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

[dusterman]

I don't disagree with that, but the person tying the sale of SUFC to his son's property deal is Ron. The Council's condition is that SUFC is sold to COSU before or at the same time as they sign the deal for Fossetts Farm.

Ron is the one choosing to wait to the last minute, he could sell the club now and trust the process and the Council's need for housing is enough reassurance that everything else will progress.

He's the one that is using the club as a bargaining chip and if, as he says, he "F%@king loves the club" he has a funny way of showing it.

The one thing that is still perplexing me about this is something the very well informed @Medway Blue said in post #400 (on page 20 if you want to find it!), where he said that the approval of CBRE is needed for the sale of the club to go ahead.

I can see that they will be very involved in the transfer of the £45m charge from Roots Hall to Fossetts Farm and the structuring of the overall property deal (including the timing and phasing of the £20m payment to club for refurbishing Roots Hall). They will, I assume, also have to agree the terms of the 25-year lease for Roots Hall to COSU, however I can't see why they would have any say over the transfer of South East Leisure UK Ltd's shares in Southend United Football Club Ltd to COSU.

Presumably Ron could, if he chooses, do the following immediately:

• Transfer all shares in SUFC from SEL to COSU
• Transfer the freehold of the new training ground to POSU
• Agree a 25-year lease on Roots Hall to POSU
• Agree the terms of the transfer of the freehold of Roots Hall to POSU

That's all we want - detach us from the deal with the Council and let the consortium get on with making preparations for the new season.

He can do this now, but is choosing not to. For that reason it's protests resume in Benfleet for now!

Am I missing something obvious?

Other than brining him out like a stuffed piglet and BBQing him for the delight of onlookers, then no I think you’re spot on.

 

[Yorkshire Blue]

As far as I am aware if the deal with SCC completes then so does the sale. The sale is complete subject to this condition, done. So if Ron doesn’t sell to the consortium it’s because the SCC deal has failed, and the consequences of that are very negatively significant to all concerned- so whilst there was a point when Ron wanted to engineer a situation where he clung on to the club (talk of investors et al) that time is now long past I think.

So the completion of DD and the deal with SCC is everything really- the rest at this point is distractions (even if important)..

Have CBRE now consented?

I don't disagree with that, but the person tying the sale of SUFC to his son's property deal is Ron. The Council's condition is that SUFC is sold to COSU before or at the same time as they sign the deal for Fossetts Farm.

Ron is the one choosing to wait to the last minute, he could sell the club now and trust the process and the Council's need for housing is enough reassurance that everything else will progress.

He's the one that is using the club as a bargaining chip and if, as he says, he "F%@king loves the club" he has a funny way of showing it.

The one thing that is still perplexing me about this is something the very well informed @Medway Blue said in post #400 (on page 20 if you want to find it!), where he said that the approval of CBRE is needed for the sale of the club to go ahead.

I can see that they will be very involved in the transfer of the £45m charge from Roots Hall to Fossetts Farm and the structuring of the overall property deal (including the timing and phasing of the £20m payment to club for refurbishing Roots Hall). They will, I assume, also have to agree the terms of the 25-year lease for Roots Hall to COSU, however I can't see why they would have any say over the transfer of South East Leisure UK Ltd's shares in Southend United Football Club Ltd to COSU.

Presumably Ron could, if he chooses, do the following immediately:

• Transfer all shares in SUFC from SEL to COSU
• Transfer the freehold of the new training ground to POSU
• Agree a 25-year lease on Roots Hall to POSU
• Agree the terms of the transfer of the freehold of Roots Hall to POSU

That's all we want - detach us from the deal with the Council and let the consortium get on with making preparations for the new season.

He can do this now, but is choosing not to. For that reason it's protests resume in Benfleet for now!

Am I missing something obvious?

The debenture/floating charge over SUFC Ltd?

 

[dusterman]

Have CBRE now consented?

Not according to CP’s most recent article, no.

 

[Sammy Shrimper]

Sounds like a plan and a chance for a pub crawl after…

Now that makes sense. The Southampton Arms and Tapping the Admiral are gems!

 

[ForeverBlue]

That's a pretty big statement there @ForeverBlue. Do you have hard evidence of that, or is it just your opinion?

It’s not my opinion, it’s from someone I trust implicitly.

Everything they have told me so far has transpired, first with Kimura and now the consortium.

We all know how bad Ron is, but trust me when I say you don’t know just how bad he and Jack really are.

If you multiply it by a hundred, that still doesn’t even come close to how bad that man and his son are and what they are doing to this football club for their own personal greed.

 

[Andyhsufc]

So haven't commented on this much recently but just my two pennies worth:

I have supported Southend now for about 25 years (I know a new fan compared to some!) and want the club to exist and thrive for years ahead

However

SCC do need to be allowed to do property DD. It isn't their fault that we are in the situation we are in and the deal will bind not only the current administration but many in the future as well as current and future rate payers. They have to make sure VFM is achieved - for eg. that the rents being paid won't end up being completely out of kilter.

In some ways it is shame SCC can't just buy the land from Ron - deducting the amount going to the club. Could then build the properties to their own spec and not have to deal with Ron.

 

[dusterman]

It’s not my opinion, it’s from someone I trust implicitly.

Everything they have told me so far has transpired, first with Kimura and now the consortium.

We all know how bad Ron is, but trust me when I say you don’t know just how bad he and Jack really are.

If you multiply it by a hundred, that still doesn’t even come close to how bad that man and his son are and what they are doing to this football club for their own personal greed.

Is the source Wolfie’s rent boy or ‘cleaner’?

 

[RHB]

It’s not my opinion, it’s from someone I trust implicitly.

Everything they have told me so far has transpired, first with Kimura and now the consortium.

We all know how bad Ron is, but trust me when I say you don’t know just how bad he and Jack really are.

If you multiply it by a hundred, that still doesn’t even come close to how bad that man and his son are and what they are doing to this football club for their own personal greed.

Thanks @ForeverBlue. So based on your information we are screwed as things stand, as Ron won't let this deal go through. Is there a scenario from your informant where the deal could go through?

 

[Maldon Shrimper]

Today was asked for my opinions concerning the current situation at our club which will be aired around 12.oo noon on monday on BBC Essex

 

[ForeverBlue]

Thanks @ForeverBlue. So based on your information we are screwed as things stand, as Ron won't let this deal go through. Is there a scenario from your informant where the deal could go through?

I would bet a comfortable amount of money that the deal with the consortium won’t go through, no.

 

[kentblues]

I would bet a comfortable amount of money that the deal with the consortium won’t go through, no.

Which by extension would mean the deal with SCC won’t go through either…not sure anyone wins in that scenario- but we wait and see…

 

[dusterman]

I would bet a comfortable amount of money that the deal with the consortium won’t go through, no.

What’s the game-plan then? What’s he doing it all for?

 

[Holy Joe]

Which by extension would mean the deal with SCC won’t go through either…not sure anyone wins in that scenario- but we wait and see…

Not immediately.

But if there's no stadium and no RH refurbishment then there's a spare £20m around

 

[Ricey]

Right then, if that’s the case back up to their houses and let’s not make it easy for them. Lets ruin their lives, give them **** wherever they go.

 

[Shrimp and two veg]

Camden early summer how wonderfully metropolitan with canal views. Our fans have a reputation for travelling well, i'm in.

 

[Tommy2holes]

My personal opinion is that Ron is working on the assumption that he can long it out to get what he wants from the council. If the council take too long then the consortium walk away and he can blame the council.

He will then say he did what he could. Obviously we know that the hold up is in part with him and backers.

He will then, with the club out of the way try and build on roots hall and Fossetts without the need for a stadium build. No club, no stadium.

I think it needs a difinitive time by the consortium, after which they walk away ie a cut off date.

Additionally the council need to make it clear that should this deal not go through then it's highly unlikely any further planning will be agreed at Fossetts or roots hall.

It's the only way to make Ron realise it's **** or bust.

 

[Bearded Shrimper]

My understanding is that the covenant would apply to a phoenix club
‘The land must be used for Southend United Football Club (the) Limited,or it’s successor upon administration or Liquidation, and consent may only be given for sporting facilities and ancillary services’

All the more reason to back **** Ron Martin FC in massive numbers

 

[fbm]

Trust me, Stewarts Law LLP are not short of a few quid.

Granted the Operating Profit dropped from £67.4m to only £45.6m that's still a very healthy profit which gets remunerated to its members (employees)

View attachment 32123

Wish I could get a bonus of £2.7m

Stewarts tops UK law firm pay rankings with partner payouts of £2.7m - City AM

London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm. The London London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm.

www.cityam.com

And the 2023 accounts mean nothing in relation to the 2024 cashflow. Profits mean nothing if there's insufficient day to day funds to pay the staff.

 

[meerkat54]

Are the rats financial backers egging Martin along this path to the clubs destruction.
We know it’s a typical rat play in progress, but is he being encouraged by this CBRE.
What do we really know about his business partner ? Are they an ethical financier with some morals, or are they just as dodgy as .
From what I can see they could be a major hurdle to overcome.
Or am I going up a dead end road with this .

 

[kentblues]

Not immediately.

But if there's no stadium and no RH refurbishment then there's a spare £20m around

Which would in turn means no FF any time soon either- I can’t see how anyone benefits from the now related (contractually) events happening but we just have to wait.