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

[Liam AAS]

Sorry Liam, but I'm more than a bit confused.

Does that poster mean that Ronny rat is holding up proceedings?
And if he is, are the council doing anything about it?
And finally, where does that little snippet come from?

Apologies for being dense, but I think I need facts on progress of the Financial DD.

This whole situation is because of Ron. He has tied the club and its assets in knots for years.

That was all I meant. There should be no ire for anyone else.

 

[RHB]

This whole situation is because of Ron. He has tied the club and its assets in knots for years.

That was all I meant. There should be no ire for anyone else.

Thanks Liam. I was obviously thinking there was more to it than that.

 

[Yorkshire Blue]

Is it a matter of him being useless or purposely holding info back for snide reasons? And are we talking ESG stuff to hold up DD or something far more snidey and malicious?

Incompetence rather than malice. It’s in his interest to complete.

No one should be surprised. This is why we aren’t already in Fossetts with Sainsbury’s or housing already at Roots Hall.

He runs at a speed slower than a team of Phil Brown signings.

He got involved 25 years ago(!!!!) as a property development deal and has managed to build nothing - other than debt - in that time.

This may be a complex development and he may have encountered headwinds along the way (e.g. Sainsbury’s pulling out) but 25 years is insane.

He’s likely overstretched and out of his depth. He seems to only see as far as the next hurdle and so doesn’t pre-empt things so everything takes longer. I suspect he leans heavily on his advisors to progress things but as he’s so bad at paying his bills - and no doubt tries to drive their fees down - they are less inclined to hold his hand through the process and so only advise on the discrete piece he has paid for rather than the bigger picture. I expect he tries to cut corners at every opportunity, which just ends up holding things up further.

 

[Cricko]

Incompetence rather than malice. It’s in his interest to complete.

No one should be surprised. This is why we aren’t already in Fossetts with Sainsbury’s or housing already at Roots Hall.

He runs at a speed slower than a team of Phil Brown signings.

He got involved 25 years ago(!!!!) as a property development deal and has managed to build nothing - other than debt - in that time.

This may be a complex development and he may have encountered headwinds along the way (e.g. Sainsbury’s pulling out) but 25 years is insane.

He’s likely overstretched and out of his depth. He seems to only see as far as the next hurdle and so doesn’t pre-empt things so everything takes longer. I suspect he leans heavily on his advisors to progress things but as he’s so bad at paying his bills - and no doubt tries to drive their fees down - they are less inclined to hold his hand through the process and so only advise on the discrete piece he has paid for rather than the bigger picture. I expect he tries to cut corners at every opportunity, which just ends up holding things up further.

He has amassed that debt by forever altering the plans as he needs more money. Extra houses every time to try to balance what he owes. Whenever i heard that the parent company are saving the club it made me feel sick as all it was is him borrowing more against FF and RH.

I still have my doubts he will get out of this mess with anything at all. He will not own any houses or collect rents that will be his debtors. He has to sell the whole project on asap if he has any chance at all of coming out of this sorry fiasco still solvent.

 

[dusterman]

Incompetence rather than malice. It’s in his interest to complete.

No one should be surprised. This is why we aren’t already in Fossetts with Sainsbury’s or housing already at Roots Hall.

He runs at a speed slower than a team of Phil Brown signings.

He got involved 25 years ago(!!!!) as a property development deal and has managed to build nothing - other than debt - in that time.

This may be a complex development and he may have encountered headwinds along the way (e.g. Sainsbury’s pulling out) but 25 years is insane.

He’s likely overstretched and out of his depth. He seems to only see as far as the next hurdle and so doesn’t pre-empt things so everything takes longer. I suspect he leans heavily on his advisors to progress things but as he’s so bad at paying his bills - and no doubt tries to drive their fees down - they are less inclined to hold his hand through the process and so only advise on the discrete piece he has paid for rather than the bigger picture. I expect he tries to cut corners at every opportunity, which just ends up holding things up further.

Thanks.

Makes sense, guess he doesn’t have many mates left to help him.

If he wants it done then you’d think he’d find someone. Sure JR would chivvy it along given his sunny Aussie disposition.

 

[dusterman]

He has amassed that debt by forever altering the plans as he needs more money. Extra houses every time to try to balance what he owes. Whenever i heard that the parent company are saving the club it made me feel sick as all it was is him borrowing more against FF and RH.

I still have my doubts he will get out of this mess with anything at all. He will not own any houses or collect rents that will be his debtors. He has to sell the whole project on asap if he has any chance at all of coming out of this sorry fiasco still solvent.

I’m guessing this has ‘Martin’ dawned (sic) on him fairly recently and now he has no way to save face or liquidity so makes him even more dangerous to our club’s survival?

 

[Supershrimper]

Probably for a different thread what came first. Ron owning the land that the rest of the development was going to be built on (at Fossetts Farm) or Ron purchasing the club and thus Boots and Laces?

 

[ColinMorrisWalksOnWater]

If only ours was so straight forward

Dagenham & Redbridge FC | CLUB UNDERDOG ACQUIRES CONTROLLING INTEREST IN DAGENHAM & REDBRIDGE

NEW YORK and LONDON – May 8, 2024 – Club Underdog, a subsidiary of North Sixth Group, today announced it has reached an agreement in principle to acquire historic East London-based football club Dagenham & Redbridge (“Daggers”). The club was previously owned by a group led by New York Yankees...

www.daggers.co.uk

Laurie Pinto advised on that transaction too.

Still only another week until we get strung along for longer.

 

[kentblues]

If only ours was so straight forward

Dagenham & Redbridge FC | CLUB UNDERDOG ACQUIRES CONTROLLING INTEREST IN DAGENHAM & REDBRIDGE

NEW YORK and LONDON – May 8, 2024 – Club Underdog, a subsidiary of North Sixth Group, today announced it has reached an agreement in principle to acquire historic East London-based football club Dagenham & Redbridge (“Daggers”). The club was previously owned by a group led by New York Yankees...

www.daggers.co.uk

Laurie Pinto advised on that transaction too.

Still only another week until we get strung along for longer.

For those interested he set up Club Underdog last November and so far has lower division clubs in US and Italy. Interesting as its focussed on acquiring smaller clubs with potential.

 

[ColinMorrisWalksOnWater]

Absolutely, not sure how competitive Italian Level 4 and 5 is, but still a noticeable achievement.

"In 2024, North Sixth Group became one of the first foreign ownership groups in history to achieve back-to-back promotions with Italian football club Campobasso FC. Campobasso FC was in the fifth tier of Italian football when North Sixth Group acquired the club in 2022, and in its first two years of ownership, won consecutive league championships for the first time in the club’s 105-year history....."

 

[kentblues]

Absolutely, not sure how competitive Italian Level 4 and 5 is, but still a noticeable achievement.

"In 2024, North Sixth Group became one of the first foreign ownership groups in history to achieve back-to-back promotions with Italian football club Campobasso FC. Campobasso FC was in the fifth tier of Italian football when North Sixth Group acquired the club in 2022, and in its first two years of ownership, won consecutive league championships for the first time in the club’s 105-year history....."

Acquisition costs are low, and the investment in team management and players to gain success is also modest at that level. And pick the right club and probably value can be added quite quickly. Daggers will be interesting because the NL arguably starts to eat cash a little more aggressively- especially if you want quick results. (I say arguably only because my knowledge of the lower tiers of Italian football is near non-existent).

 

[dbailey3]

Well its not gonna be done before the 15th

 

[SUFCbaldy]

Well its not gonna be done before the 15th

I was in the glass half full camp. After this latest announcement I'm glass half empty. Will the consortium take over? In my mind it's looking unlikely and I wouldn't be surprised (or blame them) if they pulled out

 

[Smiffy]

Yeah, we are miles off this being “done”

Next seasons prep is now in real jeopardy.


SOUTHEND United’s takeover deal is no closer to be completed, Echosport understands.

Current Shrimpers chairman Ron Martin had been confident the consortium headed up by Justin Rees would officially be in control of the National League club by mid-May.
But the transaction will not be completed within that time-frame due to two outstanding conditions.

Southend on Sea City Council are continuing their Those words are banned over plans for the housing at Fossetts Farm while CBRE, the funder of the Martins on behalf of a pension fund, have yet to consent to the payment structure for Roots Hall refurbishment required under the deal.

However, even when that does happen, it is understood that another two weeks of council processes will need to be carried out before the deal can officially be sealed.

The consortium continue to fund the club and paid April’s wages and VAT to take their outlay to £3.5million since agreeing terms with Martin for the sale of the Shrimpers back in October.

The latest delay will concern Blues supporters as the club are due back in the High Court on Wednesday May 15 to face another winding up petition.

The petition, issued by Stewart’s Law, was adjourned for four weeks after a court hearing last month.

The Echo have been informed that the consortium and Martin will work together to seek a further adjournment.

The consortium said: “We remain frustrated with the continuous delays surrounding the closure of the sale and would encourage the Council and CBRE to complete their remaining processes with greater urgency.”

 

[Yorkshire Blue]

So when’s the next protest?

 

[Jai]

I'm not sure this is such a huge surprise. It was always going to be pretty ambitious and that was said at the recent council meeting.

 

[Shrimperborn1957]

Personally I think it is now time for the consortium to give an ultimatum. If it is not completed by a certain time they will pull out of the deal. Lets see who blinks first. This whole saga is really getting boring and tedious.

 

[Evening Echo]

SOUTHEND United’s takeover deal is no closer to be completed, Echosport understands.

Read more on this story


Help with Echo links

 

[tommy tucker]

DSo the worrying question is .How much longer is this going to take And how much more is the consortium going to bank roll a club it does not own . Did Rat man not say he either wants to sell the club .Or have someone who will join him by envesting in the club . Like me we all just want to see him gone And before the start of the new season .

 

[MisterStubbs]

This is beyond a ****ing joke now.