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Ron Martin announces process aimed at selling club or raising investment

The General

The Mouse (*)
Joined
Oct 24, 2003
Messages
21,288
Location
My Gaff
Didn't he claim hes spent 3.6 million in the last 14 months on RH or am I making that up!? Or did he mean in total!?
 

danbowen

Experienced Pro
Joined
Jan 11, 2014
Messages
923
Location
Chelmsford
Hindsight is a wonderful thing!

Your constant obsession with picking at those who chose not to protest/boycott is just weird. It’s peoples personal choice and some thought we were stuck with him because that’s the way it’s always looked.

I was one of those, am I glad he’s seen the light and decided to sell? Absolutely!

Do I regret not doing more in the protests/boycotts? No!

You cannot say if this had been done earlier that it would’ve change his mind earlier. We all know Ron is a stubborn old mule and he has only got to this point because he has run out of options to keep it himself.

Why not just be happy that we have finally got to this point now, rather than picking at fans who made a decision not to join in protests or boycotts.
Further to this the protests just raised some light on the situation and all is forgotten by anyone not interested in southend. The reason this statement happened and Ron is now looking to sell is because someone or something has really hit home to him that he can no longer carry on doing this. The protests done little to change any of this. Ron has simply ran out of money and has no alternatives left now.
 

LBBlue

Manager⭐
Joined
Sep 2, 2007
Messages
3,578
Location
Rye Sussex
Didn't he claim hes spent 3.6 million in the last 14 months on RH or am I making that up!? Or did he mean in total!?

I think he claimed he had put £3.6m into the club in the last 14 months. He also reckoned he had put in £25m over 25 years. He also stated that he had not taken anything out as the rent is never actually paid (nor the management fee that MD charge?). Wouldn’t surprise if part of the £3.6m includes the cost of the new practice facilities.

No one bothered to ask when the accounts will be published so that those figures could be verified - just took all everything at face value without challenge.

Edit: without digging deep 25 years at £750k rent and management fee is about £19m which I reckon is in the £25m that he says he has put in. So a bit of clever double counting there as the charges are always shown in the accounts.

The thing that made me laugh the most when he said that the club’s parent company (SEL) had taken the strategic decision it was time to sell. So Ron as the only director of SEL decided. He also failed to mention that SEL had informed companies house on 14 March that MD PLC is no longer the controlling person and that there is now no such person.


Oh he also said that he won’t be writing off his sons’ inheritance!
 
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Danshrimper

Manager
Joined
Jan 26, 2012
Messages
2,615
Fans who have questioned protests or boycotts, saying they are a waste of time, Ron’s not going anyway need to be taking a long hard look at themselves today.

Ron looked a shadow of his former self in that press conference yesterday. He looked nervous reading out the statement and wasn’t his usual confident self.

The protests combined with fans refusing to renew season cards has definitely contributed to this decision to sell. He probably knew that there was no coming back from this now and that the only option was to sell.


I’ve said many times that given Ron’s age now, and his health, he would be open to sell now - some fans said, Ron won’t sell and I was wrong

I’ve said Ron will seriously struggle to build the stadium and development, given his reputation and financial troubles and that many construction firms won’t want to deal with him - again some fans said I was wrong and Ron will build the stadium and he won’t sell yet.

He’s clearly felt the pressure and has finally run out of people to turn to for money.

It’s very positive news that Ron has finally admitted defeat and is putting the club up for sale at long last, this is what everyone has wanted for a long time now.

However I would still strongly recommend all groups and supporters to hold off renewing season cards until we see some real action, not just words.

Let’s face it, given how complex the sale will be and also that Ron is an absolute nightmare to deal with, this could be dragged out for quite some time if he digs his heels in and refuses to budge, if the price is way over market value, which let’s face it, knowing Ron it probably will be way overpriced

The timing of Ron’s announcement yesterday, combined with fans announcing they will refuse to renew season cards for the moment is too much of a coincidence for me.

I personally think this stance should remain until we see some clear and positive action with regards to the sale. Whilst Ron remains in charge then the issues we have faced won’t be going away.

I just wished that some fans and certain groups had realised sooner that the only way to force Ron out is by applying the maximum pressure on him week in and week out instead of saying protests and no cotta are not the answer. If this was the case, then I personally think Ron would have been gone well before now!
You think this is solely because of protests? See post #764 for a better explanation behind Ron’s ‘decision’ to sell.

The protests helped to pile on the pressure. But if you think the main reason is anything other than Ron being completely skint and having no other choice you’re deluded.
 

LBBlue

Manager⭐
Joined
Sep 2, 2007
Messages
3,578
Location
Rye Sussex
On that basis no-one would have purchased Scunthorpe.

Whilst fanbases are a contributary factor in buying a club, they are not the determining factor. Bournemouth were a good buy, and how does their fanbase compare to the clubs they compete with?

People who buy Football Clubs have a bit of money behind them and are spending on a favourite past time, bit like spending loads at the bookies - you know you will lose it all eventually. They like the kudos and publicity that goes with them giving their money away.

The bad bit is when they get bored or run out of dosh or are just bonkers - then you end up like Bury or Macclesfield.
 

Kat_r

Striker
Joined
Feb 25, 2022
Messages
982
You think this is solely because of protests? See post #764 for a better explanation behind Ron’s ‘decision’ to sell.

The protests helped to pile on the pressure. But if you think the main reason is anything other than Ron being completely skint and having no other choice you’re deluded.
Agreed. Dont think this is fan pressure. He needs money and selling the club is the way to get it
Think it was always the plan. Get somebody else to pay for it all
He doesn’t love the club he’s literally using it to build his flats
 

kentblues

Director⭐
Joined
Oct 28, 2009
Messages
7,812
I would *hope* that this news might galvanise the squad.

It’s the first step towards what we all hope is a brighter future. Of course we don’t know how this will play out, but on the face of it, Martin has finally admitted his days as custodian are numbered.

That has to be seen as a positive
Great run when not getting paid. Can’t get even a point since being paid….actually what it shows is that they probably try their best irrespective… good professionals who park what is going on off the pitch come game day. Else it would be the other way around. So of course no galvanising effect… regrettably..
 

kentblues

Director⭐
Joined
Oct 28, 2009
Messages
7,812
You think this is solely because of protests? See post #764 for a better explanation behind Ron’s ‘decision’ to sell.

The protests helped to pile on the pressure. But if you think the main reason is anything other than Ron being completely skint and having no other choice you’re deluded.
You say it’s mainly because he’s skint, and then at the same time solely because of the protests?

Can’t be both. It’s the latter. I think he wanted to sell when the stadium was built. But we are burning through cash quicker then he anticipated and so would like to hand over that problem sooner rather than later..
 

kentblues

Director⭐
Joined
Oct 28, 2009
Messages
7,812
I think he tried to borrow 5 mill which would probably have carried us through to the start of FF when we were told big money would come in but was unable to and only got the 2 mill through one of his sons companies to pay immediate bills.

He is now stuck and the only way out is to try to get some money by selling the club. He is over leveraged with loans already.

As I have said previously though the club is worthless with the debts it has around it and no assets.

It will be a miracle If we get out of this and the club survives. He is not trying to be a saviour to us at the last hurdle he has no choice unless he wants to be seen as the man who finally sunk the club.

No buyer will see us go with RM saying I tried my best as you all know and saw as he rides off into the sunset with millions to come.

Let us all hope that does not happen.
There are a legion of posts from those who wanted Ron out ( I did too..) proclaiming the queue of buyers who would buy the club. Now he’s selling it seems we suddenly have lost faith these buyers exist. Talk about losing nerve…

Actually I have no doubt we will get a buyer. I have less confidence it will be one we like…
 
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UTB

Misguided Delusionist
Joined
Feb 27, 2009
Messages
523
Location
Rayleigh
…u18 couldn’t train last week as no staff (unpaid) to open up the ground!
 

Medway Blue

Living on the Island of Relevancy ⭐
Joined
Jan 19, 2007
Messages
6,595
Location
Chatham, Kent
You say it’s mainly because he’s skint, and then at the same time solely because of the protests?

Can’t be both. It’s the latter. I think he wanted to sell when the stadium was built. But we are burning through cash quicker then he anticipated and so would like to hand over that problem sooner rather than later..
The issue of him being skint and the fact that it's been a race for some time now to see what would happen first - stadium build starts and money released, or RM exhausts his final line of credit - will be the core reasons. I think it unlikely that the background activity from supporters' groups and the protests will have moved him directly, but I think they will have cranked up the pressure on Directors, TL, Collymore and Mrs. Martin to in turn put more pressure on RM to do something.
 
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Kat_r

Striker
Joined
Feb 25, 2022
Messages
982
This seems to have been a common theme today!

@Kat_r what do you actually want?

I've no idea how much Ron will actually receive from the flats, but let's say it's £50m. A hell of a lot of money.

But he's funded the club with a hell of a lot of money for 25 years. He said that it has cost him £1m a year. If you calculate what that would be with a compound return of 5% over the period, he would, after 25 years, have £50m-odd. He has lost £25m instead, so he is £75m away from where he could have been today.

And has to wait a few more years to collect his money, which won't all be in one lump sum and there will be costs, debts and taxes to repay and pay.

Here's some figures as to what £1m a year looks like at that rate over 25 years, and then onto 40 years with putting nothing more in. This is just a crude calculation based on the interest being calculated annually as opposed to daily, and the same amount going into the pot every year and with no withdrawals, but you can see the point.

None of this takes account of inflation, which further devalues the early monies by over 50%.

So getting £50m eventually isn't a great return is it? Although it is a load of money.

I hope the columns line up - it looks ok on my screen. As a key, c/f is carried forward and the interest is just a straight annual calculation based on the c/f figure plus £1m until year 25, when the additional monies stop going in. I've taken it forward to 40 years, just for fun.

So unless you're of the opinion that it's completely wrong for RM to recover any of his monies and he also shouldn't make a profit, I really don't see what point you're driving at.


Yearc/fInputInterestTotal
5%
1£ 1,000,000.00£ 50,000.00£ 1,050,000.00
2£ 1,050,000.00£ 1,000,000.00£ 102,500.00£ 2,152,500.00
3£ 2,152,500.00£ 1,000,000.00£ 157,625.00£ 3,310,125.00
4£ 3,310,125.00£ 1,000,000.00£ 215,506.25£ 4,525,631.25
5£ 4,525,631.25£ 1,000,000.00£ 276,281.56£ 5,801,912.81
6£ 5,801,912.81£ 1,000,000.00£ 340,095.64£ 7,142,008.45
7£ 7,142,008.45£ 1,000,000.00£ 407,100.42£ 8,549,108.88
8£ 8,549,108.88£ 1,000,000.00£ 477,455.44£ 10,026,564.32
9£ 10,026,564.32£ 1,000,000.00£ 551,328.22£ 11,577,892.54
10£ 11,577,892.54£ 1,000,000.00£ 628,894.63£ 13,206,787.16
11£ 13,206,787.16£ 1,000,000.00£ 710,339.36£ 14,917,126.52
12£ 14,917,126.52£ 1,000,000.00£ 795,856.33£ 16,712,982.85
13£ 16,712,982.85£ 1,000,000.00£ 885,649.14£ 18,598,631.99
14£ 18,598,631.99£ 1,000,000.00£ 979,931.60£ 20,578,563.59
15£ 20,578,563.59£ 1,000,000.00£ 1,078,928.18£ 22,657,491.77
16£ 22,657,491.77£ 1,000,000.00£ 1,182,874.59£ 24,840,366.36
17£ 24,840,366.36£ 1,000,000.00£ 1,292,018.32£ 27,132,384.67
18£ 27,132,384.67£ 1,000,000.00£ 1,406,619.23£ 29,539,003.91
19£ 29,539,003.91£ 1,000,000.00£ 1,526,950.20£ 32,065,954.10
20£ 32,065,954.10£ 1,000,000.00£ 1,653,297.71£ 34,719,251.81
21£ 34,719,251.81£ 1,000,000.00£ 1,785,962.59£ 37,505,214.40
22£ 37,505,214.40£ 1,000,000.00£ 1,925,260.72£ 40,430,475.12
23£ 40,430,475.12£ 1,000,000.00£ 2,071,523.76£ 43,501,998.87
24£ 43,501,998.87£ 1,000,000.00£ 2,225,099.94£ 46,727,098.82
25£ 46,727,098.82£ 2,336,354.94£ 49,063,453.76
26£ 49,063,453.76£ 2,453,172.69£ 51,516,626.45
27£ 51,516,626.45£ 2,575,831.32£ 54,092,457.77
28£ 54,092,457.77£ 2,704,622.89£ 56,797,080.66
29£ 56,797,080.66£ 2,839,854.03£ 59,636,934.69
30£ 59,636,934.69£ 2,981,846.73£ 62,618,781.43
31£ 62,618,781.43£ 3,130,939.07£ 65,749,720.50
32£ 65,749,720.50£ 3,287,486.02£ 69,037,206.52
33£ 69,037,206.52£ 3,451,860.33£ 72,489,066.85
34£ 72,489,066.85£ 3,624,453.34£ 76,113,520.19
35£ 76,113,520.19£ 3,805,676.01£ 79,919,196.20
36£ 79,919,196.20£ 3,995,959.81£ 83,915,156.01
37£ 83,915,156.01£ 4,195,757.80£ 88,110,913.81
38£ 88,110,913.81£ 4,405,545.69£ 92,516,459.50
39£ 92,516,459.50£ 4,625,822.97£ 97,142,282.47
40£ 97,142,282.47£ 4,857,114.12£ 101,999,396.60
There’s no point arguing but it’s hundreds of millions for his family in the future. At least one million a month in rent.
Of course rm can say he won’t be getting the money back, as the flats are in his sons name !
It’s that level of creative omission I find disrespectful.
But I’m sure we will never agree
 

Kat_r

Striker
Joined
Feb 25, 2022
Messages
982
Am i right in assuming that if HMRC come calling again while RM is still in control, if he doesn't pay what is owed, then the club would go into receivership?.
I think so. But he always finds the money for hmrc so I don’t doubt he will again
 

Kat_r

Striker
Joined
Feb 25, 2022
Messages
982
Yesterday was Ron sitting in the Last Chance Saloon basically with a begging bowl. He needs a relatively quick sale, he has no further ways of raising capital.

I hate to say it, but if no deal is sorted quickly, we will go into administration over the Summer. He is not putting any further money into the club not by choice, but because he is not able to do so. With our debts mounting and staff still unpaid, the future actually looks quite bleak at the moment in my opinion without a cash injection from a new owner or 'partner'.
I disagree somewhat. I just think he’s seeing if somebody will buy as that then means a cash injection to build the flats
Why spend your own money when you can spend somebody else’s
I always said as soon as planning permission is approved he will look for ways to off load the club and focus on development.
 

Blue43

Striker
Joined
Mar 2, 2020
Messages
311
You think this is solely because of protests? See post #764 for a better explanation behind Ron’s ‘decision’ to sell.

The protests helped to pile on the pressure. But if you think the main reason is anything other than Ron being completely skint and having no other choice you’re deluded.
Contradicted yourself a bit there. Your saying Ron’s selling now because he’s skint, which is true.

But if the fan base had United 2-3 years ago when things were getting worse and worse and decided to boycott back then Ron would have been skint a lot quicker and could have forced his hand back then, meaning we could have been under decent owners a lot lot sooner now and we might not have been where we are now. Worked for Charlton and Blackpool and probably would have worked for us too.

Instead as I said, too many fans have just sat back and done absolutely nothing and let Ron just ruin the club.

Think your find that you’re the deluded one!
 
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