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Breaking News COSU Statement - Friday 7th June


You have no authority here, Jackie Weaver⭐
Staff member
Oct 24, 2003

We can merge this in with another thread at a later date, but there will I'm sure be many comments about this specific statement

This is the important bit:

For COSU to continue funding the Club and complete the takeover, including reaching payment agreements with the creditors on the winding up petition, we have communicated to the Council and the Martins that we require the following three things:

1. A revised set of terms for the property contract that all parties are committed to closing.

2. An updated scope and realistic timeline for the remaining council due diligence work.

3. An agreement with the Martins to provide security for the further funds COSU will need to inject prior to the takeover.

We see no reason why these criteria cannot be met next week if all parties act reasonably and with focus.

If we reach an agreement, COSU will work with creditors and the league to lift the embargo and release season tickets.

While the situation is outside of our control, COSU wants to assure Southend fans that we are doing as much as possible to prepare for the new season in parallel so that if the deal does complete, we will hit the ground running.
If the revised property deal isn't enough for Ron then that's a real worry
Just another season of how far behind compared to other teams and no sign of the deal going through anytime soon, Ron just wants to much in his plans and to make as much money as he can, I hope when or if this all goes through that Ron just leaves the area quick.
It's now live on BBC Essex Twitter.

Item 3 for me is the biggest concern, we're now back relying on the Martins to action something.

Fantastic from COSU, a public and consice statement that is a clear outline of how we get from a to b.

Over to you SBC and Ratty.
A good clear statement from COSU which cuts through all the guess work on here over the past few weeks. At least we know now that the consortium will clear the embargo if those terms are met.

From an outsider’s point of view they sound perfectly reasonable. But Ron is like a poker player stubbornly holding on to his last chip and consistently folding even though he should have gone all-in 3 hours ago.

We’ll have to wait and see I guess.
Although I’m grateful for the consortiums offer. I do feel nervous about the 🐀 still hanging about, we ain’t getting rid of the f—ker anytime soon.
Just my take on things.
Oh Dear, good luck arranging "An agreement with the Martins to provide security for the further funds COSU will need to inject prior to the takeover"
Wwell if the idiot martin and son wahts the big payout .MYstamp on this is say no to more fundes say good bye to your pot of gold .
“Last Friday, it became apparent that the Council did not wish to progress with the property deal along the terms previously agreed with the Martins.”

I wonder why this is ?
Indeed. Did the DD throw up issues or have the council moved the goalposts? (Assuming they could find the goalposts after Ron has moved them so many times)

Whilst COSU say they see no reason their demands cannot be met by end of next week - it doesn't say what happens if they're not met - are they out or do we just goto the WUP and hope for an adjournment?