Southend Utd take over in doubt

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Anthony
Posts: 1104
Joined: 22 Jan 2011, 17:22

Re: Southend Utd take over in doubt

Post: # 376123Post Anthony »

FredBee wrote: 22 May 2024, 20:19
Doyley wrote:You cant blame them with Ron Martin never seeming to go away
Totally agree. Just what does he want just hanging around and not making a decision?


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It seems quite complicated. There seems to be some ongoing due diligence checks and I think the deal hinges on Ron Martin still having the land at Fossett's Farm to redevelop for housing.

Either way, if I was a Southend fan, I am not sure I would be too impressed by the prospective new owners - who seemingly have exchanged contracts and ploughed money into the club without actually completing the sale. It seems a bit naïve to me...
Norfolkbee
Posts: 4471
Joined: 23 Jan 2011, 09:43

Re: Southend Utd take over in doubt

Post: # 376124Post Norfolkbee »

Anthony wrote: 22 May 2024, 20:26
FredBee wrote: 22 May 2024, 20:19
Doyley wrote:You cant blame them with Ron Martin never seeming to go away
Totally agree. Just what does he want just hanging around and not making a decision?


Sent from my iPhone using Tapatalk
It seems quite complicated. There seems to be some ongoing due diligence checks and I think the deal hinges on Ron Martin still having the land at Fossett's Farm to redevelop for housing.

Either way, if I was a Southend fan, I am not sure I would be too impressed by the prospective new owners - who seemingly have exchanged contracts and ploughed money into the club without actually completing the sale. It seems a bit naïve to me...
The naivety of the potential new owners is probably all that has kept the club afloat this far.
king45bee
Posts: 640
Joined: 01 Aug 2016, 17:34

Re: Southend Utd take over in doubt

Post: # 376157Post king45bee »

Not looking good: https://www.southend.gov.uk/news/articl ... bdad30.jpg[/IMG]

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simples169
Posts: 807
Joined: 22 Apr 2012, 20:31

Re: Southend Utd take over in doubt

Post: # 376196Post simples169 »

How long will the National League wait until they pull the plug and remove Southend? Surely they will need some assurance before the fixtures come out that there will be enough money or even a viable club that can survive a whole season? They have had so many court winding up orders, even had one last April which has been suspended for 6 weeks someone some where must make a decision, its not fair on the supporters.
jerroll
Posts: 12100
Joined: 23 Jan 2011, 17:25

Re: Southend Utd take over in doubt

Post: # 376198Post jerroll »

simples169 wrote: 24 May 2024, 12:23 How long will the National League wait until they pull the plug and remove Southend? Surely they will need some assurance before the fixtures come out that there will be enough money or even a viable club that can survive a whole season? They have had so many court winding up orders, even had one last April which has been suspended for 6 weeks someone some where must make a decision, its not fair on the supporters.
NL AGM is 8 June, hopefully they have it sorted by then or the Dog N Duck may return to our fixture list next season!
Anthony
Posts: 1104
Joined: 22 Jan 2011, 17:22

Re: Southend Utd take over in doubt

Post: # 376293Post Anthony »

Norfolkbee wrote: 23 May 2024, 06:37
Anthony wrote: 22 May 2024, 20:26
FredBee wrote: 22 May 2024, 20:19
Doyley wrote:You cant blame them with Ron Martin never seeming to go away
Totally agree. Just what does he want just hanging around and not making a decision?


Sent from my iPhone using Tapatalk
It seems quite complicated. There seems to be some ongoing due diligence checks and I think the deal hinges on Ron Martin still having the land at Fossett's Farm to redevelop for housing.

Either way, if I was a Southend fan, I am not sure I would be too impressed by the prospective new owners - who seemingly have exchanged contracts and ploughed money into the club without actually completing the sale. It seems a bit naïve to me...
The naivety of the potential new owners is probably all that has kept the club afloat this far.
Yes fair point! I suppose I’m trying to say I wouldn’t be that confident in their ability to run the club. But I don’t suppose the fans have much choice…
hoppy
Posts: 5185
Joined: 15 Mar 2012, 09:43

Re: Southend Utd take over in doubt

Post: # 376414Post hoppy »

You’ve really got to feel for the Southend fans, they are really going through the mill at the moment.
Will they still have a club to support next season? Who knows?
We Barnet fans have been through similar torture back in the ‘90s so can relate to how they are feeling.
beew
Posts: 4753
Joined: 29 Jan 2012, 17:46

Re: Southend Utd take over in doubt

Post: # 376417Post beew »

hoppy wrote: 01 Jun 2024, 10:25 You’ve really got to feel for the Southend fans, they are really going through the mill at the moment.
Will they still have a club to support next season? Who knows?
We Barnet fans have been through similar torture back in the ‘90s so can relate to how they are feeling.
The club will survive as its to big to fall. All this is Ron Martin trying to extract every penny he can from the deal, with the knowledge of the above. I expect this to drag on for quite a while longer, which will ruin any chance of their success this season. Maybe a reason why we appear to be going strong with our recruitment
simples169
Posts: 807
Joined: 22 Apr 2012, 20:31

Re: Southend Utd take over in doubt

Post: # 376547Post simples169 »

They are back in court on the 26th June for another winding up order
becbee
Posts: 12059
Joined: 22 Jan 2011, 11:43

Re: Southend Utd take over in doubt

Post: # 376550Post becbee »

simples169 wrote: 10 Jun 2024, 12:31 They are back in court on the 26th June for another winding up order

This is the situation as far as I can understand it - others may be able to add clarification.
The consortium COSU who have already pumped in £3.5 million in anticipation of the takeover going through months ago trying to buy Southend Utd made a statement last Friday in which they want certain conditions to be met by this Friday. However it's believed that even if this is agreed, documents can't be signed by 26th June. The Judge at the last Court Hearing said 26th June would be the Final Hearing ( although "final" has been said before).
Ron Martin has transferred all assets to his son / wife so has no money to pay anything yet COSU want assurances that he'll provide assurances for the further funds they'll need to inject to keep the club going . He's not going to agree to anything until / unless he gets the go ahead to build houses at Fossets Farm.
So COSU could walk in which case Southend would probably be finished, however they've pumped in so much money already that they won't want to walk away.
tonbridgebee
Posts: 1049
Joined: 18 Jan 2014, 23:26

Re: Southend Utd take over in doubt

Post: # 376552Post tonbridgebee »

becbee wrote: 10 Jun 2024, 13:46
simples169 wrote: 10 Jun 2024, 12:31 They are back in court on the 26th June for another winding up order

This is the situation as far as I can understand it - others may be able to add clarification.
The consortium COSU who have already pumped in £3.5 million in anticipation of the takeover going through months ago trying to buy Southend Utd made a statement last Friday in which they want certain conditions to be met by this Friday. However it's believed that even if this is agreed, documents can't be signed by 26th June. The Judge at the last Court Hearing said 26th June would be the Final Hearing ( although "final" has been said before).
Ron Martin has transferred all assets to his son / wife so has no money to pay anything yet COSU want assurances that he'll provide assurances for the further funds they'll need to inject to keep the club going . He's not going to agree to anything until / unless he gets the go ahead to build houses at Fossets Farm.
So COSU could walk in which case Southend would probably be finished, however they've pumped in so much money already that they won't want to walk away.
The FF development won't be agreed by Friday. Believe they will continue to pump funds in if one of the conditions that being RM or Martins plural pay off the winding up order which in turn would release the transfer embargo.

The council have revised the FF plan due it not passing the financial consideration part of due diligence. He will get the go ahead to build on FF, it's how quickly Southend Council can push things on.

It's still a mess but there is every likelihood COSU could walk away, from speaking to the Southend fans I know well it really is 50/50 which way it goes come the end of the week.

If they walk my understanding is the club folds with no backer and RM not interested, Shrimpers Trust are already a fair way down the line with a phoenix club if it's needed.
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AidanGRH
Posts: 159
Joined: 01 Nov 2018, 17:37

Re: Southend Utd take over in doubt

Post: # 376557Post AidanGRH »

As has been mentioned earlier in this thread, I'm not sure if it is naivety on behalf of the consortium to pump these sums in without any security, or the ultimate game of high stakes poker.

I'm not sure I'd want to play cards with a lunatic.
I want to be good, is that not enough.
letchbee94
Posts: 8201
Joined: 21 Jan 2011, 20:59

Re: Southend Utd take over in doubt

Post: # 376558Post letchbee94 »

If they dont get sorted could Borehamwood get a reprieve?
ETBee
Posts: 3036
Joined: 16 Mar 2013, 10:16

Re: Southend Utd take over in doubt

Post: # 376559Post ETBee »

Because of the upcoming election I suspect that Southend council will be unable to do anything before 26 June.
jerroll
Posts: 12100
Joined: 23 Jan 2011, 17:25

Re: Southend Utd take over in doubt

Post: # 376561Post jerroll »

letchbee94 wrote: 10 Jun 2024, 19:45 If they dont get sorted could Borehamwood get a reprieve?
Not after the Agm confirmed league constitutions. League would run with 23.
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