Latest Fossets Farm developments

[shamash]

I have been looking at the published accounts for Southend United Football Club (company registration number 00089767) and I am struggling to see how a move away from Roots Hall
to Fossets Farm would be of any financial benefit to the football club.

I am aware that other companies are involved and guarantees may well have been given regarding the future financial support of the football club.

My concern is that we do not own Roots Hall and from the accounts, we would not be able to finance the development of Fossets Farm. Is there a risk that we could become homeless? Does anyone have any knowledge of any guarantees which may have been given?

 

[rigsby]

I have been looking at the published accounts for Southend United Football Club (company registration number 00089767) and I am struggling to see how a move away from Roots Hall
to Fossets Farm would be of any financial benefit to the football club.

I am aware that other companies are involved and guarantees may well have been given regarding the future financial support of the football club.

My concern is that we do not own Roots Hall and from the accounts, we would not be able to finance the development of Fossets Farm. Is there a risk that we could become homeless? Does anyone have any knowledge of any guarantees which may have been given?

The council have said RH cannot be developed until we have anew stadium and football is being played at FF.

If it was just about greed, then for Ron (or the next chairman) the simple answer would be to let the club go bust and they would be left with a large development site. But because of the councils planning restriction they would be left with a worthless, other than football, piece of land......So we are protected.

I remember a TV one off where Mel Smith played the part of a saviour for a struggling lower league team....or so the fans thought. He then bankrupt the club and sold the ground.

 

[rigsby]

Yet Seaway doesnt actually make much sense. If we are told by the opponents of FFwe dont need a cinema at Fossetts then there is no way on earth we need another one walking distance of the existing one.

A leisure park at Fossetts makes perfect sense, the location could be better as it has the bottleneck to get through after Cuckoo Corner, however its a far better location than down the seafront. It would actually be easier for me to get to Basildon than Seaway.

The only problem with Fossetts is as you say the ability to deliver, but that doenst mean Seaway is the better plan.

I doubt BL would invest their time and money if they thought the scheme was not viable.

 

[Supa Shrimpa]

I doubt BL would invest their time and money if they thought the scheme was not viable.

I don't recall any confirmation that BL are investing any money into building the stadium (just the cinema ?)

 

[Smiffy]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

 

[leeblue]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

Heard the same mate.

 

[Blues Heaven]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

Really? That doesn't sound positive. I am not surprised though if they have. I cannot see how this scheme is a viable option for them. It will be a major problem if they have though.

 

[Tinks]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

That is a big blow

 

[Firestorm]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

Not a massive surprise given the recent downturn in the economic forecast for the commercial property sector.
Ron was unable, for whatever reason, to deliver ff before the previous downturn an was then unable to secure funding. It now appears that he may have missed the boat again.

 

[Blues Heaven]

I await official confirmation of this, however if it is true I really don't know where we go from here.

 

[leeblue]

I await official confirmation of this, however if it is true I really don't know where we go from here.

With Ron in charge.....nowhere

 

[Blues Heaven]

If this is true I do fear for our whole future. We are over £14 million in debt with a falling down ground and limited assets.

FF was our ambition of becoming more sustainable. Without it we will continue to lose money and it comes to a point when we reach a level of debt cannot be sustained.

If BL have withdrawn and we await confirmation of that I know then I cannot see another big investment/construction company coming to a conclusion any different to them that the scheme is viable.

 

[Firestorm]

Investment in UK commercial property was down 3.5 bn in June http://www.classiclightweights.co.uk/index.html

Figures like these would certainly back up a revision of strategy for BL.
I don't know much about property development, but I can't see a company like MD, with one asset , one short term business plan and nothing without a major investor on board, being able to do much if there is another property recession.

 

[Smiffy]

If this is true I do fear for our whole future. We are over £14 million in debt with a falling down ground and limited assets.

FF was our ambition of becoming more sustainable. Without it we will continue to lose money and it comes to a point when we reach a level of debt cannot be sustained.

If BL have withdrawn and we await confirmation of that I know then I cannot see another big investment/construction company coming to a conclusion any different to them that the scheme is viable.

The problem here is us mere mortals are told nothing about this project. So I expect defeaning silence on this alleged plug pull by BL. No news is bad news in my mind with regards to FF.

 

[Blues Heaven]

The problem here is us mere mortals are told nothing about this project. So I expect defeaning silence on this alleged plug pull by BL. No news is bad news in my mind with regards to FF.

I agree. It has been silence since the project was announced since last October and I had like many had doubts that it would ever be built. I am not surprised if like you say BL has withdrawn.

 

[Shrimper]

If BL have pulled out then that is that frankly. Just admit it Ron.

Don't expect that we'll get a statement like we did when they joined the scheme.

 

[Jai]

Could be the beginning of the end for Southend United if true.

 

[Razam]

If the FF stadium is now dead, what will happen to PB shares?? :thumbdown:

Personally if this is true, I can on see one of 3 things happening now;

1) A new investor/partner miraculously stepping in.
2) RM giving up the dream, and selling the club (& debts) to claw back as much much money as possible
3) RM thinking he may have another chance in a couple years when the brexit downturn is over, and we live on breadcrumbs till then - and maybe longer.

Option 2 seems the most sensible, but again the question would be, what would RM's price be & who would pay it?
But sensible is not really how we do things, so we may end up with option 3.

also in case anyone feels like asking BL directly (unlikely to get a direct response though):
http://www.britishland.com/contacts/development-team

 

[Ted]

In the time it's taken for Southend to propose this stadium move etc. Wimbledon have managed to reform,get themselves back into the football league and potentially move back to their "spiritual home" in what could end up as a
20000 seater stadium. Pretty depressing.
http://m.bbc.co.uk/sport/football/37155008​

 

[Sherif H]

Up to you lot whether you believe this, but I was informed today by a pretty sound source that BL have pulled the plug. Guess we will see one way or another, but have no reason to doubt this source.

Wouldn't surprise me - they are a reputable company, and I have no idea what they were doing getting involved with RM in the first place...