SO when will the takeover go through?

[Liam AAS]

Update on Fossetts Farm development – Southend-on-Sea City Council

Fossetts Farm update

www.southend.gov.uk

 

[Liam AAS]

If the consortium walk in a few weeks time?

If the situation changes I will change my opinion.

We are not *currently* at a 10.

 

[RHB]

Isnt he quitting?

Yep, he is. Before I nuke your political comment Naps (to save you reporting it), is there a connection to the thread?

 

[Napster]

Yep, he is. Before I nuke your political comment Naps (to save you reporting it), is there a connection to the thread?

I wondered who the fans should lobby (along with Ms Firth) in light of the upcoming genny leccy.

 

[in the know]

Good to actually see a council update but even their best case scenario looks to have no chance of things being sorted by the next allegedly final WUP. Hopefully the judge will see the progression and take it into account.
No idea how the league will view it in association with the no accounts embargo etc. Not feeling overly optimistic currently and with rumours that the latest council aren't as keen as previously, and the supportive MP likely to be very distracted in respect of July 4th, I'm feeling we need a massive few strokes of good fortune to fall into place this time.
My personal best case scenario right now is the WUP is adjourned again and we limp on under embargo until the accounts (if that's the cause) are submitted. The league permit our licence and we stay injury free apart from Noor. (Who would now be well on the road to fitness had our medical dept agreed to let him have the shin op a couple of months ago as he wanted, instead of believing it could be managed\ rectified with non surgical stuff, only to subsequently realise he needed it ).

 

[Barry.C]

Somebody is going to have to just get on and pay Stewart Law to clear the WUP debt now or asap before the 5 weeks . Or a cast iron deal agreed with Stewart Law to pay them, , (surely as solicitors that could be drawn up and agreed ) so that they withdraw the WUP

From reading the Council update it feels like the process including DD will complete around November at best ! ?

Does anyone care to break and share the news about how much we owe the swines who brought this WUP

 

[Tinks]

Isnt he quitting?

I believe he is but unsure who will be replacing him but guess we will find out soon enough

 

[Tinks]

This is what Daniel Cowan has just put up on the council website

Update on Fossetts Farm development​

The angst and frustration felt by fans of the football club is understandable.

I also fully understand that people want regular, open, and honest dialogue about this vital issue, and we have promised to give this. This update is part of that promise.
The first thing to say is that the council is committed and supportive of the football club. It has been for many years.
The council is trying to help as much as it can. That is why the council has been working with Citizen Housing since the consortium took over to take the previously proposed new stadium out of the equation and focus on a housing-led development at Fossetts Farm.
There is a perception that the council should be getting on with its part of this quicker. We understand this perception, but the council has been getting on with it.
However, carefully working out whether this deal is right for the city, the council and residents is not a simple thing. Many of us will know that even buying and selling a house can take many months. This is a half a billion-pound project with huge opportunities and risks for the council and therefore the taxpayers of the city. It is not something we can just jump into lightly or without very detailed consideration.

As a public body, the council has a legal duty to ensure the part of the deal we are involved in represents value for money over the long-term and is something that the council can financially sustain into the future.
The transaction that the council is working on for the large-scale development of land at Fossetts Farm is complex and relatively specialist in nature. It requires extensive ‘due diligence.’
As the April cabinet report made clear, there are four elements to the due diligence. These cover market/property, financial, legal, and external audit. These areas all require specialist and external advice. This is being funded by the developer, not the council.
As the April cabinet report also stated, although headline terms were agreed in principle (subject to the due diligence) on 1 January 2024, the council did not have visibility of the proposed housing development until 21 March. Outstanding information is still required from the developer including specification and gross area of properties for example. This means some work so far has been based on assumptions and all parties need to be comfortable with any risks around this. It may be that the due diligence process will also pose further questions which will need to be addressed. This is not yet known.
The council wants to make this work, but it also has a duty to ensure this is done properly and that the council protects itself and its taxpayers from any undue financial risk. It is a significant and complex transaction, and the background work unfortunately takes time.
The new cabinet and officers met on Tuesday night to discuss several matters, including this. I know that officers are working as hard as they can with our advisors to complete the due diligence work that will enable a decision to be taken by the council. This work is not all in the council’s hands, but we are pushing this as much as we can, and whilst we cannot pre-empt the findings of this process, we will report back as soon as possible.
The council’s position has been consistent throughout and as raised during scrutiny, once the various elements of outstanding due diligence are completed, these will need to be carefully read and understood so that the relevant councillors can be briefed. There are, at this stage three possible outcomes:

• If the conclusion of this stage of due diligence (property/market and financial) is that the deal should be cleared to progress, then the council must get its external auditors to review everything and be satisfied that everything is in the council and taxpayers’ best interests.
• If the conclusion is that the transaction is very close to being cleared to progress subject to a small number of minor adjustments, then further negotiation will be needed to see if these matters can be resolved to enable matters to proceed. Citizen Housing might decide to engage with other parties at this point.
• If the conclusion of this stage of due diligence is that the transaction is not in the council and taxpayers’ interest, and it should not proceed, then we will share that position. Further stages of work will not be required, at which point an alternative partner to the council will certainly be required for the development to progress.

There will of course be different considerations for the football club and consortium itself associated with each of these potential outcomes.
The council will work to keep all stakeholders updated. We know that fans have been patient and are keen for a conclusion, and we appreciate the continued patience of fans as we work through everything.
Cllr Daniel Cowan, leader of the council
Published: 23rd May 2024

 

[Fairport]

Update on Fossetts Farm development – Southend-on-Sea City Council

Fossetts Farm update

www.southend.gov.uk

A very informative statement from the Council leader. He is fully justified in confirming that the Council need to see this project as an asset to the City and not one that could lead to financial or other problems. I note that he refers to the Martins still not providing all the necessary info.
It looks odds on that this whole situation will not reach a conclusion for many months.
With regard to the upcoming court case either someone pays the bill in time, it gets adjourned again or Stewarts Law withdraws it's petition.
The whole affair regarding the future of Southend United is coming nearer and nearer. Worrying times.

 

[Flinty]

God knows what the players must be thinking about all this again

 

[Tinks]

God knows what the players must be thinking about all this again

To be honest I think we are all worn out with it all but players will come and go but us supporters remain and it is that is probably suffering the most and the sad thing about it all is that we are restricted in what we can do

 

[Jack_23]

Gotta prepare ourselves for the worse . Gut feeling is this really isn’t gonna end well. Which is absolutely heartbreaking

 

[M_Simps]

Update on Fossetts Farm development – Southend-on-Sea City Council

Fossetts Farm update

www.southend.gov.uk

"As the April cabinet report also stated, although headline terms were agreed in principle (subject to the due diligence) on 1 January 2024, the council did not have visibility of the proposed housing development until 21 March. Outstanding information is still required from the developer including specification and gross area of properties for example. This means some work so far has been based on assumptions and all parties need to be comfortable with any risks around this. It may be that the due diligence process will also pose further questions which will need to be addressed. This is not yet known."

In other words, 'Guess who's actually responsible for the delay?' It's almost like he doesn't want to do the deal.​

 

[Leeboy]

see you all at Wakering / Hullbridge / Canvey / Concord / Heybridge Swifts in August guys

 

[Smiffy]

It’s an informative update. But it’s missing the key detail we all need. A firm date, or even a target date of when DD may conclude. This is concerning, considering we are back in court in under 5 weeks…

I fail to understand how a DD process cannot have a target date attached to it, or why this is being chosen to be kept secret by SCC. A date should be visible and SCC need to be held accountable to that, along with the outside agencies. It's bollocks and not helpful. Set a date, work to it and if you fail to meet it, grow some and face the music. It's project management, not rocket science.

 

[meerkat54]

The is still delaying vital information to the council. I don’t believe for one moment this accidental at all.
He is just waiting for our consortium to withdraw and we go scat. I believe this was his plan all along.
He never intended to sell the club, he is a con man and a liar.

 

[meerkat54]

The is still delaying vital information to the council. I don’t believe for one moment this is accidental at all.
He is just waiting for our consortium to withdraw and we go scat. I believe this was his plan all along.
He never intended to sell the club, he is a con man and a liar.

 

[annie1954]

God knows what the players must be thinking about all this again

I would be amazed if players are lining up to sign for us with all this uncertainty

 

[Grayson]

"As the April cabinet report also stated, although headline terms were agreed in principle (subject to the due diligence) on 1 January 2024, the council did not have visibility of the proposed housing development until 21 March. Outstanding information is still required from the developer including specification and gross area of properties for example. This means some work so far has been based on assumptions and all parties need to be comfortable with any risks around this. It may be that the due diligence process will also pose further questions which will need to be addressed. This is not yet known."

In other words, 'Guess who's actually responsible for the delay?' It's almost like he doesn't want to do the deal.​

And yet Tony Cox was predicting 6-8 week timelines long before 21 March. How can that be so?

 

[Smiffy]

The is still delaying vital information to the council. I don’t believe for one moment this accidental at all.
He is just waiting for our consortium to withdraw and we go scat. I believe this was his plan all along.
He never intended to sell the club, he is a con man and a liar.

Nothing new. He and his offspring have been doing it since March 2023.