Latest Rumours SUFC up for sale

[dusterman]

I beg to differ I’ve bought a season ticket so to me it matters

Now you were asked nicely to abstain from that…

 

[Shrimper93]

The only thing I've found useful about this thread, is that I now know what the f5 button does.

Everyday is a learning day eh.

 

[overseas shrimper]

I beg to differ I’ve bought a season ticket so to me it matters

That season ticket will be more pointless if the takeover doesn't happen and the club goes under.

 

[Leigh_Seasider]

That season ticket will be more pointless if the takeover doesn't happen and the club goes under.

My cash is waiting to purchase a season ticket, as soon as we’re out of Ron’s clutches. Until then I am holding off.

 

[Tommy2holes]

My cash is waiting to purchase a season ticket, as soon as we’re out of Ron’s clutches. Until then I am holding off.

Same. As are 3 others

 

[Jack_23]

Guessing it’s onto next week for the good news

 

[Medway Blue]

Guessing it’s onto next week for the good news

Possibly. I think at this moment in time the good news is only going to be "a deal has been agreed in principle and a party has been given exclusivity", and only that will be because of time pressures. I think it will still take a week or two for a sale to be concluded.

 

[Smiffy]

Possibly. I think at this moment in time the good news is only going to be "a deal has been agreed in principle and a party has been given exclusivity", and only that will be because of time pressures. I think it will still take a week or two for a sale to be concluded.

Spot on my friend.

We are looking a little way off “official” completion and discovering who our new owners may be just yet. Whether it be Kimura or the as yet unnamed alternative group going under the radar…

Due diligence I imagine is a bitch when it comes to figuring out the tangled web of our club. I don’t envy those with that task, nor blame them if they wish to take their time with it.

I just hope we reach the conclusion we all want in good time to help our poor staff and save next season from being a write-off.

 

[AlfaShrimper]

Spot on my friend.

We are looking a little way off “official” completion and discovering who our new owners may be just yet. Whether it be Kimura or the as yet unnamed alternative group going under the radar…

Due diligence I imagine is a bitch when it comes to figuring out the tangled web of our club. I don’t envy those with that task, nor blame them if they wish to take their time with it.

I just hope we reach the conclusion we all want in good time to help our poor staff and save next season from being a write-off.

Couldn't be worse news that...

 

[overseas shrimper]

Couldn't be worse news that...

Yes it could.

 

[JWShrimper]

Spot on my friend.

We are looking a little way off “official” completion and discovering who our new owners may be just yet. Whether it be Kimura or the as yet unnamed alternative group going under the radar…

Due diligence I imagine is a bitch when it comes to figuring out the tangled web of our club. I don’t envy those with that task, nor blame them if they wish to take their time with it.

I just hope we reach the conclusion we all want in good time to help our poor staff and save next season from being a write-off.

Would you say unlikely that a statement could come tomorrow, to reflect a deal being done in principle, then?

 

[AlfaShrimper]

Yes it could.

We cannot afford another few weeks.

 

[Hadleigh-shrimper]

I

Couldn't be worse news that...

agreed shame not what Matt slater said at all last week wonder what’s changed

 

[The General]

It's always been the case this would take a bit longer than hoped. As of back end of last week, 2 weeks was the minimum it would take so anything official next week would be ahead of schedule. If we are still sitting here at the end of June and nowts happened, then it would be time to really start worrying about the impact it has on next season.

 

[Hadleigh-shrimper]

It's always been the case this would take a bit longer than hoped. As of back end of last week, 2 weeks was the minimum it would take so anything official next week would be ahead of schedule. If we are still sitting here at the end of June and nowts happened, then it would be time to really start worrying about the impact it has on next season.

It really wasn’t though matt slater said he thought could have been last Friday. But hoped would be end of this week . No idea where your getting always from

 

[Smiffy]

Would you say unlikely that a statement could come tomorrow, to reflect a deal being done in principle, then?

As @Medway Blue says, you can’t rule out an “imminent” announcement of something being agreed “in principle”, be that with Kimura or any other interested group. But I think full completion is likely a little way off. I’m still hopeful it’s days, not weeks though.

Here’s hoping a bit of reverse psychology works and full completion is announced tomorrow

 

[JWShrimper]

As @Medway Blue says, you can’t rule out an “imminent” announcement of something being agreed “in principle”, be that with Kimura or any other interested group. But I think full completion is likely a little way off. I’m still hopeful it’s days, not weeks though.

Ok, that makes sense and like you say, hopefully it’s sooner rather than later! Thanks a lot!

 

[Hadleigh-shrimper]

As @Medway Blue says, you can’t rule out an “imminent” announcement of something being agreed “in principle”, be that with Kimura or any other interested group. But I think full completion is likely a little way off. I’m still hopeful it’s days, not weeks though.

Here’s hoping a bit of reverse psychology works and full completion is announced tomorrow

Thanks for the info does seem very worrying. To me as this information seems to completely contradict Matt slater. Let’s hope it’s done sooner than later either way.

 

[Yorkshire Blue]

I'm hopeful for tomorrow

Another week would be awful for our preperation

Would it though?

Jack Bridge has apparently agreed terms subject to the takeover. Others no doubt will be willing to do similar.

A budget will need to be submitted to the NL (and the courts?) so that should be in place to plan around. Plenty of deals around the country have been agreed in principle and not yet announced, including quite possibly a few of our own we don’t just know about yet. As far as we know none of our out of contract players have signed elsewhere, except maybe Hobson which sounds like a deal done months ago.

When are the players due in for pre-season?

It really wasn’t though matt slater said he thought could have been last Friday. But hoped would be end of this week . No idea where your getting always from

Everyone who has been involved in buying/selling a company has said it will take longer.

There is a real wealth of knowledge on the board if you can weed through the dross. People who have been there and done that. They are worth listening to. Take for instance this post

Purchasing any business is generally a very slow process. In some cases, it can take years of preparation and updates to get deals over the line. I have been in this situation and it is one of the most tiresome and stressful situations. From my experience, this is how things generally go.

In terms of this takeover a business that is currently in distress, means you have to consider many layers of complexity, but you generally would think that the “BUYER” would have many conditions to check.

Remember they would be liable for anything moving forward.
When buying a business out of administration is it sometimes actually easier as you dealing directly with the administrator, not the outgoing club directors. You would generally buy the assets only without the trading name, meaning they would have fewer liabilities associated with anything the previous owners did.

However, If they are purchasing the club (business) as a whole and not just the assets, i.e. Southend United Football Club Ltd, then there would be lots of liabilities and this is the reason it will take a while to go through.

1 - The buyers - They will have their own legal teams who will be looking for things to pick out. A club (business) like Southend may have many issues that need to be addressed before a takeover can be complete.

2 - The sellers - The current owners will also have their own legal teams, doing the same with anything that has been sent to them or conditions entered into any bids.

3 - Funders - Unless the money is coming directly from the buyer's back pockets, the funders of any deal will also have their own legal teams who will have conditions set on lending the money, (just like a mortgage when buying a house)

So you can go around for days in circles over the smallest of matters. Depending on the solicitors being used (compared to some transactions, this may not be top of their agenda, i.e. think of the club turnover, compared to some companies in London etc) They charge an awful lot per hour. So the bills can rack up.

This unfortunately is the same for anything in life, so I wouldn't get too stressed if it's come this far then that can only be a good thing. As others have said here, the issues surrounding the current and future stadiums will have a huge impact on a deal as they are funding opportunities for all involved. Keep the faith.

 

[sufc4life21]

Be interested to see if this second interested party (which has been rumoured) emerges soon...... who knows they may be better bet for Southend. Interms of announcement on change of ownership, can't see it happening this or next week. Would love to see ron ****ed off tomorrow but don't see it happening...... Last week of June would be my prediction.