Who own's the Blues....
It seems that Sainsbury's are not far off from owning the lot with the loans they have shelled out and the controlling interest they will have if debts are not repaid.
The article is far to long (4 pages) to post it all here but the main points as I see it are.
Rm's companies are 22 mill in debt.
Sainsbury's have now brought Prospects and are making a stealth approach to take control of the whole FF project.They have already committed 7 mill of the 20 mill they agreed to pay for RH.
Boots and laces is owned by Southend Council and only leased to RM although they have agreed to sell it to him at some point.
The taxman is trying to wind up Martin Dawn over unpaid tax bills..(where have I heard that before)
RM charges SUFC a 60k management fee per year and Martin Dawn charges other expenses to the club one bill being 96k in 2007.
There are 4 unsatisfied count court judgements outstanding totalling some £123k, including 72k to Deloittte LLP and nearly 15k to HQ hospitality which runs the clubs catering and this debt along with another owed to the Cliffs Pavilion are thought to be from end of year party held there.
There are other debts owed to Directors/ The Trust and the players pension funds and the debt to the PFA which is still outstanding is 123K.
There is a huge amount of paper shifting that goes on between RM's 29 companies.
It looks like a complete minefield at the club the only saving grace I can see is that Sainsbury's basically are saving us and are continuing to go forward with their plans...How this helps with the day to day running costs though is beyond me.
It seems that Sainsbury's are not far off from owning the lot with the loans they have shelled out and the controlling interest they will have if debts are not repaid.
The article is far to long (4 pages) to post it all here but the main points as I see it are.
Rm's companies are 22 mill in debt.
Sainsbury's have now brought Prospects and are making a stealth approach to take control of the whole FF project.They have already committed 7 mill of the 20 mill they agreed to pay for RH.
Boots and laces is owned by Southend Council and only leased to RM although they have agreed to sell it to him at some point.
The taxman is trying to wind up Martin Dawn over unpaid tax bills..(where have I heard that before)
RM charges SUFC a 60k management fee per year and Martin Dawn charges other expenses to the club one bill being 96k in 2007.
There are 4 unsatisfied count court judgements outstanding totalling some £123k, including 72k to Deloittte LLP and nearly 15k to HQ hospitality which runs the clubs catering and this debt along with another owed to the Cliffs Pavilion are thought to be from end of year party held there.
There are other debts owed to Directors/ The Trust and the players pension funds and the debt to the PFA which is still outstanding is 123K.
There is a huge amount of paper shifting that goes on between RM's 29 companies.
It looks like a complete minefield at the club the only saving grace I can see is that Sainsbury's basically are saving us and are continuing to go forward with their plans...How this helps with the day to day running costs though is beyond me.