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

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My understanding from that statement is that COSU wish to acquire the club before šŸ€ completes any Fossetts deal.

Are they now willing to pay more in order to own the club and roots hall site immediately, lock stock and barrell. It seems that way. That would be the best outcome but how much would Ron want for the site?

Whatever happens. COSU are all legends in my eyes.

IF we start the season then we should do all we can to buy season cards/matchday tickets, shirts and food and drink to boost income.

It would be so fitting to sell a record number of season cards and raise the roof at the old girl next season.
 
nevereatwhitesnow said:
Bear in mind the bond money gets returned if/when COSU take over, so whilst they are putting up the money ā€œat-riskā€ on completion of sale they will get it back.

All of this depends on when the payment has to be lodged etc as theoretically if they can demonstrate change of control ahead of the bond due date they may not have to pay it into to the NFL escrow account.
Click to expand...
While this is certainly true, the issue is surely a cashflow one caused by the short timeframes. Even if they have the money, finding it quickly may be an issue.
Also, there's an opportunity cost to it - imagine what they could have done with that money instead to help the club while its sitting in escrow doing nothing useful. And they couldn't really have asked at a worse moment could they...seriously the timing speaks of either massive incompetence on their part or a deliberate attempt to sabotage things. Sigh.
 
rowe23 said:
THE consortium keen on buying Southend United believe buying the club now is the only way it can be saved.


The National League revealed last night how Blues must post a bond of Ā£1million to prove they can fulfil their fixtures next season.
And, in a statement issued early this morning, the custodians of Southend United (COSU) have expressed their frustration towards the League.
The statement said: "COSU is extremely disappointed in the National League's latest actions, especially the timing and the short lead time to comply.

At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it's remarkable that our League is only making the situation more difficult to resolve."

The group insist the problems are not as bad as things may seem and they will now not wait for the revised Fossetts Farm plans to be agreed before taking control of the club.

The statement added: "To our fans, the situation is not as hopeless as may appear from the outside.

"We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.

"It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.

"Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and Those words are banned at Fossetts to continue subsequently.

"This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.

"To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future Those words are banned issues.


Ron and the Council know what is required and have given us assurances that they are aligned and are working towards delivering that outcome.

"We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay united and positive."
Click to expand...
wow and fair play....but in the circumstances the only real practical way forward as it makes no sense to be in negotiation limbo when the new season starts, or come to that, when the players re assemble for pre season training.
 
In my opinion COSU are completing the take over to avoid having to pay the bond, as it satisfies the NL request. As for paying the WUP I assume thatā€™ll get settled tomorrow by COSU. RM may have agreed to guarantee any further expenses (we just donā€™t know).

Not all heroā€™s wear capes, This is to save the club.
 
nevereatwhitesnow said:
Bear in mind the bond money gets returned if/when COSU take over, so whilst they are putting up the money ā€œat-riskā€ on completion of sale they will get it back.

All of this depends on when the payment has to be lodged etc as theoretically if they can demonstrate change of control ahead of the bond due date they may not have to pay it into to the NFL escrow account.
Click to expand...
in respect of the million Quid, it seems a sensible thing to do would be to ensure every last day of whatever the appeal period is, is utilised to play for the maximum time possible. If RM does have a particular skill, it's exactly this. Making things go to the last minute.
Maybe by COSU, RM \JM, and the council working much more together (that's aimed at the rmartins), this is possible. I think it will be vastly reduced on appeal to a similar amount to wrexham.
I think the most immediate and bigger problem, is if the 500k has to be paid weds because an adjournment isn't given, it's how to do it without the many many other businesses that are owed money jumping on the consortium for their money.
 
If this takeover goes ahead on these terms I think all we Southend supporters will have to temper our expectations for at least the coming season. Until more revenue streams can be found COSU will have to cut their cloth very carefully. Even if the embargo is lifted there may not be much spare cash to get in any more bodies anyway.

I think that we are all going to have to be very patient and just be glad there is still a club to support.
 
in the know said:
in respect of the million Quid, it seems a sensible thing to do would be to ensure every last day of whatever the appeal period is, is utilised to play for the maximum time possible. If RM does have a particular skill, it's exactly this. Making things go to the last minute.
Maybe by COSU, RM \JM, and the council working much more together (that's aimed at the rmartins), this is possible. I think it will be vastly reduced on appeal to a similar amount to wrexham.
I think the most immediate and bigger problem, is if the 500k has to be paid weds because an adjournment isn't given, it's how to do it without the many many other businesses that are owed money jumping on the consortium for their money.
Click to expand...
Of course if the club sale happens the Ā£1m goes away as per NL statement
 
BlueBore said:
While this is certainly true, the issue is surely a cashflow one caused by the short timeframes. Even if they have the money, finding it quickly may be an issue.
Also, there's an opportunity cost to it - imagine what they could have done with that money instead to help the club while its sitting in escrow doing nothing useful. And they couldn't really have asked at a worse moment could they...seriously the timing speaks of either massive incompetence on their part or a deliberate attempt to sabotage things. Sigh.
Click to expand...

Or maybe, just maybe, the National League are in on it (on our side) and are turning the screw and making their contribution towards trying to apply pressure on the Martin's to do the right thing?...

...lights blue touch paper and retreats!

:Angry Mob:
 
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