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

[Smiffy]

They have already sunk £3.5million in keeping a club they don’t own afloat. I’m guessing they want a deadline date more than you as that level of at risk investment is unsustainable. This all sounds like it could take months to resolve, at which point they could have spent 7 or 8 million. At some point they must have a walk away completion date or expense limit in mind

Agreed and none of us would blame them if they had to walk away. It isn't sustainable and we are very lucky they have remained so committed for so long.

The way I see it:

Season cards either need to go on sale somehow, without rat paws gaining access. This can then be used to clear the immediate debt. Negotiations will then need to be made with any other creditors. Tough to manage.

COSU have to front up more eye watering amounts of money. Huge risk to them again. Too much perhaps?

Ron pays it. LOL.

Or we go bust?

 

[southendkid]

This new councillor seems less keen that tc was . Just get it done was jr aware he said get it done this week did he not?

He's probably less keen because he has more info on Ron's web of lies than Cox did a couple of months ago. Cox himself has been distancing himself from the deal recently.

 

[rararblue]

Would it not be a possibility for Ron to give the ground to COSU, with COSU taking over the mortgage/mortgages? The consortium must be a better credit risk than Ron.

 

[Tommy2holes]

Agreed and none of us would blame them if they had to walk away. It isn't sustainable and we are very lucky they have remained so committed for so long.

The way I see it:

Season cards either need to go on sale somehow, without rat paws gaining access. This can then be used to clear the immediate debt. Negotiations will then need to be made with any other creditors. Tough to manage.

COSU have to front up more eye watering amounts of money. Huge risk to them again. Too much perhaps?

Ron pays it. LOL.

Or we go bust?

Surely Ron can't risk the whole deal collapsing on the strength a rumoured 200k legal bill?

If COSU pull out there is no way the council will allow the original deal and neither will the supporters of a then defunct club.

Out of interest, what is the date that the national league will expell us from the competition if we have not got our house in order?

 

[shrimperjon]

I just wonder if the fanbase is willing to do more than what they've already done.

Not saying we need to get the pitchforks out and start a riot, but it's got to be more than a one-off march through Southend High Street, as great as that day was.

The same numbers (or ideally even more) outside Rat HQ would be so much more effective and practically unmanageable for the vermin.

Suppose we'll find out what's going on once any action is announced.

I attended many of the protests, many outside Rons and the one down the high street. I agree a big big show in numbers certainly outside Rons is a given. Cause disruption to the traffic, whatever it takes. Cant imagine Rons neighbours will be too happy to see us camped outside again. But 30-40 is not good enough. It needs to be 200-300 or more to have a true impact.

 

[shrimperjon]

With all due respect, what are you seeing that I'm not? I think the consortium still being on board is giving a false sense of security to a lot of fans.

Rees handled the questions posed very well but I get the impression they are at the end of their tether with it all. DD constantly dragged out and an outcome may not be favourable if we ever get results in time. No urgency from rat or the council, I have been pretty level headed throughout but I honestly think we are screwed.

I think im right that Liam is a member of the Trust Board so would imagine he is party to information that at this stage he cant share. So maybe taking him at his word at the moment is fair

 

[kentblues]

First we know the embargo is for being under a WUP (no-one including the club knows why it took the two men and a dog at the NL over 3 months to wake up and action it.)

The detailed update is great except absolutely no indication on timing. It's as if there is no deadline in SCC world. My working assumption would be it may or may not progress by the next WUP, but sensible planning should be on the basis that its not going to be done in time.

The WUP was marked "Final" as were others in the past that then got adjourned. Marking "Final" does not tie the next hearing/next judge's hands and if the judge is convinced a sale is likely and imminent there will probably be a further adjournment (may require other parties to attend and at the least provide strong supporting collateral).

BUT the embargo is for the WUP which would continue and hence continue to jeopardise next season.

The inability to provide any timeline re the delivery of the DD I think needs to be the focus now. I suggest everyone should be reaching out to pushing for timelines.

@CllrCowab
@CllrDent

 

[Blue Yonder]

You get the impression a deal can be done on FF/RH eventually and you'd also think any progress would trigger an extension to the 'final' WUP. I'm just a bit alarmed the death blow could come from the NL who are a bit unpredictable. You'd imagine the NL will want more than a verbal assurance we can complete the season including a deposit of money perhaps ? For them we probably don't look or feel a safe bet.

 

[hlane17]

They have already sunk £3.5million in keeping a club they don’t own afloat. I’m guessing they want a deadline date more than you as that level of at risk investment is unsustainable. This all sounds like it could take months to resolve, at which point they could have spent 7 or 8 million. At some point they must have a walk away completion date or expense limit in mind

I'm struggling to see the benefits for the consortium in the short to medium term, even long term now to be honest. I'm shocked they've hung about this long to be honest.

We'll be a money pit for many years to come, if they're having doubts now I truly hope it's down to the fact they don't own or control the money pit, rather than lacking sources of funds to fix the money pit beyond the near future.

 

[kentblues]

I think im right that Liam is a member of the Trust Board so would imagine he is party to information that at this stage he cant share. So maybe taking him at his word at the moment is fair

We I guess a key question is have the board been given an indication regarding when DD will complete even if we are not allowed to know? Also Cllr Cowan seemed to suggest that SCC would not know what was in the DD report until the received. surely that doesn't mean issues from the DD weren't raised as they came up (maybe weeks ago!) but would be kept to the end? If they were shared as found then they could be addressed "in flight'. To do otherwise would not be running a process where urgency had any role to play.

 

[Barry.C]

Its also Stewart Law planning to break the club with their WUP and massively damage a whole COMMUYNITY and years of history,

 

[kentblues]

You get the impression a deal can be done on FF/RH eventually and you'd also think any progress would trigger an extension to the 'final' WUP. I'm just a bit alarmed the death blow could come from the NL who are a bit unpredictable. You'd imagine the NL will want more than a verbal assurance we can complete the season including a deposit of money perhaps ? For them we probably don't look or feel a safe bet.

Well I am assuming we will be up to date with HMRC and football creditors. Accounts will cost £20k odd to have audited and filed but must be ready. These were the requirements last time AND by the time the season starts so August?

I guess they will want, in the circumstances, some assurance we can start and complete the season?

 

[Evening Echo]

THE new leader of Southend Council Daniel Cowan says he is doing all he can to help save Southend United.

Read more on this story


Help with Echo links

 

[Stodge]

When I read the 3 options he presents, it seems that (1) is the least likely, and (1) is the only option that could possibly be completed before the next court hearing. So being wound up is still a very likely scenario.

 

[kentblues]

Its also Stewart Law planning to break the club with their WUP and massively damage a whole COMMUYNITY and years of history,

Double edged isn't...they are also providing the only deadline in a process where deadline has become a dirty word.

You would hope at the last they would compromise/defer in extremis - the lack of apparant urgency from Ron and SCC is bewildering TBH

 

[AlfaShrimper]

Back to Ron's house we go then.. but realistically we are ****ed.

 

[tommy tucker]

Seems to me that Martin and the council are playing one against the other And the club is piggy in the middle of all this .

 

[AlfaShrimper]

@JB Shrimper you seem to find something funny?? What about all the other posts falling for protests to return then?

 

[TUMBO]

This is an absolute mess and for me, really puts COSU in a position.

They’ve publicly stated that they will not be paying the WUP.
Caving to that really weakens their hand, buying time only for Ron. The more the consortium pay, the deeper into this they get, the more time they buy for Ron to play hardball with the council.

The council states they’re still awaiting area measure from the developer – this will be done very early by the architect on a schedule within their proposal of a plot breakdown. The council will have concerns regarding the size of dwellings including kitchen cubic capacity etc, that they quite rightly will need to meet their requirements.

The fact that Ron announced his “Come and get it” in March 2023 and in May 2024 he still has a seat at the table is astonishing.

If he was as skint as people on these pages suggest he is, I imagine he would be quite forthcoming with providing the necessary drawings, documents etc required of him to rid him of the club.

The fact that he is delaying things – indirectly said by the council in that statement– is to me a testament that Ron doesn’t intend to actually sell the club.

I’m not privy to what happens behind closed doors but I really do not see how this has a happy ending.

My only small glimmer of hope is Tom Lawrence’s involvement in the Consortium, despite his close workings with Ron carrying out his duties for the club. He must have had access to the mess prior to being announced as party of the consortium (which is arguably a conflict of interest ) which really would have shown the risk he has.

I can’t call this at all. I don’t see us being wound up, but I don’t see COSU sticking around either.


And for those holding a grudge against Stewart’s Law, they provided a service and want to get paid for it.
This really isn’t their problem and I don’t honestly begrudge them for trying to get their money

 

[Holy Joe]

No response yet to my question on ****ter on timescales.

He answered another tweeters question on timings - but not a very good answer imho