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

[Maldon Shrimper]

Bumped into Andy Edward's and we had a great chat about his time with us and was totally amazed how this club is struggling and was dumbfounded to learn of the current status we are all facing.

 

[tommy tucker]

I'm confused. How did COSU come up with £3.5 million?
Don't get me wrong - am very pleased they are involved and prey they takeover. It just seems a very high figure for 6 months involvement.
I can understand if that includes a commitment on the historic debt, but most of that hasn't been paid, yet. As far as I am aware, anyway.
Can't see that they have physically paid out 3.5 million.

they payed HMRC UP Suported al the player and staff wages for some months Also payed to get the new training ground back up to scratch So i guess that is where most of the money has been used .

 

[Sunnyshrimper]

Bumped into Andy Edward's and we had a great chat about his time with us and was totally amazed how this club is struggling and was dumbfounded to learn of the current status we are all facing.

l’m amazed anyone with any Southend connection, let alone a former player isn’t aware of our current and ongoing plight. Has he been living under a rock since retiring!?

 

[Napster]

l’m amazed anyone with any Southend connection, let alone a former player isn’t aware of our current and ongoing plight. Has he been living under a rock since retiring!?

When he played for us his son used to read SZ. His son would I guess be in his thirties now

 

[Billy Bests boot laces]

l’m amazed anyone with any Southend connection, let alone a former player isn’t aware of our current and ongoing plight. Has he been living under a rock since retiring!?

He attended the 'audience with Spud Taylor ' evening in Feb, so must have known about the situation, as many fans and ex players there were talking about it that evening.

 

[Maldon Shrimper]

l’m amazed anyone with any Southend connection, let alone a former player isn’t aware of our current and ongoing plight. Has he been living under a rock since retiring!?

Perhaps I didn't explain myself correctly he was aware that the transfer of ownership hasn't been completed but didn't know the full ins and outs but does now.He was at the Orient when they had their problems so asking me for some update as to our situation.So no he wasn't under any Rock

 

[LCBB72]

Bumped into Andy Edward's and we had a great chat about his time with us and was totally amazed how this club is struggling and was dumbfounded to learn of the current status we are all facing.

I think there are 7'000 + supporters totally amazed as well .

 

[Liam AAS]

This is a bit of a long twitter thread but hopefully can bring everyone up to date

https://twitter.com/x/status/1799928169048498503

 

[Avl1983]

This is a bit of a long twitter thread but hopefully can bring everyone up to date

https://twitter.com/x/status/1799928169048498503

Thank you for clarifying so much that thread. Top work!

 

[WickfordShrimper]

Thank you for clarifying so much that thread. Top work!

Not signed up for twitter

Can someone copy and paste please

THANK YOU !!

 

[Avl1983]

 

[Avl1983]

Couldn't work out how to copy and paste

 

[WickfordShrimper]

Couldn't work out how to copy and paste

Thanks :-)

 

[Strykr]

Has anyone done the maths of the deal for COSU, in terms of the 3.5 mill already paid, all the creditors that will need paying off etc etc vs what they are getting in terms of land and the value of the stadium etc?

Or in otherwords, what its actually costing them to buy it all and own vs the £1 sale price.

Yes they will be inheriting a loss making business, but in terms of assets gained is it still a good deal financially, vs just walking away?

 

[Linda Loan Shark]

Thanks for that

 

[defender05]

Has anyone done the maths of the deal for COSU, in terms of the 3.5 mill already paid, all the creditors that will need paying off etc etc vs what they are getting in terms of land and the value of the stadium etc?

Or in otherwords, what its actually costing them to buy it all and own vs the £1 sale price.

Yes they will be inheriting a loss making business, but in terms of assets gained is it still a good deal financially, vs just walking away?

The land, once they own it would be worth more than they have paid out but they would need to move the stadium to get the full value out of it.

 

[northlincsshrimper1]

I am now going to show my ignorance over the proposed deal. Can someone explain exactly what Ron Martin/ SCC will gain or lose in this deal,
If the deal goes through, he and his family will get a big payoff, through land and rented houses, which I assume will be in his name. Out of that financial deal he will have to pay back all the loans (I think). Also he will have to pay COSU 20 million pounds (in £100 instalments each month, I have no doubt). Once the contract is signed he sails off into the sunset. The Council will get the land to built on and eventually able to rent out. (This will take a fair while to come to fruition)
However if the deal falls through we loses our club and possibly Roots Hall. If that was to happen, what is the result regarding Ron Martin and family? Will he come out smelling of roses or not. Will there be repercussions legally or otherwise. Will he pay back half the costs of any failed deal? I would have my doubts. There appears to be so many loose ends in both options that idiots like me get so confused very easily.
Will the Council get their hands on the FF land and RH, in order to built houses, regardless of the result?

 

[Paulie Walnuts]

Has anyone done the maths of the deal for COSU, in terms of the 3.5 mill already paid, all the creditors that will need paying off etc etc vs what they are getting in terms of land and the value of the stadium etc?

Or in otherwords, what its actually costing them to buy it all and own vs the £1 sale price.

Yes they will be inheriting a loss making business, but in terms of assets gained is it still a good deal financially, vs just walking away?

Its only a loss making business right now due to the utter buffoonery and greed of the rat but there is absolutely no reason why the COSU cannot turn a club with an average of 7k in attendance in 5th tier into a profit making business.

A big part of that will also be John Still, who is second to none when it comes to spotting young talent for us to bring in and sell for a large profit 2-3 years down the line.

That rat **** has just used us.

 

[Holy Joe]

I am now going to show my ignorance over the proposed deal. Can someone explain exactly what Ron Martin/ SCC will gain or lose in this deal,
If the deal goes through, he and his family will get a big payoff, through land and rented houses, which I assume will be in his name. Out of that financial deal he will have to pay back all the loans (I think). Also he will have to pay COSU 20 million pounds (in £100 instalments each month, I have no doubt). Once the contract is signed he sails off into the sunset. The Council will get the land to built on and eventually able to rent out. (This will take a fair while to come to fruition)
However if the deal falls through we loses our club and possibly Roots Hall. If that was to happen, what is the result regarding Ron Martin and family? Will he come out smelling of roses or not. Will there be repercussions legally or otherwise. Will he pay back half the costs of any failed deal? I would have my doubts. There appears to be so many loose ends in both options that idiots like me get so confused very easily.
Will the Council get their hands on the FF land and RH, in order to built houses, regardless of the result?

Ron seems to get nothing, he doesn't own anything, he's transferred all his assets to his wife and sons.

The council doesn't get any land. They are leasing properties at FF, which they will then rent out to tenants. After X years they will own the properties.

If the deal falls apart, the current Martin linked companies will still own FF and RH and will likely continue to build properties on them, either with the council leasing them or some other financial partner. Or they sell the land to another developer.

 

[northlincsshrimper1]

Ron seems to get nothing, he doesn't own anything, he's transferred all his assets to his wife and sons.

The council doesn't get any land. They are leasing properties at FF, which they will then rent out to tenants. After X years they will own the properties.

If the deal falls apart, the current Martin linked companies will still own FF and RH and will likely continue to build properties on them, either with the council leasing them or some other financial partner. Or they sell the land to another developer.

Thank you