What is happening with the 30Million?

[Cricko]

As was pointed some time back, on or by the 30th of November RM was due to get a 30million kick start from Homes England towards getting FF on the go etc.

Revealed: Huge £30m loan to kickstart new Southend United stadium plan

A HUGE £30million Government loan will kickstart plans to build a new Southend United stadium and training ground, alongside hundreds of homes, it…

www.echo-news.co.uk

With his pending court case (albeit a long time away) as both Homes England and obviously the CPS are both Government departments would they hold up payment of the said 30mill whilst one of their other arms was taking him to court?

 

[londonblue]

As was pointed some time back, on or by the 30th of November RM was due to get a 30million kick start from Homes England towards getting FF on the go etc.

Revealed: Huge £30m loan to kickstart new Southend United stadium plan

A HUGE £30million Government loan will kickstart plans to build a new Southend United stadium and training ground, alongside hundreds of homes, it…

www.echo-news.co.uk

With his pending court case (albeit a long time away) as both Homes England and obviously the CPS are both Government departments would they hold up payment of the said 30mill whilst one of their other arms was taking him to court?

I doubt it. That article says that the money is being loaned to Roots Hall Limited, i.e. not given to Ron directly. In law a company is a separate legal entity.

Don't forget that money isn't for the football club to spend how it wants, it's to kick start the build, so I suspect the actual issue is that we don't have final approval from the SoS. Until that happens no-one in their right mind would advance that sum of money. Also, no-one in their right mind would accept that sum of money until full approval is granted because you don't want to end up having to pay it back with interest...with nothing to show for it.

That said, we don't actually know the money hasn't been paid, do we?

 

[Cricko]

It's still to the same person whether it's the club or RH Ltd as intercompany debts tm show. You maybe right about the SoS holding things up though.

 

[Yorkshire Blue]

As was pointed some time back, on or by the 30th of November RM was due to get a 30million kick start from Homes England towards getting FF on the go etc.

Revealed: Huge £30m loan to kickstart new Southend United stadium plan

A HUGE £30million Government loan will kickstart plans to build a new Southend United stadium and training ground, alongside hundreds of homes, it…

www.echo-news.co.uk

With his pending court case (albeit a long time away) as both Homes England and obviously the CPS are both Government departments would they hold up payment of the said 30mill whilst one of their other arms was taking him to court?

When it comes to government I’d be amazed if the right hand knew what the left hand was doing.

It’s possible the loan agreement would be terminated or a right to terminate if a director was charged/convicted of a criminal offence. Obviously a huge difference between being charged or convicted.

We also need to look at what entity is being lent the money. Is Ron even a director of that entity?

 

[londonblue]

It's still to the same person whether it's the club or RH Ltd. You maybe right about the SoS holding things up though.

Not in law it's not. At least it wasn't when I studied company law many years ago.

 

[Cricko]

When it comes to government I’d be amazed if the right hand knew what the left hand was doing.

It’s possible the loan agreement would be terminated or a right to terminate if a director was charged/convicted of a criminal offence. Obviously a huge difference between being charged or convicted.

We also need to look at what entity is being lent the money. Is Ron even a director of that entity?

Yes https://find-and-update.company-information.service.gov.uk/company/03710296/officers

 

[Cricko]

Not in law it's not. At least it wasn't when I studied company law many years ago.

I did add above that inter company debts between all Rm's companies atm show they are all mixed up in the same bag.

 

[harveyoe]

I can remember a time when lending £30 million to a company where any directors of the company had been charged with the fraud of cheating the public purse would have been unthinkable.

These days, who knows? I guess it might be just about possible.

 

[Sammy Shrimper]

I suspect the Funding Agreement will have an agreed draw down paid against the stadium construction progress on site. I doubt that £30million will be paid up front.

 

[kentblues]

First the council have still not submitted to SoS for approval.

The £30m is agreed but surely would not be paid until SoS approval as until then works can’t begin/indeed there is no green light for them to do so.

Ron is not a director of the company formed as the “developer”. That is his son and one of the Dellals.

There is also the old fashioned concept of being innocent until proved guilty. It’s possible I guess Ron resigning from the directorship of any other company directly related to the transaction might assist- he would install his son as with the development company.

No agreements relating to all this will be with Ron personally. Agreements will be with entities whose directors can easily change.

 

[Holy Joe]

I've emailed Homes England to ask

Edit - just to ask if loan has been made. Not if a director being charged with fraud is a show stopper - don't want to tip them off!

 

[Medway Blue]

First the council have still not submitted to SoS for approval.

The £30m is agreed but surely would not be paid until SoS approval as until then works can’t begin/indeed there is no green light for them to do so.

Ron is not a director of the company formed as the “developer”. That is his son and one of the Dellals.

There is also the old fashioned concept of being innocent until proved guilty. It’s possible I guess Ron resigning from the directorship of any other company directly related to the transaction might assist- he would install his son as with the development company.

No agreements relating to all this will be with Ron personally. Agreements will be with entities whose directors can easily change.

Why has the council not yet submitted the plans to Gove?

 

[kentblues]

Why has the council not yet submitted the plans to Gove?

Who knows
You would think they would have everything ready to go on approval given they were approving their own project. But given we are talking about the council nothing would be a surprise as to why it seems to need more time. Let’s face it they have never shown a sense of urgency so I wouldn’t read anything into it..

 

[ESG]

People having hands free/face time calls on their phones walking down the road has now moved into the supermarket...FFS!

 

[Massimo Giovanni]

My guess, hope, is that one of the first use of monies is getting training facilities built, then that clears area for FF to start?

 

[Holy Joe]

My guess, hope, is that one of the first use of monies is getting training facilities built, then that clears area for FF to start?

They're applying for planning permission to build some temporary training facilities. Think it was for 3 years.

 

[Massimo Giovanni]

The finances might be complex and divided into separate project parts. The training stuff could, and likely is sole SUFC (Ron) funded so may be stop, start, stop start etc in progress?

 

[Jai]

I can remember a time when lending £30 million to a company where any directors of the company had been charged with the fraud of cheating the public purse would have been unthinkable.

These days, who knows? I guess it might be just about possible.

Absolutely small beer to this Government, I am not sure an hour goes by these days without someone in the Cabinet committing some kind of offence.

 

[Holy Joe]

I've emailed Homes England to ask

Edit - just to ask if loan has been made. Not if a director being charged with fraud is a show stopper - don't want to tip them off!

Homes England have responded that they have made no formal commitment of funding to the landowner.


I read that as there are still i's to dot and t's to cross.

But it could be they've made a formal funding commitment to someone other than the landowner. They've made informal offers. They've never heard of the scheme. Or something else - answers on a postcard.

 

[Cricko]

Homes England have responded that they have made no formal commitment of funding to the landowner.


I read that as there are still i's to dot and t's to cross.

But it could be they've made a formal funding commitment to someone other than the landowner. They've made informal offers. They've never heard of the scheme. Or something else - answers on a postcard.

Well that is opposite to what the Echo printed, Maybe they are waiting for full planning etc to be passed. Odd though even still.