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Latest Rumours SUFC up for sale

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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!
Well bearing in mind 2-3 years ago we had the rule of 6 during the pandemic, for some periods weren't even allowed to mix with someone outside our own bubble, the vast majority of an entire season was played behind closed doors and we were all just getting through life in one piece I think we all had other more important things to think about than Ron Martin.
 
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Thought I'd take some time to gather my thoughts on this but I'm struggling to do so!

Obviously, goes without saying, this is a HUGE step in the right direction and I'm feeling cautiously pleased. What he appears to be proposing - being open to the idea of selling the club separately from the stadium development for the time being with a future opportunity for the stadium to be bought too - is an exit route and is what I (and the supporters' groups) have been pushing for Christ knows how long now. Good to see it finally become a serious prospect. The involvement of such a reputable name in the sale exploration process shows that it's serious too.

A little harsh though I think to be jumping down the throat of anybody who isn't jumping for joy just yet. I think Southend fans could be forgiven for being suspicious. Ron Martin's conduct has caused that, so direct your incredulity there. Despite being cautiously pleased, I, like some, still have questions and observations.

  • What does the Martin Dawn/SEL activity on Companies House this morning mean? Why wasn't this asked or mentioned?
  • It looked to me and plenty of others like something has already been done, hence possibly the slightly deflated feeling for some - hopes were high that something a little more immediate was afoot. The CH activity could still mean that something has already been done.
  • RM has been under pressure from all sides - Collymore, Tom L, FVW, Gary L…..even his wife - to sell or seek investment. Why suddenly now?
  • I watched the recording keenly. The body language, facial expressions, tone of voice, demeanour - all smacked of somebody who has almost had a gun held to his head. Especially when he was reading a statement which definitely wasn’t his, and didn’t sound like it had even been altered by him like the club website statements often are after Tom’s first draft. He was trembling, stumbling over words. Not his usual confident, almost arrogant self at all.
  • He seemed a bit more relaxed when he was answering questions in his own words but even then…..he was being very very careful about what he said.
  • What was the "it's been an interesting day" comment at the start about? That was interesting.
  • Without wanting to sound dramatic, has somebody stuck the knife in?
  • How does he plan to fund the club if a sale doesn't happen before the Working capital from the bridging loan runs out? Notice he said that the stadium build will start "later this year". No commitment to June, or even to Q1 or Q2. No sale + no release of funds from the Fossetts project in June could still = us being back in the same position again soon.

So yeah, hugely interesting and a HUUUUGE step in the right direction. I don't believe he's just saying things to quell the unrest and it seems to me like, thank God, this will happen. I'm just not having a party until things become a bit clearer, and there are still plenty of questions that need answering. Hence the supporters' groups will continue to push for a meeting next week.

Good note. I definitely think the potential season ticket revolt may have been the instigator of this announcement. Maybe the cash flow from pre season ticket sales was factored in along with the bridging loan or maybe even formed part of an early repayment scheme of the loan.

However, something has happened and let’s hope Ron can sort it out soon so we can put this nightmare behind us.
 
Can we not just ban for life posters who call others "deluded" as they have the temerity to disagree with them. It would make life a lot easier.
For what it's worth I think the protests had some influence but not as much as the protesters would claim. However having the Trust consistently saying he was not a fit and proper person endorsed by the local MP is pretty heavy duty criticism for even the most thick skinned to take.
Usually the problems are money. And Ron's has run out. He knows there are people out there who want to buy the club. Probably not for the price he wants but I think he'll have to take the hit. Stan friends with Moxey who works it seems for the company doing the selling. You tell me.
 
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The protests and the Supporters Group have made an impact in getting Stan on board, an excellent CEO, management team and scouting set up. The reason why Ron is now selling is because the money has simply run out. All the money put into the club is borrowed money secured against RH and part of FF (the assets once owned by the club before he took over). This is shown quite clearly in the accounts of Elounda year ending 07/22 which holds those assets. The borrowing is around £35 million compared to the asset value in the company of just under £33 million - a net shortfall of over £2 million. With the rise in interest rate rises from summer 2022 his ability to pay the interest on the loans must be very challenging, particularly as with increasing interest rates comes a credit squeeze making further lending to a 100% leveraged project nigh on impossible. At least the credit crunch has had one potentially good outcome, subject to somebody who actually has cash rather than borrowed money buying the club.
 
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
Would it have been that much quicker? Ron's been losing a lot of money for years but he's never cared before because he's been able to convince lenders to keep him running until the stadium is built and for HMRC to organise a repayment plan.

The main thing that's made Ron skint seems to be HMRC finally getting fed up with him paying them late and so telling him he has to pay them back the millions he owes immediately (rather than via a repayment plan), and it was the kind of money a lender is going to steer well clear of. The fans can't have much impact on that, it's all down to his own arrogance.
 
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..
No, I was saying it wasn’t solely because of protests. I was saying the main reason is him being skint and more desperate than before. So I think we agree.
 
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!
How have I contradicted myself? I’m sure the protests helped to increase the pressure on Ron, especially the season card boycott. But I don’t think it’s the main reason.

The main reason is Ron having no other way of raising further finance. He’s skint and is out of Peters to rob to pay Paul. He is desperate and has no other choice, protests or not. He wasn’t in such a desperate position 2 or 3 years ago. So you can point fingers elsewhere all you want, but we wouldn’t have had the same outcome 3 years ago.

You’re happy to blame other fans so can you tell us exactly what you were doing 3 years ago to force Ron out? Can’t you just be happy there might be an end in sight rather than use it to moan at other fans?
 

Thanks. I knew 3.6 was quoted but I'm suspecting over half of that includes setting up the training pitches and probably his numerous legal fees! It would be great to see some accounts for the past 2/3 years and I presume they must be available as any future investor isn't going to start spending millions and millions of pounds with some basic P/L sheets as a minimum.
 
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!
2-3 three years ago no one could boycott games of their own accord - wasn’t there something called Covid-19? We all had to stay indoors and games were played with no supporters. No supporters, no income - spiralling debt.

I suppose most people’s view of a decent owner is someone who will willingly give £2-3m of their own money each year to the football club so that we can all enjoy our favourite past time and have a successful team at little cost to ourselves….
 
Why not just be happy we go
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.
Why not
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.
How have I contradicted myself? I’m sure the protests helped to increase the pressure on Ron, especially the season card boycott. But I don’t think it’s the main reason.

The main reason is Ron having no other way of raising further finance. He’s skint and is out of Peters to rob to pay Paul. He is desperate and has no other choice, protests or not. He wasn’t in such a desperate position 2 or 3 years ago. So you can point fingers elsewhere all you want, but we wouldn’t have had the same outcome 3 years ago.

You’re happy to blame other fans so can you tell us exactly what you were doing 3 years ago to force Ron out? Can’t you just be happy there might be an end in sight rather than use it to moan at other fans?
Like it or not the happy clapper fans have played a part in our downfall and that’s something I and a lot of other fans won’t forget.

At no other club would fans have let an owner like Ron Martin have such an easy ride.

Pandemic or not, the writing was on the wall for what was happening long before then, yet some fans and a certain group were just happy to sit back and do nothing and have zoom netting’s with Ron…..that achieved a lot didn’t it.

We’re now in a situation where Ron wants to sell, great. But as I said knowing what Ron is like this might not be a quick transition at all.
 
At this point in this thread's life it is worth pointing out that it is about Ron and his intention to now sell. Anymore playing the player rather than the ball will now be greeted with a post deletion and that includes anyone on the thread. If that doesn't convince then bans will follow for persistent offenders. Sometimes in life choices are very simple, this is one of those times. Thanks all.
 
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!
Utter speculation with no grain of proof
 
Others have mentioned that to sell a football club ( assuming there have been no negotiations ongoing for a time? ) takes months not weeks?.
On that basis the next few months will be critical. The recent loan of what ever amount will start to be repaid, & the budget for next season needs to be sorted for starters. Add on the current debts still to be repaid, the safety cert costs for Roots Hall for another season, relaying the pitch & most importantly whether there's enough left to strengthen the squad which def needs doing. Plus in all probability HMRC will be knocking on the door again?.
And if our cash flow for these months solely depends on season tickets being renewed, then i fear that won't be enough for what's needed?.
But if the worst scenario happened & receivership loomed, surely this would affect RM's project big time?.

The length of time usually depends upon the price. If you’re paying top whack you want to check that you are getting everything you’re paying for. That takes time. If it’s a fire sale you may be buying near blind with only the very basic information. It will be interesting to see which this is.

Thanks. I knew 3.6 was quoted but I'm suspecting over half of that includes setting up the training pitches and probably his numerous legal fees! It would be great to see some accounts for the past 2/3 years and I presume they must be available as any future investor isn't going to start spending millions and millions of pounds with some basic P/L sheets as a minimum.

I suspect it includes the rent we’re not currently paying on Roots Hall but will be charged once we have a new owner (unless they agree a rent free period in the purchase)

There does seem to additionally be a shortfall each month and that won’t now be funded by Ron’s group companies’ lines of credit.

My guess is that there are draft accounts, just not final accounts. Quite possibly as we haven’t paid.

Ha ha and there it is.
 
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

More absolute bull***t There will never be 1000 flats in his sons name.

The build costs for will be funded by others and they will be sold to pay for it. Like every other large development in the country. Ron will get a pay day as its his land....Just like every other land owner who gets planning approved.

There is already a serious group interested, which is why Ron quickly called a press conference. Whether they chose to fund the stadium build themselves and put their DNA on it remains to be seen. If not the money from Rons share of residential would have to fund the stadium.
 
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