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

[C'mon you Shrimpers]

I'd be grateful if someone could confirm or otherwise that when the deal is concluded the consortium can buy Roots Hall for 4.5 million which Ron says he paid for it. Is that still the case and is it the freehold and does it include the whole Roots Hall site. Also Ron said he'd sell the training ground at cost. Do we know the cost and is that still on the table.

 

[SHRIMPERPETER]

What? not into the brown stuff?

Mayo be, Mayo be not.

 

[tommy tucker]

I'd be grateful if someone could confirm or otherwise that when the deal is concluded the consortium can buy Roots Hall for 4.5 million which Ron says he paid for it. Is that still the case and is it the freehold and does it include the whole Roots Hall site. Also Ron said he'd sell the training ground at cost. Do we know the cost and is that still on the table.

Wpuld the concortium be prepaired to pay 4 .5 millon .Will Ron sell rootshall for that .Somehow i doubt it on both counts .We all know Ron 405 millon probable meens double that the lier that he is .

 

[Target man]

Just something else The Rat has ruined for us supporters it would have been good to have a beer and a catch up with other shrimpers Just do the right thing this week Ron get out of Southend United

It won't ruin his Euros. He loves the bloody England team you know....

 

[Spaceman Spiff]

I'd be grateful if someone could confirm or otherwise that when the deal is concluded the consortium can buy Roots Hall for 4.5 million which Ron says he paid for it. Is that still the case and is it the freehold and does it include the whole Roots Hall site. Also Ron said he'd sell the training ground at cost. Do we know the cost and is that still on the table.

I can’t remember the ins and outs, but I think that £4.5M is chalked off to repay the consortium’s investment in Ron’s asset (SUFC) to keep it afloat ahead of the takeover completing (IIRC), plus some additional debts that need settling (the WUP for example). Ron gets £1 for the club and Roots Hall, COSU and POSU come in with the club, stadium and training ground reunited and debt-free. I think that’s how it works? Under the plan Ron then chips in £20M once he gets planning permission for Fossetts.

 

[C'mon you Shrimpers]

I can’t remember the ins and outs, but I think that £4.5M is chalked off to repay the consortium’s investment in Ron’s asset (SUFC) to keep it afloat ahead of the takeover completing (IIRC), plus some additional debts that need settling (the WUP for example). Ron gets £1 for the club and Roots Hall, COSU and POSU come in with the club, stadium and training ground reunited and debt-free. I think that’s how it works? Under the plan Ron then chips in £20M once he gets planning permission for Fossetts.

Thanks Spaceman. My heads hurting. Ron really has made what should be a relatively easy transaction, a nightmare. Seems if all goes well Ron actually is not out of the picture but at least the consortium will have control. A worrying week on top of many a worrying month.
If it reaches a satisfactory conclusion I expect every consortium member will say privately if not publicly that it had been the most difficult and complex negotiation of their professional lives.

 

[annie1954]

It won't ruin his Euros. He loves the bloody England team you know....

I thought Ron only loved himself and his wallet £££

 

[IloveShrimp]

My sauce gave me some real positive news today, sworn to secrecy on detail obvs.
Oddly enough this coupled with @Tribal Chief putting out positive vibes then boosted by the council finally calling the rats out....has got me optimistic

The sauce on my breakfast was very tasty.

 

[Target man]

I thought Ron only loved himself and his wallet £££

That's not true. He loves everyone else's wallet!

 

[ms brush]

I wonder if Cllr Cowan's reference to planning being the “release trigger for funds to redevelop Roots Hall” is an indication that the Council are looking to wrap up the £20 million pound payment in a Section 106 agreement?

I agree, S106 is a good lever for local authorities. It is costed into the projects, and if the developer doesnt comply, because it has legal standing, fines will follow.

We use S106 clauses where I work in London to get developers to invest in training and jobs for local people, and most reasonable firms are very happy to do their best to fulfil their obligations. There are one or two who dont, and they end up paying more overall!

 

[Jim Levenstein]

Ron's already planned for bankruptcy which is the worry. All the assets have been dispersed to his family.

Tbf of course he has it has and still is very possible but let’s have it right he doesn’t want that to happen

 

[tommy tucker]

Tbf of course he has it has and still is very possible but let’s have it right he doesn’t want that to happen

Surely if Ron files for bankruptcy Then all his debts get cleared .But that would mean no Fossetts housing no houses on rootshall Because if I'm right being declared bankrupt means the end of his dream pot of gold
.

 

[Holy Joe]

Surely if Ron files for bankruptcy Then all his debts get cleared .But that would mean no Fossetts housing no houses on rootshall Because if I'm right being declared bankrupt means the end of his dream pot of gold
.

He only owns the club - not any of the assets. Would probably be 'better' for the Martins, financially, to have gone bust long ago.

 

[Ian Benjamin]

RM would have to default on his loan first. We have no idea of the terms of the loan.

Not always -

I agree, S106 is a good lever for local authorities. It is costed into the projects, and if the developer doesnt comply, because it has legal standing, fines will follow.

We use S106 clauses where I work in London to get developers to invest in training and jobs for local people, and most reasonable firms are very happy to do their best to fulfil their obligations. There are one or two who dont, and they end up paying more overall!

that would be amazing. And is the way I always thought it should have been. For the £20m to be paid out of profits should never have been accepted. The £20m should be a quasi land payment that could have been factored in to the financing from Day 1.

 

[tommy tucker]

Yes the concortium needs the 20 millon to redevlop the old girl .But my way of thinking is get rootshall and training ground first .Once you have your name over the door .And get the embargo lifted So the club can start the season on a level playing ground .Then chase the rat family for the 20 millon .Which unless they get the houing of the ground the concortium wont see a penny .

 

[Blues4LifeDan]

Yes the concortium needs the 20 millon to redevlop the old girl .But my way of thinking is get rootshall and training ground first .Once you have your name over the door .And get the embargo lifted So the club can start the season on a level playing ground .Then chase the rat family for the 20 millon .Which unless they get the houing of the ground the concortium wont see a penny .

Why would they do that? They are business people, not mindless idiots. They need some sort of a return. We can't expect them to pump in £3.5m and then pump in more before they have some sort of guarantee of something in return. I'm not saying you are calling them mindless idiots, but if they do what you are saying, they will be acting so. We can't honestly believe that they are just acting out of the goodness of their hearts to save Southend. They want to be making money, and rightly so. They will want the housing deal wrapped up as much as anyone.

 

[Colblue]

Yes the concortium needs the 20 millon to redevlop the old girl .But my way of thinking is get rootshall and training ground first .Once you have your name over the door .And get the embargo lifted So the club can start the season on a level playing ground .Then chase the rat family for the 20 millon .Which unless they get the houing of the ground the concortium wont see a penny .

That’s easy for you to say as a fan when you don’t have the responsibility to find £20million to do up RH should not meet his obligations.
As businessmen though the consortium will need this tied down contractually and legally with posssibly a charge on FF to secure it

 

[Evening Echo]

FORMER Southend council leader Tony Cox is seeking an "urgent meeting" with officers tomorrow after a deal to save the Blues was dropped at the weekend and a different plan proposed

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[tommy tucker]

Now didn't the former leader Tony cox not warn the Labour councillors would do just that Rember the glorious GOVERNMENT leader saying Its a tory scare mongering about rising taxes Somehow I don't believe him. Nor do I trust the Labour council saying they want to help save our club .

 

[rayleigh dan]

FORMER Southend council leader Tony Cox is seeking an "urgent meeting" with officers tomorrow after a deal to save the Blues was dropped at the weekend and a different plan proposed

Read more on this story


Help with Echo links

FFS Cox, just put a sock in it and allow the current council regime to get on with completing the deal. He had his chance and blew by pandering to the rats demands.