Consortium bullish as crunch talks go on
THE consortium keen to take charge of Southend United remain in crunch talks with chairman Ron Martin after another dramatic week for the crisis-hit National League club.
The consortium are attempting to quicken up the process by decoupling the football club from the property side of the deal which had previously been crucial to completing negotiations.
But the group of businessmen, which is headed up by Australian Justin Rees, are doing what they feel is necessary to save the Shrimpers after the League ordered them to post a bond of £1m to prove they can fulfil their fixtures unless there is a change of ownership.
A statement from the custodians of Southend United (COSU) said: “COSU is extremely disappointed in the National League’s latest actions, especially the timing and the short lead time to comply.
“At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it’s remarkable that our League is only making the situation more difficult to resolve.”
But the consortium were keen to stress to the club’s supporters that the problems were not as bad as it seems.
The statement added: “To our fans, the situation is not as hopeless as may appear from the outside.
“We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.
“It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.
“Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and due diligence at Fossetts to continue subsequently.
Assurances
“This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.
“To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future due diligence issues.
“Ron and the Council know what is required and have given us assurances that they are aligned and are working towards delivering that outcome.
“We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay united and positive.”
Since the statement was released, the council have agreed heads of terms with Citizen Housing and the Shrimpers have also agreed a settlement with Stewarts Law and a payment plan with PG Site Services just moments before a winding up petition was due to be heard in the High Court.
Southend’s squad also started pre-season training on Friday but question marks still surround whether or not Kevin Maher’s side will be able to kick off the forthcoming campaign.
