How is it possible?

[turkishm]

The way I see it is that we are in massive debt, thats because we are having to bring money in, simple as that.

That money is coming from Sainsbury so the Parent company is in debt, and so are we.

He doesnt have the ability anymore to cover our losses, we dont have the money to cover his.

And if Sainsbury run out of patience with RM and call in our debt, what then, I assume its over.

 

[Shrimperforlife]

Whats that ? :smile:

new defender on loan?

 

[Shrimperforlife]

Uncle Ron does seem very quiet this season so far?

too busy looking for the war chest

 

[mrsblue]

The way I see it is that we are in massive debt, thats because we are having to bring money in, simple as that.

That money is coming from Sainsbury so the Parent company is in debt, and so are we.

He doesnt have the ability anymore to cover our losses, we dont have the money to cover his.

Examine the accounts since say 2000,I bet income covers the wages and bills easily yet it's those darned admin costs which cannot be serviced,Add highly expensive loans equals one sorry mess for the fans.

 

[chapperzUK]

And if Sainsbury run out of patience with RM and call in our debt, what then, I assume its over.

or Sainsburys take control of Ron's companies that owe money to them, which I believe in turn own SUFC Ltd.

 

[ms brush]

Recently somebody on here suggested that during a 3 year period this clubs admin costs were over 6 million quid,Someone somewhere is making a tidy bundle:winking:

It does make you wonder though...

Ever since I started watching Southend (before I became a "real" fan) in the Vic Jobson days, the club always had decent attendances and no money, and a desire to move out of Roots Hall - and interesingly a chairman with a very large pile on Benfleet Road... roll on all those years, factor in the various promotions, sale of players for a mint, more recently 3 appearances at the Millenium Stadium, then our trip to Wembley - just think how much money has rolled through the club in those years. All assets owned by the club have been sqandered one way or another over a very long time - which when you trace the history back, Roots Hall was bought and built by the fans in the 1950's, with the freehold being gifted to the club in the 1960's. To me, this is financial mismanagement of the most disgraceful kind. The root and ongoing causes of our club's financial issues are all down to greed and ineptitude of several generations of owners.

the only thing that will make our club financially viable again would be for the chairman to give the freehold of roots hall back to the fans and walk away completely. This would probably be a spell of administration at best, or a complete close down and start again from nothing, in a similar way to Wimbledon, who re-built from nothing when their original club became franchise fc! What is the chance of any of this happening...??

 

[mrsblue]

It does make you wonder though...

Ever since I started watching Southend (before I became a "real" fan) in the Vic Jobson days, the club always had decent attendances and no money, and a desire to move out of Roots Hall - and interesingly a chairman with a very large pile on Benfleet Road... roll on all those years, factor in the various promotions, sale of players for a mint, more recently 3 appearances at the Millenium Stadium, then our trip to Wembley - just think how much money has rolled through the club in those years. All assets owned by the club have been sqandered one way or another over a very long time - which when you trace the history back, Roots Hall was bought and built by the fans in the 1950's, with the freehold being gifted to the club in the 1960's. To me, this is financial mismanagement of the most disgraceful kind. The root and ongoing causes of our club's financial issues are all down to greed and ineptitude of several generations of owners.

the only thing that will make our club financially viable again would be for the chairman to give the freehold of roots hall back to the fans and walk away completely. This would probably be a spell of administration at best, or a complete close down and start again from nothing, in a similar way to Wimbledon, who re-built from nothing when their original club became franchise fc! What is the chance of any of this happening...??

Agreed,
If this club had 50 successive games against Real Madrid all played at the Hall with sell out crowds all being charged £60 per ticket then sold several players for several million..Guess what the club would still be bankrupt.

 

[Neil 15GB]

That's the harsh reality. The club (company) has no assets and can not service it's debt from ordinary operating income. Therefore it depends on a property deal to underpin cash flow. As soon as the deal is done the cash will disappear, RM will cash his development profit and SUFC will go into administration. This will happen next season.

 

[chapperzUK]

Agreed,
If this club had 50 successive games against Real Madrid all played at the Hall with sell out crowds all being charged £60 per ticket then sold several players for several million..Guess what the club would still be bankrupt.

You don't play many "guess what" games do you? You have to let the other person guess first :winking:

 

[Smiffy]

That's the harsh reality. The club (company) has no assets and can not service it's debt from ordinary operating income. Therefore it depends on a property deal to underpin cash flow. As soon as the deal is done the cash will disappear, RM will cash his development profit and SUFC will go into administration. This will happen next season.

Are you confident of that Neil?

What I want to know is why has there been no news on the Prospects deal for months and months. Anyone?

 

[Neil 15GB]

There is no deal on Prospects. No agreement, nothing.

 

[Smiffy]

There is no deal on Prospects. No agreement, nothing.

Shocking. Without that then surely no redevelopment for Sainsbury?

Unless a CPO is forced?

 

[Neil 15GB]

CPO does not apply to the Prospects site. CPO would be contested and take at least 2 years.

 

[Smiffy]

CPO does not apply to the Prospects site. CPO would be contested and take at least 2 years.

So then the question is, can Sainsbury proceed without the Prospects land?

 

[Neil 15GB]

No it can't .

 

[mrsblue]

So then the question is, can Sainsbury proceed without the Prospects land?

I imagine nothing will stop a multi billion pound company who will employ many local people from reaching their main goal.

 

[Smiffy]

No it can't .

I wonder then if Prospects will come to a deal with Sainsburys?

Or are they refusing to negotiate any further, meaning the whole project is dead?

Or will Sainsbury be faced with the possibility of having to scale down the proposed superstore?

 

[mrsblue]

I wonder then if Prospects will come to a deal with Sainsburys?

Or are they refusing to negotiate any further, meaning the whole project is dead?

Or will Sainsbury be faced with the possibility of having to scale down the proposed superstore?

Maybe Sainsbury will build their mega store at FF with the additional convenience of a 20,000 stadium on the roof of the supermarket,We can all watch the game and go shopping directly afterwards without driving.

 

[WESTY_SUFC]

Dagenham manager: Wayne Burnett - someone whose experience is working on a budget as manager of non-league Fisher, Dulwich Hamlet and Grays. Then became youth team manager at Orient, where he will have learnt to develop young, cheap players, before becoming assistant to John Still at Dagenham, where he'd have got to know the current squad. All five jobs within a 10 mile radius, all dealing with young, cheap players.

Assistant Manager and Academy Manager: Warren Hackett - knows his way round local non-league scene as player and then coach/manager (Waltham Forest, Fisher Athletic and Erith & Belvedere) before making his way up from Centre of Excellence at the Daggers to coach the first team. Still doubles up as Academy Manager.

First team coach: Darren Currie

Academy Manager: see above


Compare that to Southend:

Manager: Northerner Phil Brown, whose experience and ego is at a higher level with more expensive players

Assistant Manager: Northerner Dave Penney - managed Doncaster, Darlington, Oldham and, for less than 2 months, Bristol Rovers. Is he being paid a manager's salary, or an assistant's?

First team coach: Graham Coughlan

Motivational speaker: Jeremy Kyle

Academy Manager: Ricky Duncan

Chief Scout of transfer embargo: Chief Scout Bob Shaw


Note how Dagenham's managerial appointments work their way up. Their favourites won't be Col Ewe rejects because their best mate use to manage them, but youth and reserve players they've come through the ranks with.


Anyway, their no.9 who limped off is probably out for the season: you seen who their physio is?

Good point to show the benefit of employing a local manager who knows the club. Worked incredibly well when we last tried it.

 

[Tampa Blue]

Dagenham manager: Wayne Burnett - someone whose experience is working on a budget as manager of non-league Fisher, Dulwich Hamlet and Grays. Then became youth team manager at Orient, where he will have learnt to develop young, cheap players, before becoming assistant to John Still at Dagenham, where he'd have got to know the current squad. All five jobs within a 10 mile radius, all dealing with young, cheap players.

Assistant Manager and Academy Manager: Warren Hackett - knows his way round local non-league scene as player and then coach/manager (Waltham Forest, Fisher Athletic and Erith & Belvedere) before making his way up from Centre of Excellence at the Daggers to coach the first team. Still doubles up as Academy Manager.

First team coach: Darren Currie

Academy Manager: see above


Compare that to Southend:

Manager: Northerner Phil Brown, whose experience and ego is at a higher level with more expensive players

Assistant Manager: Northerner Dave Penney - managed Doncaster, Darlington, Oldham and, for less than 2 months, Bristol Rovers. Is he being paid a manager's salary, or an assistant's?

First team coach: Graham Coughlan

Motivational speaker: Jeremy Kyle

Academy Manager: Ricky Duncan

Chief Scout of transfer embargo: Chief Scout Bob Shaw


Note how Dagenham's managerial appointments work their way up. Their favourites won't be Col Ewe rejects because their best mate use to manage them, but youth and reserve players they've come through the ranks with.


Anyway, their no.9 who limped off is probably out for the season: you seen who their physio is?

So who's getting value for money? Tricky question that one.....not!