SO when will the takeover go through?

[Shrimpergonzo]

CBRE will not transfer charges until there is something of value to transfer them to, i.e. Fossetts Farm with new planning permission.

Thanks for confirming this, what are we waiting for them to do before the takeover can take place then?

 

[Shrimp and two veg]

Us fans need to get together and fight for change, bring the Trust and protest groups together to support action. Cant ruin another season on the pitch and all these consortium members ready to bring the club forward. We really have to put our heads together now and pinpoint where pressure is needed and act quickly.

 

[danbowen]

Thanks for confirming this, what are we waiting for them to do before the takeover can take place then?

I think most the hold up is the council doing the DD. When they have done that it will be clearer what CBRE want or if this is what they have been waiting for. Ultimately no one knows what is going on as we aren’t being told. You have the councillors bitching at each other and being genuinely ****ing useless like always too. Fans clearly missing the key fact at this point in time and from what CP, consortium members etc are saying that it is not Ron causing this particular delay (yes he is mostly likely due a share of this part as the DD taking longer due to his web of whatever you want to call it) but ultimately it isn’t just him causing this delay. Too many people have failed this club and without the consortium paying the bills we would already be well and truly dead.

A protest at Ron’s isn’t going to change anything at this time as much as we all want to blame him. A protest at the council may get a rocket up their arse a bit.

 

[Mr Browns Ghost]

But but but we are signing Ollie Pearce London shrimper said so …

 

[Tinks]

So my pal seemed spot on with CRBE wanting full planning permission before finalising anything.
Thanks ron.
This only ends one way I'm afraid.
Where will AFC southend be playing home games?

Lee, can you prize any more info about how these things work from your pal?

 

[Tinks]

Cllr Cowan if anyone wishes to drop him a message on X

https://x.com/cllrcowan?s=21&t=fQ3ozYhVdi-cHQ2-kAcGpg

Both Daniel and Paul Collins are supporters of the club and are very ah give here in Eastwood and both are really well liked and respected by the residents
I have spooked to both of them on several occasions and they are keen to help there local residents and both of them are sincere too

 

[Medway Blue]

Thanks for confirming this, what are we waiting for them to do before the takeover can take place then?

To agree to the schedule of payments for the £20m that is set to flow from the profits of Fossett's to the football club.

In other words, who gets paid first? SUFC or CBRE?

This is now another thing holding up the completion of the deal between COSU and Martins, in addition to the ongoing due diligence on the deal between SCC and Thames Plaza.

What I can't work out is why CBRE have only raised an issue with it in the last few weeks. The deal between COSU and Martins was agreed in principle in December. CBRE should have had sight of it and raised this issue then.

 

[Jack_23]

To agree to the schedule of payments for the £20m that is set to flow from the profits of Fossett's to the football club.

In other words, who gets paid first? SUFC or CBRE?

This is not holding up the completion of the deal between COSU and Martins.

What I can't work out is why CBRE have only raised an issue with it in the last few weeks. The deal between COSU and Martins was agreed in principle in December. CBRE should have had sight of it and raised this issue then.

You concerned this deal will never get done ?

 

[Medway Blue]

You concerned this deal will never get done ?

Of course. I can't say I'm necessarily pessimistic because I'm not in the inner circle discussions and so don't have enough first hand knowledge, but it does seem to be a never ending cycle at the moment. Every time there appears to be a bit of light at the end of the tunnel, another barrier pops up.

 

[Linda Loan Shark]

This is like last season. No retained and no fixture announcement. Announce our 10 point deduction and our 13 players and we go again and hopefully this time we might do enough to sneak into the playoffs.

Thanks Ron!

 

[bazzashrimper]

Of course. I can't say I'm necessarily pessimistic because I'm not in the inner circle discussions and so don't have enough first hand knowledge, but it does seem to be a never ending cycle at the moment. Every time these appears to be a bit of light at the end of the tunnel, another barrier pops up.

I don’t think they are necessarily new barriers. Just things we didn’t know about (aside from maybe the crbe thing). Due diligence was, said the councillor, to be completed by end April - and he celebrated the fact that it was. Then there was the other part of due diligence.

So it feels like it’s a never ending cycle because it’s been communicated poorly (not by the consortium either - their comms has been spot on)

 

[kentblues]

Cllr Cowan

“The council is still waiting on the due diligence to be completed. If there’s no issues and it’s our decision to make (depending how long the Tories squat in office) we will move as quickly as we possibly can to see it through”

I asked about timing and he said

“Towards the end of this month is all I’ve been told”

I guess right at this moment we also have to consider he hasn’t got his feet under the table.

BTW I assume that’s DD completion and then you add the two weeks..

 

[Yorkshire Blue]

There is of course the possibility that the Rats behaviour has led to CBRE dragging their heels …

The issue here is that Ron has almost certainly promised things he wasn’t in a position to promise. The chances are he told the consortium that CBRE would be fine with it, without actually checking they were.

What I can't work out is why CBRE have only raised an issue with it in the last few weeks. The deal between COSU and Martins was agreed in principle in December. CBRE should have had sight of it and raised this issue then.

Maybe they did and the message wasn’t passed on?

It’s not hard to imagine a scenario where CBRE say “hmm, not sure that’s going to work for us” and Ron just ploughs on regardless and only belatedly realises that they aren’t going to change their mind.

 

[stewart]

But but but we are signing Ollie Pearce London shrimper said so …

No he didnt he said we are in negotiations with him as are many other clubs

 

[* ORM *]

Remove when from thread title for accuracy

 

[Medway Blue]

Maybe they did and the message wasn’t passed on?

It’s not hard to imagine a scenario where CBRE say “hmm, not sure that’s going to work for us” and Ron just ploughs on regardless and only belatedly realises that they aren’t going to change their mind.

This is what I was getting at, without saying it in so many words.

With an even more cynical viewpoint, it’s also not hard to imagine a scenario where CBRE say “hmm, not sure that’s going to work for us”, but the message doesn't get through to COSU and Ron just ploughs on regardless, knowing full well he'll never be allowed to complete the deal on those terms, and with COSU in blissful ignorance until late in the day.....but it wastes time and gets COSU deeper in financially, to the point where they might be more bendable to the terms that CBRE and the Martins want.

I have no proof of that, so absolutely cannot say it has definitely happened, but you might not put it past him. Brinkmanship is his favourite game.

A slightly less nefarious, but no less dangerous and incompetent theory - he's wedged himself between a rock and a hard place. As you say, he's promised so much to so many people. He's probably telling COSU and SCC "don't worry, we'll find a way to get the deal done", whilst telling CBRE "don't worry, I'll find a way to get all your money back"..... but the two promises don't currently square off with one another.

 

[tommy tucker]

The council do what the only thing the council are good at bury there heads in the sand and hope it will go away . its the same old thing they blaim ron .Ron blaims them .And so it goes on and on and on .

 

[overseas shrimper]

The council do what the only thing the council are good at bury there heads in the sand and hope it will go away . its the same old thing they blaim ron .Ron blaims them .And so it goes on and on and on .

Oh great, italics out, bold back in.

 

[Holy Joe]

Have CBRE said they have a problem? Or are they just the last box to be ticked - ie their approval is dependent on something else that hasn't been completed yet?

 

[Medway Blue]

Have CBRE said they have a problem? Or are they just the last box to be ticked - ie their approval is dependent on something else that hasn't been completed yet?

Their approval is needed for the sale of the club to COSU to go ahead. They are currently not providing it and appear to have a problem with the structuring of the £20m kickback to the club out of the Fossetts profits for the refurbishment of Roots Hall. I don't know why, exactly, but it might be because the current structure of the payment of that £20m could be putting SUFC at the front of the queue for payment as the Fossetts development hits phasing triggers.

£20m to the club in bulk 10-12 years is very different to having it start to filter through in a phased fashion within, potentially, a couple of years......and possibly even makes it less likely that the club will even see the money at all. Building in trigger points into the land transaction deal and development plans whereby tranches of money will be released to the club is a good move by the council and hopefully makes it more likely that we'll see at least some of it!