• Welcome to the ShrimperZone forums.
    You are currently viewing our boards as a guest which only gives you limited access.

    Existing Users:.
    Please log-in using your existing username and password. If you have any problems, please see below.

    New Users:
    Join our free community now and gain access to post topics, communicate privately with other members, respond to polls, upload content and access many other special features. Registration is fast, simple and free. Click here to join.

    Fans from other clubs
    We welcome and appreciate supporters from other clubs who wish to engage in sensible discussion. Please feel free to join as above but understand that this is a moderated site and those who cannot play nicely will be quickly removed.

    Assistance Required
    For help with the registration process or accessing your account, please send a note using the Contact us link in the footer, please include your account name. We can then provide you with a new password and verification to get you on the site.

Breaking News Sainsbury agree £5m loan

Smiffy

¡Viva la Aussielución! 🇦🇺 🦘 ⭐️
Staff member
Joined
Oct 27, 2003
Messages
19,907
Location
SS2 Born & Bred 🦐
Sainsbury have agreed to loan SUFC (Roots Hall Limited) £5m to allow the club to meet its debts for the next 12 months. This figure is officially capped at £5,071,711 in a signed agreement with the Supermarket giant. This evidence was handed over in court on Monday.

The document produced in court also showed that nearly £3m of that has already been swallowed up clearing earlier debts.

Other debts include the following:

Tax - £100,000
Charterhouse - £140,000
Deloitte LLP - £72,000
Bibby Factors Finance - £39,000
Southend Theatres - £4,851
HQ Hospitality - £14,763
Club Directors - £275,000
Other RM Companies - £1,600,000
 
Last edited:
Sainsbury have agreed to loan the club £5m to allow the club to meet its debts for the next 12 months.

Lovely.

Who is paying it back ? Eek.

I assume this is 5 million of the profit of the development gone then.
 
They have already coughed up 7 mill of the 20 they were gonna pay for RH so imagine its coming out of that.

Yes but the money for RH was meant to go towards the Fossetts development so its going to have to be made up from somewhere.

I assume it just means the profit made will be less....
 
So its enough to pay the wages for the following season (assuming we will be near the cap of 1.4 mill) plus a bit of change. No excuse for not paying the players this season then!
 
Well it leaves the club with 1.8 mill to run on less debts owed, the rest is already spent.
 
Apart from the fact the remaining will be used to pay the list of creditors at the top of the page!

Unless the debts to RM's companies are not called in...

Yeah sorry I misunderstood, well Rons companies can call it in or use it pay bills/wages!
 
Yeah sorry I misunderstood, well Rons companies can call it in or use it pay bills/wages!

Hopefully it is not repaid to RM's companies yet and it is used to ensure all wages are met in full and on time. Let's face it, if this new crop of players are paid late or not at all, just once. That's going to ring a massive alarm bell in their heads, something we cannot afford to happen again.

It does concern me if this is against what the purchase price of RH was. Surely RM will now need to secure funding from elsewhere to ensure he has the wonga to build FF to the end?
 
Last edited:
Hopefully it is not repaid to RM's companies yet and it is used to ensure all wages are met in full and on time. Let's face it, if this new crop of players are paid late or not at all, just once. That's going to ring a massive alarm bell in their heads, something we cannot afford to happen again.

It does concern me if this is against what the purchase price of RH was. Surely RM will now need to secure funding from elsewhere to ensure he has the wonga to build FF to the end?

Remember that we will still have gate receipts and marketing/hospitality receipts that we can use to pay the players and HMRC on time ! (and i'm sure that the Andrews Taxis income will underwrite a transfer bid for Fabreags or Torres :-) )
 
Back
Top