Wednesday, June 19, 2024

Southend United takeover: Consortium have ‘urgent’ concerns

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The consortium, which calls itself Custodians of Southend United (COSU), issued a statement to say they feel the property deal has now collapsed.

“Signing the amended property contract remains the last condition for the completion of the club’s sale and COSU cannot see a path forward without it,” the consortium said in a statement.

“Last Friday, it became apparent that the council did not wish to progress with the property deal along the terms previously agreed with the Martins. As a result, there has been a round of renegotiation this week with both sides assuring us they intend to find a compromise.

“COSU is not directly involved in these negotiations though we continue to stress the urgency of the situation to all.

“Even if a compromise is reached, it seems certain that the revised property contract will not be signed prior to the 26 June winding up hearing for the club in the High Court.”

BBC Sport has approached Southend‐on‐Sea City Council for a response.

The consortium has now made three demands if they are to continue to fund the club, their attempt to complete the takeover and to satisfy creditors ahead of the court date.

  • A revised set of terms for the property contract that all parties are committed to closing.

  • An updated scope and realistic timeline for the remaining council due diligence work.

  • An agreement with the Martins to provide security for the further funds COSU will need to inject prior to the takeover.

With those demands, the consortium say they still want to “hit the ground running” if a the takeover can be done.

“COSU wants to assure Southend fans that we are doing as much as possible to prepare for the new season in parallel so that if the deal does complete,” they added.

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