Irate Ian
Members
- Joined
- Dec 1, 2004
- Messages
- 2,070
Since the 2000 article in the Independent Newspaper [see Other Owners thread at Fossetts Forum], what has changed ?
RM/Owners have not "demanded" rent for RH and have already written off a sizeable sum, yet there remains an equally large sum, still technically due or payable.
Suppose 20% p.a. interest might have been paid, but scrutiny of the club accounts would be needed, or questions raised at shareholders meetings and as to what level the capital borrowing may be at.
The longer term question is how SUFC are to be brought to a financial position of being capable of paying what rent may later be fixed by "the owners" and be payable at FF and what sanctions may be taken by "the owners" when and if future default may arise.
It may be that the terms and conditions of any future lease of FF where possible conflicts of interest [hence "Questions RM thread] may arise between RM/the owners/developers [whoever they may now be, which remains unclear] and Southend United Football Club.
Although RM has indicated some acquisition of "the whole", the details remain vague and the prior published information is:-
South Eastern Leisure (SEL), a joint venture by two property development companies, the locally-based Martin Dawn and Delancey Estates, a £295m London plc owned substantially by:-
The Currency Magnate
Mr George Soros
SEL bought for £4m the club's historic Roots Hall ground, which was paid for in the 1950s entirely by supporters and built by their legendary groundsman, Sid Broomfield - plus what Broomfield calls "a small group of hardworking blokes."
Mr Soros has a history in speculation on the currency markets and is reputed to have been instrumental in causing the downfall of the "exchange rate mechanism" which was part of the british governments central plank of fiscal policy under former Chancellor Nigel Lawson
This was I think known as "Black Monday" on the financial markets. Those who work in the city may recall that day, my abiding memory is seeing Lawson coming from the Treasury ashen faced to announce Britain having withdrawn from the ERM.
Every man woman and child in the country lost a very substantial sum of money that day. Effectively he made massive and I mean really massive profit at the expense of all the citizens of our country/taxpayers.
This man can make and break governments let alone little old SUFC. We really are small fry in the financial language of this man. Hope he is a Blues Supporter [and not Chelski]
RM's recent visit to USA to seek funding for the development from Morgan Stanley, does seem rather odd in the context of the what was last known to be the status quo, concerning ownership.
£80M surely is way beyond the cost of building the stadium alone ?
RM/Owners have not "demanded" rent for RH and have already written off a sizeable sum, yet there remains an equally large sum, still technically due or payable.
Suppose 20% p.a. interest might have been paid, but scrutiny of the club accounts would be needed, or questions raised at shareholders meetings and as to what level the capital borrowing may be at.
The longer term question is how SUFC are to be brought to a financial position of being capable of paying what rent may later be fixed by "the owners" and be payable at FF and what sanctions may be taken by "the owners" when and if future default may arise.
It may be that the terms and conditions of any future lease of FF where possible conflicts of interest [hence "Questions RM thread] may arise between RM/the owners/developers [whoever they may now be, which remains unclear] and Southend United Football Club.
Although RM has indicated some acquisition of "the whole", the details remain vague and the prior published information is:-
South Eastern Leisure (SEL), a joint venture by two property development companies, the locally-based Martin Dawn and Delancey Estates, a £295m London plc owned substantially by:-
The Currency Magnate
Mr George Soros
SEL bought for £4m the club's historic Roots Hall ground, which was paid for in the 1950s entirely by supporters and built by their legendary groundsman, Sid Broomfield - plus what Broomfield calls "a small group of hardworking blokes."
Mr Soros has a history in speculation on the currency markets and is reputed to have been instrumental in causing the downfall of the "exchange rate mechanism" which was part of the british governments central plank of fiscal policy under former Chancellor Nigel Lawson
This was I think known as "Black Monday" on the financial markets. Those who work in the city may recall that day, my abiding memory is seeing Lawson coming from the Treasury ashen faced to announce Britain having withdrawn from the ERM.
Every man woman and child in the country lost a very substantial sum of money that day. Effectively he made massive and I mean really massive profit at the expense of all the citizens of our country/taxpayers.
This man can make and break governments let alone little old SUFC. We really are small fry in the financial language of this man. Hope he is a Blues Supporter [and not Chelski]
RM's recent visit to USA to seek funding for the development from Morgan Stanley, does seem rather odd in the context of the what was last known to be the status quo, concerning ownership.
£80M surely is way beyond the cost of building the stadium alone ?