Latest Rumours SUFC up for sale

[Medway Blue]

Is this the mystery 2nd bidder?

Would give him the chance to avenge that fateful (for him) night at Roots Hall in December 2006. I reckon it's plagued his mind ever since.

 

[TrevorFitzpatrickHattrick]

The update I had this morning is that the process is like a building an extension on your house - the structure itself feels like it goes up in a heartbeat, but the snagging takes considerably more time. I still feel completely confident in our prospective buyers and have no intel on the supposed other party, other than that they are credible. My belief is that progress is still being made, but there's always uncertainty with anything Ron-related...

 

[sufc4life21]

Looks to me ron is weighing up his options...... know doubt trying to max out as much he can get. isn't the next HMRC court appearance on 12th July? If so then he does have bit of time. I only see kimura wanting the deal done ASAP. Which isn't great for everyone connected to Southend.

 

[Yorkshire Blue]

Given how confident and excited some were last week I'd be concerned if we haven't heard anything positive by the end of next week. Would indicate something has gone wrong to me

You could listen to those who thought it would be done last week and were shown not to understand the process or you could listen to those who said it would take weeks to finalise and have been right so far.

If RM wanted this done quickly as much as Kimura, then it would be done by now. I simply don't buy the complexity piece around the club (a small £4m turnover company). I accept the FF piece could be very complicated according to the approach being taken by RM, Kimura or both. I doubt Kimura, at least, has any incentive to make it so.

I doubt RM cares about next season, and I suspect CP is not far off where he says if its not done soon then players will be off. I also believe Matt Slater's assessment, but that is, I think, coming from Kimura. So very likely Kimura are wanting it done now- and RM is farting around seeing if more £££/better terms can come from the Kimura or the second bidder.

My take, assuming the second bidder/interested party is real, is unless they are oblivious to the situation on the football side, they are getting off to (or should be) a very bad start with us...why? they should understand the urgency and to be sitting on the sidelines accessing whether to make a bid at this point is far from helpful. If they made a bid tomorrow it would take till early/mid July to "catch up". And dependent on their "commitment" to the club and purchase, if they pull at the last minute its all over. Kimura are "invested" in the Club- a reliable bidder has "value".

I doubt Kimura would hang on waiting to pick up the pieces. Kimura have issued a deadline once. They will be very very close to doing so again (if they haven't already) if RM is slowing things down. Has Ron ever heard the saying a bird in the hand?? My experience over many years of business acquisitions is greed is a very destructive ingredient. Seen many deals fall apart because of it.

That all said is the second bidder real (or at least real enough to be very seriously in play as a potentially preferred option)? I have my doubts. Easy for Ron, and especially the agents, to create apparent competition to drive last minute concessions. Kimura need to call his bluff. Squeaky bum time indeed.

It’s the other way round. Ron needs to sell, Kimura only want to buy. If Kimura (and their funders) were desperate to buy they could just fold on their outstanding due diligence pieces and say **** it, we’re doing it anyway. It’s much less likely to be about Ron re-negotiating than Kimura having to complete due diligence in a week. If they’re smart (and I suspect they are) they won’t force things just yet. There’s at least another fortnight for getting things wrapped up without cutting corners and with time to prepare for next season.

Ron needs to keep the second party as a back-up because he has to sell by July 14th. Exclusivity would be a bad thing for the club because then there’s no plan B. The second party are likely playing it slow as they’re probably only interested in snapping it up at a deep discount when Ron has to sell at the last minute. Ron will probably try it on with a few things with Kimura to see what concessions he can gain but we’re not close enough yet for that to factor. You can bet we’ll hear all about that once that starts as that will be played out in leaks and in the media. That will be the sign that things are close. He will also backdown if Kimura don’t blink. Everyone on here will go into meltdown and then 48 hours later the deal will be back on.

In my experience end of next week would still be an aggressive completion date. Week after probably a more likely realistic target date with things still likely to slip into final week of June as there are invariably last minute twists in such things. If things go into July it will start to get nervy but it’s still doable. If things are still close 14th July deadlines will be extended but I hope it doesn’t come to that.

It’s of course possible we may get an announcement before then but that will likely be a PR one rather than the deal completing.

tldr - it’ll get done but not just yet

 

[rigsby]

If RM wanted this done quickly as much as Kimura, then it would be done by now. I simply don't buy the complexity piece around the club (a small £4m turnover company). I accept the FF piece could be very complicated according to the approach being taken by RM, Kimura or both. I doubt Kimura, at least, has any incentive to make it so.

I doubt RM cares about next season, and I suspect CP is not far off where he says if its not done soon then players will be off. I also believe Matt Slater's assessment, but that is, I think, coming from Kimura. So very likely Kimura are wanting it done now- and RM is farting around seeing if more £££/better terms can come from the Kimura or the second bidder.

My take, assuming the second bidder/interested party is real, is unless they are oblivious to the situation on the football side, they are getting off to (or should be) a very bad start with us...why? they should understand the urgency and to be sitting on the sidelines accessing whether to make a bid at this point is far from helpful. If they made a bid tomorrow it would take till early/mid July to "catch up". And dependent on their "commitment" to the club and purchase, if they pull at the last minute its all over. Kimura are "invested" in the Club- a reliable bidder has "value".

I doubt Kimura would hang on waiting to pick up the pieces. Kimura have issued a deadline once. They will be very very close to doing so again (if they haven't already) if RM is slowing things down. Has Ron ever heard the saying a bird in the hand?? My experience over many years of business acquisitions is greed is a very destructive ingredient. Seen many deals fall apart because of it.

That all said is the second bidder real (or at least real enough to be very seriously in play as a potentially preferred option)? I have my doubts. Easy for Ron, and especially the agents, to create apparent competition to drive last minute concessions. Kimura need to call his bluff. Squeaky bum time indeed.

Plenty of us have bought houses but how how many have bought a business loaded with debt and as far as we know PP for the new premises not 100% passed.

Will Ron keep his promise to write off all the debt or will he now say I haven't built a
stadium after all so no.

Have SBC said no you can't go back to a 22,000 seater as we would require more parking and major road improvements.......And we will need you to replace the lost housing units as they are part of out total we need to satisfy the idiots in Westminster.

Part of due diligence will be 100's of boxes to be ticked. Ron can't possible answer them all and nor would you trust him if he did. The only thing certain is he wants to sell and they want to buy. That's actually good news for us fans.

Our situation is unique even for football take overs and geographically there are very few alternatives to games at RH or FF if it all goes wrong. It make take longer but far too many have got carried away with finishing line syndrome. Be patient boys and girls we are still in a much better position that most of us dreamed just 6 weeks ago

 

[Rob Noxious]

Would give him the chance to avenge that fateful (for him) night at Roots Hall in December 2006. I reckon it's plagued his mind ever since.

Sorry for my pedantry but it was November (the 7th).

 

[Yorkshire Blue]

The update I had this morning is that the process is like a building an extension on your house - the structure itself feels like it goes up in a heartbeat, but the snagging takes considerably more time. I still feel completely confident in our prospective buyers and have no intel on the supposed other party, other than that they are credible. My belief is that progress is still being made, but there's always uncertainty with anything Ron-related...

This both a good update and good news.

It is good news that Kimura are taking DD seriously. It suggests they are a serious and professional outfit.

 

[Cricko]

Only 286 pages and 5707 posts, you guys are slacking.

 

[Medway Blue]

You could listen to those who thought it would be done last week and were shown not to understand the process or you could listen to those who said it would take weeks to finalise and have been right so far.


It’s the other way round. Ron needs to sell, Kimura only want to buy. If Kimura (and their funders) were desperate to buy they could just fold on their outstanding due diligence pieces and say **** it, we’re doing it anyway. It’s much less likely to be about Ron re-negotiating than Kimura having to complete due diligence in a week. If they’re smart (and I suspect they are) they won’t force things just yet. There’s at least another fortnight for getting things wrapped up without cutting corners and with time to prepare for next season.

Ron needs to keep the second party as a back-up because he has to sell by July 14th. Exclusivity would be a bad thing for the club because then there’s no plan B. The second party are likely playing it slow as they’re probably only interested in snapping it up at a deep discount when Ron has to sell at the last minute. Ron will probably try it on with a few things with Kimura to see what concessions he can gain but we’re not close enough yet for that to factor. You can bet we’ll hear all about that once that starts as that will be played out in leaks and in the media. That will be the sign that things are close. He will also backdown if Kimura don’t blink. Everyone on here will go into meltdown and then 48 hours later the deal will be back on.

In my experience end of next week would still be an aggressive completion date. Week after probably a more likely realistic target date with things still likely to slip into final week of June as there are invariably last minute twists in such things. If things go into July it will start to get nervy but it’s still doable. If things are still close 14th July deadlines will be extended but I hope it doesn’t come to that.

It’s of course possible we may get an announcement before then but that will likely be a PR one rather than the deal completing.

tldr - it’ll get done but not just yet

I think it will have to be in the next few weeks. I suspect there are deadlines with the National League that fall within or at the end of that time frame.

People assumed that the unfreezing of bank accounts and the club statement last week meant that the NL had extended its deadline for us to pay HMRC and other creditors to 12th July to bring it in line with the court hearing, but that wasn't confirmed in the statement and we don't know what extension date was given in court. I suspect it wasn't 12th July and is instead sometime between now and the end of this month, perhaps whenever the league AGM is.

That will be why RM is pushing for completion ASAP and why buyers are feeling under pressure to conclude within 2 weeks or so. It could be club sold or kicked out of the National League territory.

Doesn't mean 12th July isn't a deadline too but if other deadlines are missed before it, we could survive 12th July but as an Isthmian League club.

 

[WhiteNoise]

Only 286 pages and 5707 posts, you guys are slacking.

A couple of days work for the live thread crew (don't bring it back)

 

[Medway Blue]

Sorry for my pedantry but it was November (the 7th).

Thanks! I stand corrected. Knew I was in the right area

 

[Callum]

These next 3 weeks are crucial to weather we looking like a top six or relegation side if this deal ain’t complete

 

[Yer Blues]

These next 3 weeks are crucial to weather we looking like a top six or relegation side if this deal ain’t complete

Why is that? We couldn't sign anyone for 90% of last season and still had a chance of the playoffs with 2 games to go. So far the only things we have heard about exits from that squad are Hobson and some of the youth team,

Genuinely interested into your thoughts and reasoning.

More realistically, the next 4 and a half weeks determine if there will even be a team at all.

PS well done for posting without including a reference to a party at Roots Hall!

 

[Shrimper]

I think it will have to be in the next few weeks. I suspect there are deadlines with the National League that fall within or at the end of that time frame.

People assumed that the unfreezing of bank accounts and the club statement last week meant that the NL had extended its deadline for us to pay HMRC and other creditors to 12th July to bring it in line with the court hearing, but that wasn't confirmed in the statement and we don't know what extension date was given in court. I suspect it wasn't 12th July and is instead sometime between now and the end of this month, perhaps whenever the league AGM is.

That will be why RM is pushing for completion ASAP and why buyers are feeling under pressure to conclude within 2 weeks or so. It could be club sold or kicked out of the National League territory.

Doesn't mean 12th July isn't a deadline too but if other deadlines are missed before it, we could survive 12th July but as an Isthmian League club.

I Would imagine the NL would want it all sorted before their AGM

 

[TJC]

Same with these Wolfy tweets. He isn't saying anything that hasn't been said/alluded to on here prior with nothing provable or substantial. I don't know if he is ITK maybe he is but a lot of people are murdering their F5s on hearsay.

Yep, I knew those days of Daley Thompsons decathlon was a good thing. I used to tell my parents that I was not merely avoiding doing homework, and that one day, these skills will come to very good use!

 

[Stan33]

Given how confident and excited some were last week I'd be concerned if we haven't heard anything positive by the end of next week. Would indicate something has gone wrong to me

Y

 

[Yer Blues]

Y

Post of the year.

 

[Jasrod]

I think it will have to be in the next few weeks. I suspect there are deadlines with the National League that fall within or at the end of that time frame.

People assumed that the unfreezing of bank accounts and the club statement last week meant that the NL had extended its deadline for us to pay HMRC and other creditors to 12th July to bring it in line with the court hearing, but that wasn't confirmed in the statement and we don't know what extension date was given in court. I suspect it wasn't 12th July and is instead sometime between now and the end of this month, perhaps whenever the league AGM is.

That will be why RM is pushing for completion ASAP and why buyers are feeling under pressure to conclude within 2 weeks or so. It could be club sold or kicked out of the National League territory.

Doesn't mean 12th July isn't a deadline too but if other deadlines are missed before it, we could survive 12th July but as an Isthmian League club.

There have been a couple of tweets that suggest that there are earlier milestones that need to be met before the 12th July HMRC deadline. No idea what they are

 

[Medway Blue]

There have been a couple of tweets that suggest that there are earlier milestones that need to be met before the 12th July HMRC deadline. No idea what they are

They will be National League ones. I don't know whether it's one deadline or multiple. You'd think one, by which all outstanding debts must be paid and salaries brought up to date. Perhaps a second deadline, by which the club needs to have been sold (perhaps this deadline is the NL AGM?).

Just spitballing though.

 

[hlane17]

I Would imagine the NL would want it all sorted before their AGM

The 2021 AGM took place 1st July. Last year it took place on the 2nd weekend of June.

I'm trying to find the date for this year but I can't. Has anyone found the date for this year's AGM?