLY be in the rules but are just examples of lesser "crimes") but the main circumstance that might happen is an "insolvency event" i.e. the club going into administration.

The NL's AGM is this weekend coming and you can imagine that Mark Ives's position as GM will be on the agenda given that the NL have agreed to support the FA's proposal to scrap FA cup replays from the 1st round proper. Southend Utd may well have a conditional licence issued at this event.

 

[Liam AAS]

I am assuming the least the consortium will want to hear is that the council are positive about what they are seeing and it's a workable project that can be agreed in short time.

Anything less than this will likely be met with a very real chance that the consortium walk.

They have been told this since October. "1st of November for completion"

Then it has been "6-8 weeks" every update since the Kidderminster (A) game.

They have, unbelievably, pumped in tons of money. Not just to keep the club alive, but to bring wages up to date, enable a transfer budget and begin some work for pre-season. Even on Friday, they didn't have to pay those wages but they didn't want to let the consequences of the actions of The Martins & SCC fall on the staff. It is a miracle that they haven't walked away already.

 

[SUBBlue]

It all seemed so positive & that we’d turned a corner just a couple of months back.

Between the council & Ratman & Nobbin they seem about to pull defeat from the jaws of victory.

Justin & the consortium must feel like that have been mugged off.

So peed off right now I just don’t know what to think

 

[Cricko]

The council will and rightly so put the public purse first, whether that fits in with what the rat wants is a different matter and as Jack is calling the shots these days who knows what his demands are now, There will have to be give and take on both sides to get this through and that worries me the most as the time frame is critical.

 

[LCBB72]

Justin wants news by this Friday that it is a go.

Dont we all .

 

[Uncle_Rons_Teapot]

Has there been any official update? I'm taking that's a no

 

[annie1954]

It all seemed so positive & that we’d turned a corner just a couple of months back.

Between the council & Ratman & Nobbin they seem about to pull defeat from the jaws of victory.

Justin & the consortium must feel like that have been mugged off.

So peed off right now I just don’t know what to think

. The Consortium & Justin mugged of by our Ron surly not ! he’s probably sitting in a bar somewhere sipping cocktails laughing his head off that he’s managed to mug someone else off

 

[Tommy2holes]

They have been told this since October. "1st of November for completion"

Then it has been "6-8 weeks" every update since the Kidderminster (A) game.

They have, unbelievably, pumped in tons of money. Not just to keep the club alive, but to bring wages up to date, enable a transfer budget and begin some work for pre-season. Even on Friday, they didn't have to pay those wages but they didn't want to let the consequences of the actions of The Martins & SCC fall on the staff. It is a miracle that they haven't walked away already.

Not exactly true.

The previous council leader seemed to suggest that but Ron and co didn't submit all the details required. Add that councillor Cox sounds like he was trying to blindly wave the project through without the necessary backing and clearance.

Maybe he thought it would get him re-elected..

As we are now finding out. It wasnt as clean cut as the previous regime made it out to be and Rons end of the situation has been delayed despite requests.

The current regime are now trying their best to push it through whilst thinking of the public purse.

If course. All of this could be avoided if Ron relinquished control over roots hall and continued at a more subtle pace to get Fossetts over the line.

He wont because it's putting pressure on the council to give him what he wants.

He could also pay the outstanding debt and let the consortium prepare for the start of the season and buy time.

Ron and the rest of his business empire are completely uninterested in our plight and only interest in making substantial pound notes.

 

[Exiled Shrimper]

Lots of talk about our license to play in the National League, so it’s worth pointing to the National League Rules and specifically pages 119-124 that set out the regulations regarding this.

The licensing review process takes place between March and May (although any subsequent breaches must be reported to the competition immediately), and there is an appeal process even if a license is revoked.

The license criteria is as of 1 or 14 March in most cases. It includes Legal (persons of significant interest, club rules complying with FA rules), Ownership & Control (who owns the club, has there been a changed, is this published in the appropriate places), Integrity (compliance with Owners & Directors test, no contract irregularities), Finance (filing of statements, no football creditors, PAYE and VAT up to date), Grounds (security of tenure) and Changes (reporting anything).

Last season, we had issues with Finance in that there were multiple years of accounts outstanding, and we had debts to football creditors. Thanks to COSU, the football creditors part has been taken care of this season; I think 2022/23 accounts were filed as well, so although we’ve now passed another accounting year, that wouldn’t be relevant until next season.

A Winding-Up Petition in itself, unless as a result of football creditors, would not prohibit a license from being issued. If the club went into administration, that would be an insolvency event and would have to be reported, but that carries its own penalties as set out in NL Rules.

In short, the NL AGM shouldn’t be a particular issue as any problems with the license criteria should have already been resolved (as happened last year with the last-gasp filing of accounts), and the condition regarding the football creditors, which we later failed to meet, was outside of the AGM, so far as I’m aware.

 

[Liam AAS]

Not exactly true.

The previous council leader seemed to suggest that but Ron and co didn't submit all the details required. Add that councillor Cox sounds like he was trying to blindly wave the project through without the necessary backing and clearance.

Maybe he thought it would get him re-elected..

As we are now finding out. It wasnt as clean cut as the previous regime made it out to be and Rons end of the situation has been delayed despite requests.

The current regime are now trying their best to push it through whilst thinking of the public purse.

If course. All of this could be avoided if Ron relinquished control over roots hall and continued at a more subtle pace to get Fossetts over the line.

He wont because it's putting pressure on the council to give him what he wants.

He could also pay the outstanding debt and let the consortium prepare for the start of the season and buy time.

Ron and the rest of his business empire are completely uninterested in our plight and only interest in making substantial pound notes.

I think we're totally in agreement except for this bit. Ron has barely any cash, they have borrowed as much as their assets will allow. They've been completely reliant on other entities for cashflow for years. The petition debt (between all 3 petitioners) is ~£500k.

I think COSU are the only people likely to be able to pay this before the next hearing.

 

[Smiffy]

Lots of talk about our license to play in the National League, so it’s worth pointing to the National League Rules and specifically pages 119-124 that set out the regulations regarding this.

The licensing review process takes place between March and May (although any subsequent breaches must be reported to the competition immediately), and there is an appeal process even if a license is revoked.

The license criteria is as of 1 or 14 March in most cases. It includes Legal (persons of significant interest, club rules complying with FA rules), Ownership & Control (who owns the club, has there been a changed, is this published in the appropriate places), Integrity (compliance with Owners & Directors test, no contract irregularities), Finance (filing of statements, no football creditors, PAYE and VAT up to date), Grounds (security of tenure) and Changes (reporting anything).

Last season, we had issues with Finance in that there were multiple years of accounts outstanding, and we had debts to football creditors. Thanks to COSU, the football creditors part has been taken care of this season; I think 2022/23 accounts were filed as well, so although we’ve now passed another accounting year, that wouldn’t be relevant until next season.

A Winding-Up Petition in itself, unless as a result of football creditors, would not prohibit a license from being issued. If the club went into administration, that would be an insolvency event and would have to be reported, but that carries its own penalties as set out in NL Rules.

In short, the NL AGM shouldn’t be a particular issue as any problems with the license criteria should have already been resolved (as happened last year with the last-gasp filing of accounts), and the condition regarding the football creditors, which we later failed to meet, was outside of the AGM, so far as I’m aware.

Well that at least is a little positive we can take. Appreciate the clarification. Hopefully then, we breeze through the AGM with no threats of expulsion or points deductions. Then again it only really matters if today's discussions were positive also.

 

[Somerset Ex-TTB]

Lots of talk about our license to play in the National League, so it’s worth pointing to the National League Rules and specifically pages 119-124 that set out the regulations regarding this.

The licensing review process takes place between March and May (although any subsequent breaches must be reported to the competition immediately), and there is an appeal process even if a license is revoked.

The license criteria is as of 1 or 14 March in most cases. It includes Legal (persons of significant interest, club rules complying with FA rules), Ownership & Control (who owns the club, has there been a changed, is this published in the appropriate places), Integrity (compliance with Owners & Directors test, no contract irregularities), Finance (filing of statements, no football creditors, PAYE and VAT up to date), Grounds (security of tenure) and Changes (reporting anything).

Last season, we had issues with Finance in that there were multiple years of accounts outstanding, and we had debts to football creditors. Thanks to COSU, the football creditors part has been taken care of this season; I think 2022/23 accounts were filed as well, so although we’ve now passed another accounting year, that wouldn’t be relevant until next season.

A Winding-Up Petition in itself, unless as a result of football creditors, would not prohibit a license from being issued. If the club went into administration, that would be an insolvency event and would have to be reported, but that carries its own penalties as set out in NL Rules.

In short, the NL AGM shouldn’t be a particular issue as any problems with the license criteria should have already been resolved (as happened last year with the last-gasp filing of accounts), and the condition regarding the football creditors, which we later failed to meet, was outside of the AGM, so far as I’m aware.

Exactly this. There is plenty of other things to get worried about at the moment, but expulsion from the league and points deductions aren’t some of them.

The NL can’t deduct points just because it’s still the that owns the club.

 

[Sussexshrimper]

. The Consortium & Justin mugged of by our Ron surly not ! he’s probably sitting in a bar somewhere sipping cocktails laughing his head off that he’s managed to mug someone else off

Ronald martin is a incompetent buffoon...who is incapable of paying anyone

 

[Tinks]

Justin wants news by this Friday that it is a go.

John, I am away from tomorrow if you hear anything and I mean anything please let me know as this is taking up my life atm

 

[The Original Tribal Chief]

This ‘public purse’ nonsense is seriously getting on my tits. Politicians don’t give a flying **** about the welfare of their constituents - once they are in their pet projects get done (or more accurately the pet projects of their backers), and to hell with fiduciary responsibility. Their decision to sign off on this will be made dependent on a combination of political calculus and brown envelopes. We’ve all seen the incompetence of most MPs and they are a few rungs above these no marks.

 

[Sammy Shrimper]

I think we're totally in agreement except for this bit. Ron has barely any cash, they have borrowed as much as their assets will allow. They've been completely reliant on other entities for cashflow for years. The petition debt (between all 3 petitioners) is ~£500k.

I think COSU are the only people likely to be able to pay this before the next hearing.

Sorry to contradict, but no one to my knowledge (apart from Ron Martin) has any idea how much is in the Mezcal bank account in the BVI.