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SUFC Forever

Manager
Joined
Sep 2, 2007
Messages
1,807
So all the rumours of our financial problems and possible administration have now been confirmed as true then.

As one of the "mug punters" conned by Martin and his cohorts into believing that we could help our club by buying shares in it, with promises of a wonderous future and sparkling purpose built stadium to look forward to, I am sickened and disgusted that the dream sadly has gone sour in such a short time it seems.

Has this all been some cunning master plan for this bouffanted property developer (with record of investigation by the Police) to run our club (and it is our club, not his) into the ground, having tried to look legitimate by getting plans past the council for a new ground, whilst all the time selling off players (yes, where did all that money go???) and not paying essential bills like this cash to HM Customs and fleecing fans to buy shares in the club (where did that money go?) that has about as much value as the bog paper in the Roots Hall ****houses.

He swans about before the Chelsea replay like it was him who scored the last minute equaliser at Stamford Bridge, arms aloft bedecked with scarf taking the applause of the crowd (where did the cup run money go?) like some conquering hero but yet to show his true hand.

Let's face it, the club going under is a win, win situation for Martin - the ground will be sold off and he will make a mint. He was never a fan before so with his financial cushion will he really give a ****? He won't get the exposure of being a football chairman anymore or be able to give his swanky friends a day out at the match but hey, these people move on and when one door closes another opens, perhaps another club will be looking for a new "saviour" in the not too distant future and Martin can step into the breech there and do it all again eh?

Tilson and Brush deserve so much credit for achieving what they have with virtually no money (****ing "warchest" - don't make me laugh...) - cannot speak highly enough about them and it must be hell on earth for football people to have to work with chaiman like this.

If Martin really wanted to save cash, instead of forcing Tilly to farm players like Revell, Betsy and Walker off on loan he should have sacked that useless pile of **** King, whose sole purpose seems to be to antagonise the fans.

I am devastated by this news as I am sure virtually everybody is. Just goes to show that all that glitters is definately not gold....:'(
 

seany t

President
Joined
May 11, 2006
Messages
3,566
Will he make a mint?

Everyone always talks about how selling off the land Roots Hall is on will earn a developer millions, but will it really? I mean, it's not huge and is largely a total ****heap?

There are other areas the same distance from the town centre that are sitting thee derelict...
 

Matt the Shrimp

aka Harry Potter
Joined
Oct 27, 2003
Messages
19,929
Location
Lewisham, London
Let's face it, the club going under is a win, win situation for Martin - the ground will be sold off and he will make a mint.

Not sure that's right at all:

1. There may be a restrictive covenant on the use of Roots Hall - i.e. it may provide that it can only be used as a football stadium for the benefit of the football club. Sadly, I don't know the precise text of the covenant, or to whose benefit (legally) the covenant inures.

2. If the club is placed into liquidation by the court, RM loses control of his assets entirely. Secured creditors would "take", in terms of recovering their losses, after the revenue and after employees (IIRC). That would in all likelihood mean him recovering substantially less than the current book value of the assets or his companies' current liabilities.

3. SEL now appears to be at least half-owned by a company (Mezcal Investments) registered in the BVI. That may or may not be owned by RM. If it's not, then he won't get any money from it, will he.

I don't blame you for feeling angry about the situation. Right now, I am more than a little miffed at the fact that we appear to be being kept in the dark. However, I do think you are quite wrong to suggest that the club's liquidation would be a "win-win" for Ron Martin. Our insolvency would almost certainly cost him a great deal of money, as well as potentially lose him an awful lot of kudos - and indeed put him and his family at risk from some of the more unstable elements of the Roots Hall fraternity.

We should not descend into the blame game just yet. Instead, we should be trying to work out how on earth we get out of this mess.

Matt
 
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TJC

Coach⭐
Joined
Nov 20, 2003
Messages
538
Maybe still wearing rose tints, but ...
I don't think Ron is trying to do us over for financial gain. I honestly think he is fighting tooth and nail to get the conclusion that everyone wants.

As for fleecing fans on the share issue, I understand (and believe) that not as many shares as anticipated were sold and the costs of all the legal aspects of the rights issue made it of little financial benefit to the club - i.e. in the 100'000s rather than 1m+. I bought mine in the issue before last and certainly didn't see it as an investment expecting a fat return - or any come to think of it.

Maybe I have bought all the spin, but the transfer fee of players isn't the only aspect of the costs. Its all very black and white from the outside to say, what happened to the Eastwood money etc. But take for example Peter Clarke. Cost something like 300k to buy. Then I guess there was a signing on fee, then if its to be believed, we are told he cost us the wrong side of 1m during his stay at the Hall. Not sure if that includes transfer fees, wages and signing on, but there goes the eastwood money on one player for a few years.
Admittedly, most players are cheaper that Clarkey, but you get the picture - its an expensive business, these players!

Interesting few days coming up I suspect and if we are not in administration this time tomorrow, I take that as Ron has a ace up his sleeve (or 600k to pay off HMRC) and by thursday the embargo will be lifted and we will bring in some new faces.

Worst case I suspect will be voluntary administration with 10 point deduction by tomorrow evening to protect us from going to the wall. From there, hopefully we can fight our way out of relegation and steady the ship when hopefully all planning permissions will be resolved and we can finally get moving. Of course, relegation and lack of funds could finish us off anyway!

I think Ron has got something up his sleeve to sort this out (or is that hope?) and by the end of the week, things will be a bit calmer.
Fingers crossed!
 
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