fbm
Blue tinted optimist⭐
All roads lead to Ron...Erm yes that might be true if you didnt own every company involved.*scratches head*
All roads lead to Ron...Erm yes that might be true if you didnt own every company involved.*scratches head*
All roads lead to Ron...
All roads lead to Ron...
But if the club goes into administration, that guarantees that any debts go back to him, yes? No-one else is involved.Exactly my point.
But if the club goes into administration, that guarantees that any debts go back to him, yes? No-one else is involved.
And that means that his companies have provided all the money, meaning his companies and their assets have basically funded the club for 20-odd years.
So he will effectively be getting his own money back.
I don't have a problem with that and I'm really struggling to understand what it is that I'm either missing or others aren't getting. I'm not at all trying to be obstructive about this but I don't see what's wrong with securing your own money (or your own companies money).
Almost all these problems are caused directly by Ron abysmal financial mismanagement. Ok, maybe we were several £m in debt before but nothing close to what we are now. He is totally responsible for debt creation and change of asset ownership for his own personal benefit. Not the club's. If he cared why not put roots hall and the training ground back into Southend United name!
Ron has publicly stated that he will write off the debt when FF goes through. That was in May 2018 and at the time he said it was £17m. Two years later it must be about £20m.
Seeing as we are paying to much in wages for our squad, How is it possible for Ron to gain from that?....Unless all the players are transferring say 15% of their wages into some Cayman Island account then how does he gain from it?
He also said we are not going down this season, we have players coming in during the January window and HMRC was settled in January
Not sure why Oxford are on your list, but as for the rest of them, we seem to be heading in the same direction. All the years of poor decision making, financial irresponsibility and robbing Peter to pay Paul plus the delusional promised land of FF are finally catching up with Martin. The EFL have got him in their sights now. Few outside the area would shed any tears nor would there be any outcry about the demise of an unremarkable lower division club with no memorable tradition or history to mourn and it would serve as a warning to others. As a supporter for nearly sixty years, tbis really does feel like we are approaching the endgame and it is distressing beyond words to contemplate Southend United being no more. Being fed a constant diet of patronising platitudes, half truths and evasions masquerading as meaningful statements only makes things worse.Totally agree with those thoughts. Supporters need to be careful what they wish for. Bolton, Bury, Oldham, Oxford for example. I would rather stick with what we have, at least for the moment.
That's not right. The reason only 3 clubs are getting relegated this season is so that 4 clubs can still get promoted from League 2. If only 2 clubs got promoted from there then there would only be 22 sides in League One next year!
The club has no real assets. If it went under nobody including Ron’s other companies would get anything probably, and the write off would affect negatively (probably disastrously) their balance sheets/P&Ls- I doubt full bad debt provision is made for these inter co loans. To the extent there was anything HMRC come first (even ahead of local businesses who can far less afford to miss out- but that’s fine because we all have a soft spot for the poor old HMRC, they should always come first). The flip side is having very little in the way of third party debt (I.e. outside of Ron’s companies) there is very little benefit in allowing it to happen. You maybe avoid some or all of an HMRC debt for a whole World of pain in terms of points deductions, embargoes, and credit/reputational issues that may jeopardise future transactions. So it very likely won’t happen. In the end actually Ron has always paid his debts and that counts for something..
Not sure how people would have reacted back in October if he said "I have decided our squad are dog s*** and we have no chance of staying up. So I will leave Waddock in charge until May."
He also stated he will gift land to the church for continued parking and a number of the flats at FF to SUFC, so that they have another revenue stream......We shall see.
I just don't believe a word he says anymore, despite his efforts to do the Q&A with CP.
Come to think of it, how are the trust getting on with their meeting with him. He hasn't pushed them aside in favour of the Echo has he ?
It's all very well to say the club now has no assests but who bought up those assets ie Roots Hall and Boots and Laces at less than their market value back in the day? The Chairman that's who.
25% of the clubs in it manage to get out each year.