Breaking News Latest news on the sale of the club.

[Smiffy]

Here we go again...

 

[Smiffy]

A STATEMENT from the consortium looking to buy Southend United.

The consortium wants to update Southend United fans and the broader community on the takeover process and the club’s latest financial situation.

A sales contract for the club was signed in December 2023, which governs all aspects of the transaction, but was subject to various conditions being met.

Two main conditions remain outstanding; the completion of the Council’s diligence process and the consent of the Martins’ finance partner.

While the Council has kept us updated on their process, which is expected to complete in late April, we have not received a formal response from the finance partner.

This process has of course taken longer than any party expected, and as a consequence we have had to rely on patience from the club's numerous creditors.

Unfortunately, one creditor is unwilling to wait until the sale closes to receive repayment and is now petitioning for the Club to be wound up.

While the consortium continues to pay all wages and other operating expenses, we are not willing to fund pay-outs to historic creditors until we are confident that the closing conditions, over which we have no control, will be met.

A winding up hearing will now likely occur prior to the sale completing, causing unnecessary distraction and legal costs which will be detrimental to the club.

The consortium has already invested more than £3 million in Southend United and is committed to closing the deal that was agreed in December.

We continue to urge for patience from all stakeholders and will provide a further update once we have more information on the closing conditions.

 

[Smiffy]

Three pronged attack from the fans needs to be called then on those below.

1. Those seeking to wind us up
2. The Martin's
3. The Council

 

[SHRIMPERR]

Three pronged attack from the fans needs to be called then.

1. Those seeking to wind us up
2. The Martin's
3. The Council

You can’t exactly blame those wanting to wind us up. They are more than entitled to want their money at this point.

 

[Smiffy]

You can’t exactly blame those wanting to wind us up. They are more than entitled to want their money at this point.

Not blaming them, but why can't they wait like all the other creditors. Talk about trying to pull the plug out the life support machine.

 

[David Icke]

Forget lobbying the council, let’s all research and name every one of them that is a Freemason. Then look back through council records to see all the dodgy contracts that were signed.

 

[palexander]

Not blaming them, but why can't they wait like all the other creditors. Talk about trying to pull the plug out the life support machine.

Thats a ridiculous stance to take.

Given Martins history, who's to say they'll ever get their money.

And depending who it is, they could be on the brink of going under too, or enable to pay staff etc because of us.

Absolutely zero blame on them. You cant say "I'm not blaming them" and also "why cant they wait".

 

[OldBlueLady]

I heard a rumour to this effect yesterday afternoon. It's not so much that someone is trying to wind us up, but the who and the why. One man to blame for this.

 

[onceknownasrab]

So the council get homes at FF and RH. I bet they are overjoyed.

 

[Cricko]

Three pronged attack from the fans needs to be called then on those below.

1. Those seeking to wind us up
2. The Martin's
3. The Council

You cannot have a go at the firm wanting their money from him.

 

[Napster]

The Zakay brothers I assume are the finance partners?

Sol Zakay - Greater London, England, United Kingdom | Professional Profile | LinkedIn

Location: Greater London · 500+ connections on LinkedIn. View Sol Zakay’s profile on LinkedIn, a professional community of 1 billion members.

www.linkedin.com

solz@topland.co.uk

 

[southendkid]

Who is this finance partner? Why aren't they willing to give consent for the sale? Is it under instruction from Ron or do they have a different reason for not playing ball?

 

[Napster]

Who is this finance partner? Why aren't they willing to give consent for the sale? Is it under instruction from Ron or do they have a different reason for not playing ball?

Isnt it the Zakays?

solz@topland.co.uk

 

[flangejackrabbit]

Who is this finance partner? Why aren't they willing to give consent for the sale? Is it under instruction from Ron or do they have a different reason for not playing ball?

Isnt it the Zakays?

solz@topland.co.uk

I thought it was now the Dellals?

 

[Smiffy]

You cannot have a go at the firm wanting there money from him.

They should go after him, not the club. Again, we are being ****ed over for his debts.

 

[Cricko]

Who is this finance partner? Why aren't they willing to give consent for the sale? Is it under instruction from Ron or do they have a different reason for not playing ball?

Martins finance partner is owed 39million.

 

[Jay_SUFC]

You can’t exactly blame those wanting to wind us up. They are more than entitled to want their money at this point.

But surely if we are wound up, they won't get their money - certainly not all of it anyway!!

 

[SeaSideDoughnut]

Just when you thought you'd seen the back of winding up petitions. It's just there right next to due diligence as terms I want to scrub from my brain.

 

[Evening Echo]

AN update from the consortium trying to buy Southend United.

Read more on this story


Help with Echo links

 

[Morty01]

Another 10 points gone then