Winding Up Order Wednesday

[GBJ]

can we talk about the manager then ;-)

Sure.

I feel sorry for MM. He’s got an unbelievably tough job on his hands, which just got harder, and I’m wishing he thought twice about leaving his previous roles now. But if we stick with him, he might just come good.

 

[Wickford Blue]

Do you reckon Ron told MM this is what he was going to do or has MM just though Sh*t I cannot sign anyone for another 6 weeks??

 

[GBJ]

Do you reckon Ron told MM this is what he was going to do or has MM just though Sh*t I cannot sign anyone for another 6 weeks??

I highly doubt it

 

[Northbank Nirvana]

To clear the £493k debt your asking say ticket holders (of which around 1,400 have parted money this year) to pay another £352 to clear the debt.

If 10,000 people pledged £50 we'd have £500k. Enough to clear the debt and buy a few cans to celebrate in the park.

Really hope Ron has something up his sleeve with the council. They need to approve the planning sharpish when it goes back in and then Ron can crack on with building a stadium and flats to start earning the money.

Until that time comes it will just be a slow and painful deaf until the house of cards comes crashing down.

This is a good point, surely some clever marketeer within the club can think of an imaginative scheme where £50 gets you some sort of asset/trinket/access to something/brick in the new stadium/anything ! Get 10,000 of them and job done. we took over 30,000 to wembley so surely we can find a third of them to part with 50 quid if the rewrad is avinbg the club and something imaginative for the fan?

 

[Mr Bone]

Ok mate, I stand corrected. We’ve got loads of assets

Assets listed in latest accounts

 

[in the know]

Well a missed payment of players wages is a 3 point deduction, no?

It's the agreed deferred amounts. He renaged on promised payments so EFL\lawyers were involved with agreements written up with strict deadlines. Not current wages (Who knows if they will be paid on time again next time! )
It's lie after lie from RM to the players and eventually who can blame them if morale drops.
I'm not sure if RM is the matt Hancock of football chairman or if matt hancock is the RM of government ministers

 

[Northbank Nirvana]

I think we are all missing the big picture

macclesfield have been wound up- how is Sol going to get paid now?

That guy has taken enough money out of the game, he’s dangerously deluded IMO

 

[OllieSteph44]

And supporters were so outraged at players reluctance to accept furlough without EFL help on gaining assurances it would be a deferred payment not a lost one!

 

[Shrimper]

I hope he picks a nice font for the statement.

 

[Supershrimper]

This is a good point, surely some clever marketeer within the club can think of an imaginative scheme where £50 gets you some sort of asset/trinket/access to something/brick in the new stadium/anything ! Get 10,000 of them and job done. we took over 30,000 to wembley so surely we can find a third of them to part with 50 quid if the rewrad is avinbg the club and something imaginative for the fan?

Been there, done that. Shareholding anyone??

Southend Utd shares offered to fans

SOUTHEND United boss Ron Martin is offering fans a financial stake in the club - by issuing almost 300,000 shares in a bid to raise £1.7million.

www.echo-news.co.uk

 

[Blueeyedboy]

Do we actually know whether the deferred payments have been made or not? Or are we all wildly guessing as the date has come and gone.

 

[meerkat54]

W

I hope he picks a nice font for the statement.

Do we expect a Ron statement today ?

 

[Ted]

W
Do we expect a Ron statement today ?

according to CP’s twitter yes

 

[GBJ]

Assets listed in latest accounts
View attachment 12870View attachment 12871View attachment 12872View attachment 12873

2018 accounts could be redundant by now, as we don’t know what’s changed since then.

 

[in the know]

The date for payment has been and gone. No payments made although I believe a five working day flexibility clause may exist. I'm not sure when that date expires

 

[bluesfansince1952]

This is a very sad day, and, might well signal the beginning of the end.
The truth is the Club has been skating on thin ice for how long? Twenty years? Yes, Ron is a property developer but there are many of those around far worse than him. Had a really ruthless operator been in a similar situation this forum would not exist as Southend United would have gone out of business years ago.
Rail against Ron all you like, but, whilst he has been in charge he has somehow kept the club afloat. I am sure it has not always been easy, and, money has always been tight, yet, somehow we have found a way to survive. Up to now at least.
It must be beyond dispute that mismanagement has plagued the club during the past two years. While some will want to the lay the blame for all of this at Ron's door I feel duty bound to remind people that many on this site (including me) supported the following actions:
(a) getting rid of Phil Brown;
(b) appointing Chris Powell;
(c) removing Chris Powell;
(d) offering Bond a contract following 'the great escape';
(e) Bond moving on;
(f) Waddock removed;
(g) appointing SC;
(h) removing SC.
I agreed with all of this, and, maybe more so I can hardly hold Ron responsible. It is just a thought but we might like to pause and place a monetary cost on the above actions. It is entirely possible that the bill for all this might (paying people off etc) run to quite a bit more than the 493,000 we now find ourselves short of.
This mismanagement placed a great financial burden on the Club but many of the poor decisions made were by people whose appointment both I and many others supported. Football is a very uncertain business, and, when things do not go right it always costs money.
Blaming all this on Ron might be a bit simplistic which is not to say I think he is beyond criticism.
It was the club's misfortune that most of these events took place just before COVID struck. The economic impact of the lockdown and other measures cannot be underestimated so we saw the club caught in a perfect storm and found ourselves owing the most money at a time that commodity is at its scarcest. The uncertain economic climate now prevailing is not the best time to be owing money or to be looking for fresh capital.
We can never know but it is my belief that had COVID not occurred that Ron would continued to call upon his juggling skills and somehow found a way to keep the club going.
The intervention of COVID changed the landscape, and, Southend (and there will be others in the future for sure) have been caught well and truly short. There is no income but all kinds of mounting debts.
As I understand it, and, I will be happy to be corrected on this, administration is not an option for us, and, if we fail to come up with the money, we will be liquidated. Zip. Gone. I believe this to be the case as we have no assets.
What can be done? I have just read on here that if ten thousand of us were to contribute fifty pounds the required monies to pay the Inland Revenue could be found. Count me in, and, I will happily pay fifty pounds unconditionally. But will just clearing the tax debt be sufficient? What other obligations are there, and, does anyone know how much is realistically required for us to keep going as a functioning entity?
If more than fifty pounds is required I would be happy to put in as much as five hundred but before I contribute anything more than fifty I would want to be convinced that my actions would help place the club on a sustainable financial footing. I am sure there many of us willing to contribute but prompt action is required. Merely clearing the tax debt may not be enough.
Is there any chance of clearing tax debt and the embargo so we can sign new players?
Unless we can strengthen the team it maybe as well for us to pack up sooner than later.
And last but not least, I think it would especially awful to go under in these circumstances, as I do really believe if MM was given a chance and able to sign some players we might do more just survive.
Not much more to say other than I am willing to contribute.
I suppose the question is: is it worth spending money on the ship that might be sinking, or, would the money be better spent on forming a new entity?
Perhaps we need a new thread or threads!

 

[Leigh_Seasider]

The date for payment has been and gone. No payments made although I believe a five working day flexibility clause may exist. I'm not sure when that date expires

These kind of rumours are interesting to me. Ron’s statement confirms the intention was to pay up in full but it just wasn’t possible. He cites cashflow. Sorry to bang on about the EFL but I’d like to know more about further possible sanctions from them or any further fines/potential points deductions. That’s aside from the pain of the embargo and the issue of to whom we offload players we don’t want who aren’t 100% committed.

 

[in the know]

These kind of rumours are interesting to me. Ron’s statement confirms the intention was to pay up in full but it just wasn’t possible. He cites cashflow. Sorry to bang on about the EFL but I’d like to know more about further possible sanctions from them or any further fines/potential points deductions. That’s aside from the pain of the embargo and the issue of to whom we offload players we don’t want who aren’t 100% committed. We need a clean slate with them and the taxman. Anyone?
Like last season we’ve given the other teams a head start, we really need to get moving round that track.

I was referring to the deferred wages payments - not today's HMRC 200k
i don't know the consequences of it if any in respect of points or sanctions. BUt, the EFL have involvement
Sorry for any confusion....

 

[Leigh_Seasider]

I was referring to the deferred wages payments - not today's HMRC 200k
i don't know the consequences of it if any in respect of points or sanctions. BUt, the EFL have involvement
Sorry for any confusion....

Yeah sorry .. I wasn’t disagreeing I was aware of what you meant and also highlighting that we wanted to pay but couldn’t (a concern as Ron admits). These kind of things you mention will impact us just as much as the £500k we still owe the taxman. Just would assume the EFL ain’t too amused about any of it really.

 

[in the know]

Yeah sorry .. I wasn’t disagreeing I was aware of what you meant and also highlighting that we wanted to pay but couldn’t (a concern as Ron admits). These kind of things you mention will impact us just as much as the £500k we still owe the taxman. Just would assume the EFL ain’t too amused about any of it really.

I think it's going to be nail biting. Whether funds get released to RM to use before things get to the point of no return.