SO when will the takeover go through?

[RHB]

I'm an eternal optimist, and although the eternal bit is getting more than a bit frayed, I still believe that the Council will go ahead with planning permission sufficient for our deal to go through. The big question is when........and will Justin and the Consortium still be in the mix? I've seen stuff on here that suggests that their tooties are so cold now that it won't take much to find a foot warmer and be gone. I've also seen posts saying 'I was always right, we're doomed like I've been telling you for ever'. Well they may be correct.......and hopefully they will not. All I can say is that nobody actually involved in any of the processes currently happening, nor from the Consortium, has offered any news that says we're ****ed.

So for now I'm keeping the faith and holding my breath that it will all come good sooner rather than later, because factually, I don't know otherwise. (Don't know why I made this bit bold and in italics, but it's a free country)

 

[tommy tucker]

can someone please tell me who or what is CBRE and why should they hold up the sale of the club .

 

[RHB]

can someone please tell me who or what is CBRE and why should they hold up the sale of the club .

There have been several posts previously on here defining who they are, but to keep it simple, they are Ron's Financial Partners and the front guys for a Pension fund. Although they are Ron's partners he owes them a shed full of money from previous dodgy deals which has been secured against Roots Hall. They have to be content that any deal will safeguard their investments so far.

 

[tommy tucker]

There have been several posts previously on here defining who they are, but to keep it simple, they are Ron's Financial Partners and the front guys for a Pension fund. Although they are Ron's partners he owes them a shed full of money from previous dodgy deals which has been secured against Roots Hall. They have to be content that any deal will safeguard their investments so far.

k thans so basicly ron or his investment partners are screwing the club over AGAIN

 

[annie1954]

Looking at some of the comments in the Echo and now the change to the council leadership it’s going to be some time before any deal is done so here we go again . Unless someone puts Ron & his team in room with the Council until deal is struck , can’t see any movement on the deal

 

[Yorkshire 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?

No but they should be able to say they approve subject to council approval [or whatever other subjectivities they have] and they don’t appear to have done that after nearly 6 months.

Remember the last consortium statement said the council had been keeping them updated but they hadn’t had a formal response from the finance partner.

 

[bazzashrimper]

k thans so basicly ron or his investment partners are screwing the club over AGAIN

Ron’s investment partners are looking after their investment. If I had anything to do with my pension with them then that’s the least I would expect them to do.

It was Ron who overspent on the club, built up debt on planning, lawyers, interest and helicopters. His motto has been why pay a fiver today if you can pay a tenner tomorrow. So it’s Ron who has screwed over the club, CRBE probably kept us alive many times.

 

[defender05]

https://twitter.com/x/status/1781204909641048281

Not entirely club related but ir doesn't give you loads confidence in what has been going on.

 

[THE SEVENTIES NORTH BANK]

More bad news. Especially as Terry and Woodentop have started to pipe up. In my own opinion.

A change of leadership at Southend City Council will see some major issues put under the spotlight, including a homes deal that will pave the way for the sale of Southend United.

Independents say they are ready to support a new Labour-led joint administration but both groups say they have reservations about a development of 1,300 homes at Fossetts Farm that could see the council liable to pay rent on unlet homes.
The finer details of a new waste contract have also yet to be ironed out.

The Fossetts deal will see the upmarket homes leased to the council under a build-to-rent finance scheme.
The council will lease the homes and gather rents, retaining a management fee and passing the rest to Thames Plaza - a company run by Southend United chairman Ron Martin’s sons Jack and Thomas.
If the council fails to rent the properties the council will be liable for the rents.

Daniel Cowan, leader of the Labour Group, said: “There are a lot of really big issues facing the city at the moment. The two biggest ones being the waste contract and the Fossetts Farm development.

“The Labour Group’s position is that we will do everything we can to deliver a development at Fossetts Farm that works for the city and that we have to wait to see the outcome of the due diligence before we can make any firm decisions on how we move forward.”
Martin Terry, leader of the Independent Group, said: “We’ve got some major challenges such as the football club, the waste contract, the financial challenges. All these things need to be got to grip with quickly.
“With the football club, there are concerns around that deal and we are waiting for financial assessors to make a recommendation to members.
“There are questions around this gold-plated voids situation where theoretically the void rents will have to be paid by the city council. It’s understanding what that means in black and white.”

Mr Terry added: “I want the club to go onwards and upwards but we can’t do that at the cost of the city. I’m sure a deal will be worked out but we’ll have to ensure we protect the city.
“I don’t think we can afford a delay but we are waiting on the professional judgement of people. It’s a complex deal that needs to work for the club and the city.”

 

[Holy Joe]

No but they should be able to say they approve subject to council approval [or whatever other subjectivities they have] and they don’t appear to have done that after nearly 6 months.

Remember the last consortium statement said the council had been keeping them updated but they hadn’t had a formal response from the finance partner.

Yes no formal response - carefully worded so that maybe informal responses have been received - which may of course be that we will approve subject to xyz?

 

[Holy Joe]

Is the risk of rental voids a new risk? What is the situation with the current deal - who bears the risk in that deal?

 

[Smiffy]

Is the risk of rental voids a new risk? What is the situation with the current deal - who bears the risk in that deal?

I guess it's not a new risk as such, but a greater one now the goalposts have been moved (by the rat) and the development is a lot more "high end" now. Resulting in increased risk some of the apartments will be left empty with SCC having to foot the bill.

Ratty and Jr have played a blinder, they really have. SCC now have a sitation where they need to try and save the club and at the same time make sure they dont have hundreds of empty "high end" apartments, that could bankrupt the Council.

Added to that, we now have CBRE kicking off as they aren't happy with the scheduling of the proposed £20m RH redevelopment kickback. Again, not surprising when they are owed £45m or whatever it is and hold a charge over RH. Why are they kicking off about it now, I think we can all draw our own conclusions...

It's a total mess and I was hoping a few months back we were nearing an end to this. Now, I just don't know where we go from here. Next season looks another that could be doomed, before its even started. More worryingly, where do COSU draw the line and pull out, considering they're already £3.5m deep?

We are being held hostage and we need to do something drastic. But, what?

 

[Fairport]

You can't blame any councillors that are very concerned about still paying rent on empty properties. By any standards that is a rotten deal and needs to be renegotiated. Annoyingly this will further kick the can down the road as far as the deal is concerned.

 

[Tommy2holes]

This isn't going to happen is it.

Let's look at the worst case scenario.

Council don't approve the deal. The consortium walk away.

Can Ron still build the original deal? Will the council allow that?

The club would be sunk in its current guise im sure but what would happen to the roots hall site. Surely the council would not be stupid enough to allow building on the roots hall site??

It would be political suicide and would almost certainly face a huge local backlash and protests.

I am at the point when there needs to be a serious protest at the council by the fans.

I would also be nice for the consortium to set out their position in the increasingly likely situation that this drags on or doesn't get agreed. Even if it's bad news, at least the cards would be on the table..

 

[meerkat54]

The sale of our club is a complete mess. If CRBE won’t remove the charge against Roots Hall until full planning is given on FF.
This could roll on for years and the consortium will be long gone and the club as well.
This complete shambles is down to one man.

 

[annie1954]

The sale of our club is a complete mess. If CRBE won’t remove the charge against Roots Hall until full planning is given on FF.
This could roll on for years and the consortium will be long gone and the club as well.
This complete shambles is down to one man.

Complete Shambles Correct

 

[sufc4life21]

You can't blame any councillors that are very concerned about still paying rent on empty properties. By any standards that is a rotten deal and needs to be renegotiated. Annoyingly this will further kick the can down the road as far as the deal is concerned.

The problem is the consortium sound like there running out of patience...... from there point of view must be not easy to keep funding something they technically don't own and have no control over the end result in becoming owners of the football club. I can see them pulling out soon if those in power keep dithering. Time really isn't on our side unfortunately. The deal as whole is mess with endless issues to navigate. Bet the consortium wish they never got involved now.

 

[Leeboy]

time for BBC Essex to pull their finger out of their bum hole and get on Ron and the Council's case - be it on Glenn Pennyfather 's phone-in show or Glenn Speller inviting them on to another show - to get some proper answers.

But of course we all know that won't happen now it's cricket season

 

[Tommy2holes]

The problem is the consortium sound like there running out of patience...... from there point of view must be not easy to keep funding something they technically don't own and have no control over the end result in becoming owners of the football club. I can see them pulling out soon if those in power keep dithering. Time really isn't on our side unfortunately. The deal as whole is mess with endless issues to navigate. Bet the consortium wish they never got involved now.

Some do and some probably don't.

All they want is to take ownership of the club and run it properly.

That's all the fans want.

We are the mercy of greedy business men and a woefully inept council.

If I were the consortium I would publicly set a date in which completion needs to happen and then pull out.

I don't want them to and think they are the future of our club, but they are being taken for mugs

 

[hlane17]

You can't blame any councillors that are very concerned about still paying rent on empty properties. By any standards that is a rotten deal and needs to be renegotiated. Annoyingly this will further kick the can down the road as far as the deal is concerned.

It would have been nice for the Council to conduct the same degree of forensics and due diligence into the totally failed Seaway project, they may have avoided wasting valuable resources and money if so.

We're stuck between a man loaned up to his eyeballs chasing a development that's been on the table for most of my lifetime, and a public organisation that forgot it ringfenced millions of pounds of public money for a failed project. Forgive me for my total despair at this situation.

I simply cannot say what I wish to say RE: the Council because it will breach SZ rules on political discussion, but they've had their own role to play in this total mess over the years.

Still, the ultimate blame lies on the doorstep of Mr Martin.