Possibly some hope for Southend - apparently the court case today about the electric bill was attended not by the current owner but by the potential new ones, who had agreed a payment plan with the electric suppliers. That suggests they may be close to doing enough of a deal to stave off the latest winding-up hearing which I think is tomorrow. No information circulating as to whether they're buying the ground or just the club, or whether they're paying debts in full. We should learn more by tomorrow - no point doing anything about a takeover if they're not going to be ready to tell the court what the deal is.
Local paper saying the deal means they will not be going ahead with plans for the new ground and will stay at roots hall. They will need to do some work it’s really run down
Local paper saying the deal means they will not be going ahead with plans for the new ground and will stay at roots hall. They will need to do some work it’s really run down
No matter how many times I have been there, every time I drive past it en route to the sea front it always amazes me what a shit hole it looks
Local paper saying the deal means they will not be going ahead with plans for the new ground and will stay at roots hall. They will need to do some work it’s really run down
I asked a friend who is one degree removed from the people trying to save Southend. His summary was, "Ron Martin is still being a dick. He wants to have his cake and eat it. The consortium is being bit naive. The council is being unhelpful."
The National League have ordered Southend United to provide a £1m bond because of ongoing uncertainty over their financial situation.
A takeover of the club by a consortium led by Australian businessman Justin Rees has been held up by ongoing problems over a housing development at Fossetts Farm related to the deal.
Contracts were exchanged last December, but the takeover has yet to be completed, and the club faces a winding-up hearing in court on Wednesday.
Doesn't look good for them now. From what i've read COSU have so far paid out about 3.5m and are no closer to owning the club, so i doubt they will pay this 1m extra.
Ron Martin can't lose either way. He's waiting on an agreement with the council to build houses where the new stadium was going to go. And if they don't agree (which is currently unlikely unless certain terms are met) and the club goes bust then he will just build houses on Roots Hall instead.
At the last court date, the judge said the next one would likely be the final one, as he can't keep putting it off, so i'm not sure they'll get another adjournment.
They either need the council to give in (unlikely), Martin to give in (very unlikely), or the judge to take pity on them again (possible but no one knows).
STEWARTS Law has confirmed they have reached a settlement with Southend United ahead of tomorrow's winding up petition in the High Court.
Blues are back in court on Wednesday due to winding up petitions issued by Stewarts and an ex sponsor.
But Stewarts have today released a statement confirming their side of the situation has now been settled.
The statement said: "Stewarts confirms that we have come to a settlement with Southend United in respect of our outstanding legal fees. As such, we shall be asking the court to dismiss our petition at tomorrow’s hearing.”
The club remain in discussions with the ex sponsor ahead of Wednesday's hearing.
The winding-up petition hanging over Southend United has finally been dismissed.
At the High Court on Wednesday, legal firm Stewarts Law LLP, who represented the club at previous hearings, and the petition’s supporting creditor - a former club sponsor - both said they supported the dismissal.
The club’s chairman, Ron Martin, who was at the court, also said he supported the move. It is understood a deal with the former sponsor was agreed this morning.
I was out with some Southend fans last night. I expected them to be quite upbeat, but actually they seemed more despondent. I don't know if it was just the natural pessimism of fans that are used to being dumped on or whether there's more substance to their fears. I can't give details because I was a bit Rowley Birkin at the time, but their general discourse went, "More outstanding debt blah blah... further court cases blah blah... transfer embargo blah blah... possible points deductions blah blah... Martin's still there blah blah... expect to drop two divisions blah blah... better off winding up and rebuilding from scratch blah blah..."
Comments
Southend United: National League club close to being rescued by takeover
https://www.bbc.co.uk/sport/football/66992758Southend United – a club staring into the abyss. Are these their final days?
https://theathletic.com/4910606/2023/10/03/southend-united-ron-martin/Southend United: National League club agree takeover by Australian-led consortium
https://www.bbc.co.uk/sport/football/66992758Its a shame they got the ten point deduction as they've started the season pretty well
Southend United have transfer embargo lifted with takeover pending
https://www.bbc.co.uk/sport/football/67834004Southend United buyers warn of new court hearing
https://www.bbc.co.uk/news/articles/cz7zzj71w1roSouthend takeover and future in doubt after delays
https://www.bbc.co.uk/sport/football/articles/cz5510lj88johttps://www.echo-news.co.uk/sport/24372286.consortium-provide-update-bid-buy-southend-united/
The National League have ordered Southend United to provide a £1m bond because of ongoing uncertainty over their financial situation.
A takeover of the club by a consortium led by Australian businessman Justin Rees has been held up by ongoing problems over a housing development at Fossetts Farm related to the deal.
Contracts were exchanged last December, but the takeover has yet to be completed, and the club faces a winding-up hearing in court on Wednesday.
https://www.bbc.co.uk/sport/football/articles/c5111z7gykwo
https://www.echo-news.co.uk/sport/24408837.consortium-issue-update-bid-buy-southend-united/
Ron Martin can't lose either way. He's waiting on an agreement with the council to build houses where the new stadium was going to go. And if they don't agree (which is currently unlikely unless certain terms are met) and the club goes bust then he will just build houses on Roots Hall instead.
At the last court date, the judge said the next one would likely be the final one, as he can't keep putting it off, so i'm not sure they'll get another adjournment.
They either need the council to give in (unlikely), Martin to give in (very unlikely), or the judge to take pity on them again (possible but no one knows).
STEWARTS Law has confirmed they have reached a settlement with Southend United ahead of tomorrow's winding up petition in the High Court.
Blues are back in court on Wednesday due to winding up petitions issued by Stewarts and an ex sponsor.
But Stewarts have today released a statement confirming their side of the situation has now been settled.
The statement said: "Stewarts confirms that we have come to a settlement with Southend United in respect of our outstanding legal fees. As such, we shall be asking the court to dismiss our petition at tomorrow’s hearing.”
The club remain in discussions with the ex sponsor ahead of Wednesday's hearing.
At the High Court on Wednesday, legal firm Stewarts Law LLP, who represented the club at previous hearings, and the petition’s supporting creditor - a former club sponsor - both said they supported the dismissal.
The club’s chairman, Ron Martin, who was at the court, also said he supported the move. It is understood a deal with the former sponsor was agreed this morning.
https://www.bbc.co.uk/news/articles/cy0082p4r9no