SO when will the takeover go through?

[RHB]

Yes. Ron Martin owes them £45m and they have charges to that amount on Roots Hall. The Martins will be directed by them as to what they can and can't do to a degree. CBRE/Merseyside Pension Fund want their money back, and the Martins need to be making enough money from the Fossetts Farm development to repay the debt, or at least a fair old chunk of it.

This is absolutely horrific. Why oh why would he land himself with such a huge amount? On the basis of what you have reported here @Medway Blue, he must be absolutely desperate for the sale to go through and get spades in the ground. Let's hope the Council are locked and loaded to ensure he doesn't do a Ron on them. There is surely enough empirical evidence to show the Council and their advisors what he is like.

 

[dusterman]

This is absolutely horrific. Why oh why would he land himself with such a huge amount? On the basis of what you have reported here @Medway Blue, he must be absolutely desperate for the sale to go through and get spades in the ground. Let's hope the Council are locked and loaded to ensure he doesn't do a Ron on them. There is surely enough empirical evidence to show the Council and their advisors what he is like.

From watching the meeting and looking throught the documents it appears they are hoping, as we all do, that he’ll go away once it all starts and have no real say. He’s just the middle man currently and the pension fund is who they will be dealing with in the future. We can but hope anyway.

 

[Tangled up in Blue]

Have to admit I was more than a little woried when a good mate (a retired Chief Accountan) told me last weekend that he wouldn't shell out 3 million quid (as the consortium have done) without ownership of SUFC.The sooner this deal is finalised the better.

 

[THE SEVENTIES NORTH BANK]

I see Denis Garne has had his say

That's 2 open letters objecting to the deal, the echo have published, Hhmm. I hope they publish a letter or 2, if they come in supporting the deal. Otherwise it could look like someone at the echo is biased, allegedly, in my own opinion.

 

[Chrisb]

That's 2 open letters objecting to the deal, the echo have published, Hhmm. I hope they publish a letter or 2, if they come in supporting the deal. Otherwise it could look like someone at the echo is biased, allegedly, in my own opinion.

I thought that there would be letters of objection, unfortunately I think the majority of Southend residents probably don't care about the survival of our Club. Now we hear that the Rat owes £45 million, that amount of money is incomprehensible to most of us. What a massive mess it all is.

 

[fbm]

This is absolutely horrific. Why oh why would he land himself with such a huge amount? On the basis of what you have reported here @Medway Blue, he must be absolutely desperate for the sale to go through and get spades in the ground. Let's hope the Council are locked and loaded to ensure he doesn't do a Ron on them. There is surely enough empirical evidence to show the Council and their advisors what he is like.

I agree and this is why I don't think it's him moving the goalposts. I actually think he's powerless because anything he agrees could presumably be vetoed by CBRE.

The only thing is that if we are going to get the season ticket money in (which will be around £1m), we need the sale to go through sooner rather than later as otherwise, he could technically just use that money and we are screwed.

 

[leeblue]

If you thought this season was rough wait until the new season rolls around and nothing has been finalised.
Consortium won't put any more in.
No season ticket sales as Tom won't want Ron nicking the money.
A self imposed embargo if you will, due to these funding issues.
It's not looking good brev.
Club in Limbo.
Fingers crossed for a resolution soon.

 

[annie1954]

If you thought this season was rough wait until the new season rolls around and nothing has been finalised.
Consortium won't put any more in.
No season ticket sales as Tom won't want Ron nicking the money.
A self imposed embargo if you will, due to these funding issues.
It's not looking good brev.
Club in Limbo.
Fingers crossed for a resolution soon.

Someone is in a good mood on a Monday morning

 

[dusterman]

If you thought this season was rough wait until the new season rolls around and nothing has been finalised.
Consortium won't put any more in.
No season ticket sales as Tom won't want Ron nicking the money.
A self imposed embargo if you will, due to these funding issues.
It's not looking good brev.
Club in Limbo.
Fingers crossed for a resolution soon.

Normally when you have these wobbly moments something reasonably good happens, so

 

[Barry.C]

Normally when you have these wobbly moments something reasonably good happens, so

Hope, you are right, its always the edge of seat stuff which is very waring on all,
just 2 weeks and 3 days to next winding up order, I trust Stewart Law have had a rethink or is the court date set in stone? or are we on for another extension and continuation of buggering up the season ahead

 

[dusterman]

Hope, you are right, its always the edge of seat stuff which is very waring on all,
just 2 weeks and 3 days to next winding up order, I trust Stewart Law have had a rethink or is the court date set in stone? or are we on for another extension and continuation of buggering up the season ahead

RM tried to buy himself time with the mid May quote but then he probably erred on side of BS (standard) as @Medway Blue says it’ll be tough to push it through even by then. At least the WUP has lit a fire under everyone even tho we know in all likelihood it’s simple to get pushed down the road. It’s the not knowing and limbo that hurts. By mid May we’ll know more and be on cusp of protest chat again I’m sure.

Probably have a little bit more info today as there’s another meeting.

 

[dusterman]

Link to webcast for later:

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

southend.public-i.tv

 

[leeblue]

Normally when you have these wobbly moments something reasonably good happens, so

You get it

 

[Shrimpergonzo]

Link to webcast for later:

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

Cabinet - Monday 29 April 2024, 2:00pm - Southend-on-Sea City Council

southend.public-i.tv

...and for those who can be bothered to read it, here is the paper that sets out everything with regards to the transaction

 

[Yorkshire Blue]

Ask yourself this question if this was big club which was in Southend situation ie a leeds or middlesbrough, would this be dragging on for so long? I doubt it. Fan pressure for 1 would have pushed the deal over the line. I don't think Southend united matters as much to Council the way a leeds or middlesbrough would to there's. This saga will continue to drag on, I don't have much faith in prem fanbase council to resolve the situation soon.

Different way looking at the situation but there is some truth behind it. Even Southend as a place is mainly made of prem fans who look down on Southend united and only remotely interested if Southend united get fa cup tie against prem side or trip to Wembley. With no real outside pressure to get the council speed things up they will continue prod along. I'm not saying its easy deal for council to get done but come on now we are 9 months in from when the takeover was agreed and we are still stuck in limbo.

For the 200th time the delay is with Ron not the Council.

The Council have been waiting on him to produce the information they need to conduct the Council’s due diligence. The Council published papers showing that this was the case.

The Consortium have also said the Council aren’t the issue.

The Council have bent over backwards IMO.

The pressure needs to be on Ron. Even then the issue is IMO more likely that he’s trying to cut corners/not knowing what he’s doing than not willing to conclude this deal.

 

[THE SEVENTIES NORTH BANK]

The problems RM might have is that he only wants to disclose and provide information for those things he's done above board. But the Council needs to see everything, whether he likes it or not.

 

[Shrimper]

If you thought this season was rough wait until the new season rolls around and nothing has been finalised.
Consortium won't put any more in.
No season ticket sales as Tom won't want Ron nicking the money.
A self imposed embargo if you will, due to these funding issues.
It's not looking good brev.
Club in Limbo.
Fingers crossed for a resolution soon.

It's always darkest before the dawn

 

[Sammy Shrimper]

...and for those who can be bothered to read it, here is the paper that sets out everything with regards to the transaction

Wonder how many Councillors have bothered to read this document before attending the meeting?

 

[Holy Joe]

Wonder how many Councillors have bothered to read this document before attending the meeting?

It looks almost the same, if not the same, as the report from Thursday's meeting.

I mentioned then that some of the questions made it seem like the report had not been read, but I think actually it's around politics and making sure you get questions and answers on record.

 

[ColinMorrisWalksOnWater]

Meeting started, video up and running......