Old chestnuts-still confused

[rabbloke]

Delancey Estates PLC sold a B&Q store in Brixton (21st, Dec 2004). Delancey own Blunglen. Blunglen are the major financial backers of Martin Dawn. Martin Dawn nab Southend United. SUFC have ff earmarked. It all rests on a B&Q store opening. I know what goes around comes around but this is perplexing me. When acquired Roots Hall was valued at 4.5million and yet historically bigger sums than this were offered for the site so what was its value. Martin Dawn buy it on the cheap and then say we are operating in the red, mainly due to their rent evaluation. Seems to me they have won all ways up. They have prime development land in Roots Hall, for peanuts, they are making money out of ff with regard to new development and property management and thats without building a stadium. Sorry guys but it still worries me and I am sure up there you are more in touch with the situation. Put my mind at rest.

 

[Technician]

Personally, I am more perplexed by the long periods of silence relating to Fossetts Farm. There have been rumblings about the widening of the A127 from Priory Park to the western end of Sutton Road, which may give another clue to the outcome of the stadium saga.

The longer the silence, the more suspicion it will raise though. I'll bet the club haven't got past the discussion stage yet and the next announcement will be that something is holding the whole thing up to buy more time.

I won't be holding my breath!

 

[Shrimpador]

Quote[/b] (rabbloke @ Feb. 18 2005,23:02)]Delancey Estates PLC sold a B&Q store in Brixton (21st, Dec 2004). Delancey own Blunglen. Blunglen are the major financial backers of Martin Dawn. Martin Dawn nab Southend United. SUFC have ff earmarked. It all rests on a B&Q store opening. I know what goes around comes around but this is perplexing me. When acquired Roots Hall was valued at 4.5million and yet historically bigger sums than this were offered for the site so what was its value. Martin Dawn buy it on the cheap and then say we are operating in the red, mainly due to their rent evaluation. Seems to me they have won all ways up. They have prime development land in Roots Hall, for peanuts, they are making money out of ff with regard to new development and property management and thats without building a stadium. Sorry guys but it still worries me and I am sure up there you are more in touch with the situation. Put my mind at rest.

Couple of points rabbloke, most of them irrelevant, but hey:

1. Blunglen are not the financial backers of Martin Dawn - dont know where you got that from? Delancey do not fund Ron Martin.
2. If the owners of SUFC sell assets to themselves (which is effectively what they did) they can....various laws about what value they do it at, but its basically illegal to sell at less than market value so some legal opinion must have been taken at the time.
3. Fact of lower league football life that clubs no longer owns their grounds - at least we're still alive and kicking and havent and 10 ten points deducted,
4. RM will look after SUFC until FF comes about. He has no choice.....I am also worried about time ticking by but still hopeful that FF will sort it outself out. But I dont think we can blame Ron for that - if it was his call, it would have been built by now and he'd fu**ing rich.

 

[rabbloke]

Martin Dawn are backed by Blunglen which are owned by Delancey.

 

[Shrimpador]

Not sure either way....anyway, drunken Stella-fuelled ramblings last night!

 

[sealion]

The silence just seems to add to a stitch up.

 

[Desert Shrimper]

Quote[/b] (rabbloke @ Feb. 18 2005,23:02)]Delancey Estates PLC sold a B&Q store in Brixton (21st, Dec 2004). Delancey own Blunglen. Blunglen are the major financial backers of Martin Dawn. Martin Dawn nab Southend United. SUFC have ff earmarked. It all rests on a B&Q store opening. I know what goes around comes around but this is perplexing me. When acquired Roots Hall was valued at 4.5million and yet historically bigger sums than this were offered for the site so what was its value. Martin Dawn buy it on the cheap and then say we are operating in the red, mainly due to their rent evaluation. Seems to me they have won all ways up. They have prime development land in Roots Hall, for peanuts, they are making money out of ff with regard to new development and property management and thats without building a stadium. Sorry guys but it still worries me and I am sure up there you are more in touch with the situation. Put my mind at rest.

Property developers in making a profit shocker!!! It's like "Dog Chases Cat" or "Pop Star Takes Drugs" in it's magnitude isn't it?

 

[sufcintheprem]

Quote[/b] (The Bloke In The Pram Shop @ Feb. 20 2005,11:20)]Property developers in making a profit shocker!!! It's like "Dog Chases Cat" or "Pop Star Takes Drugs" in it's magnitude isn't it?

Quite. I think you have to bear in mind the two parties' goals at the time of purchase:

Property developer: Make some profit on the investment
Club: Survive

You have to concede that they will make money out of their investment but, according to the agreement all along, we will still have a club at the end of it. If they want to make their profit, they need the club to relocate. If they want the club to relocate to realise this profit, they have to have a new stadium to move the club in to.

I certainly don't think it's time to start ringing alarm bells yet although the amount of time it's taking is a shade frustrating.

 

[Javea Shrimper]

Quote[/b] (rabbloke @ Feb. 18 2005,23:02)]Delancey Estates PLC sold a B&Q store in Brixton (21st, Dec 2004). Delancey own Blunglen. Blunglen are the major financial backers of Martin Dawn.

I'm not sure that's right.

Back in 1999 Blunglen Limited (who became Delancey Southend Limited after March 1999) went into the joint venture with Martin Dawn and acquired 50% of Mailtrace Limited from the latter; Mailtrace (and its subsidiary Roots Hall Limited) then went on to acquire Roots Hall and the Boots & Laces training ground. Delancey advanced large sums of money to Southend United through Martin Dawn but I don't think they actually financially backed Martin Dawn as a company independent of the football club ...

WS

 

[blues_r_best]

Whoooosh.

 

[Desert Shrimper]

Quote[/b] (blues_r_best @ Feb. 20 2005,11:46)]Whoooosh.

You've "whooooshed" me too then mate - what are you on about?

 

[Javea Shrimper]

Quote[/b] (blues_r_best @ Feb. 20 2005,11:46)]Whoooosh.

Whoosh ... what?

WS

 

[The General]

Todd doesn't understand.

 

[Napster]

well, at the moment, Delancey want out and Ron is looking to buy Delancey's share in SEL, making MD sole owners of the club. The bank is happy to fund Ron's offer, but Delancey are holding out for more cash.

That's one reason for the current silence. Another is that Priory Crescent has just been approved, which was integral to the development. Another aspect is that B&Q at FF mucked something up and have been delayed. Only now have they got their act together, so things might start moving quickly in the next few weeks.

Oh and Delancey are not funded by anyone except George Soros and the Ritblats. But that's another story altogether, as is the current Delancey/Mapeley IR scandal in the Private Eye last year.