Outstanding recruitment from Cook and the club this year as evidenced by this. Recruited far and away the best team, yet only the 4th highest in terms of agent fees paid behind York (£129k!!!), Oldham & Southend (surprised by that thought they were skint..?) I know it’s been said, but Yorks recruitment has been beyond disastrous this year hasn’t it!? Imagine they go down…
They are in the National League System. It is not the same thing as the divisions run by the National League. (Not confusing at all...) National League System - Wikipedia
Ah yes, good point well made. I wouldn’t have had them as one of only two clubs below NLN/NLS level to have paid agents’ fees. South Shields were not such a big surprise.
Knew York had spent a bit but not that much! What a disaster of a season they’ve had considering they’ve surely got a top 3 budget.
Under any other chairman we would be going bust,let’s hope he has learned from this. Squad totally unbalanced,credit to Hinslewood for addressing this. Uggla has employed a solicitor to deal with agent, who had his pants down. Not out danger yet and could have players on 4K playing in dog and duck league.
As I predicted, a successful use of the cheats charter by Torquay. Shameless ****s will start next season debt free while anyone they owe money too can get ****ed
If we do then so be it. We've offered this league nothing this season Apart from paying all our bills which is what you and Torquay seem to take pride in not doing Would be a shame if Southend miss out on the play offs due to not paying the bills, a real shame
All our football related bills have been paid or are being paid, as part of the £3m investment the consortium have made, despite not owning us completely yet. Same agreements with the non-football related debts and as Stewarts LLP found out, trying to jump the gun will bring a host of bad publicity. At that point in May, you will possibly have more debt at Woking, than we will have and that's a totally different scenario than going into administration. Probably the only thing Ron Martin got right!
Are being paid ?. We've been hearing that for so long How many cheques from Southend Utd are 'in the post'
Difference is now, it's the Consortium that are underwriting it, not Ron. And all the football debts HAVE been paid.
This should poke your pathetic, vindictive, drivel straight back up your arse where it deserves to go! SOUTHEND-ON-SEA CITY COUNCIL Policy and Resources Scrutiny Committee Date: Wednesday, 24th April, 2024 Time: 4.30 pm Place: Council Chamber - Civic Suite Contact: Tim Row (Principal Democratic Services Officer) Email: committeesection@southend.gov.uk A G E N D A 1 Chair's Introduction & Apologies for Absence 2 Declarations of Interest 3 Questions from Members of the Public **** ITEMS FOR PRE-CABINET SCRUTINY 4 Fossetts Farm, Land Transactions (Pages 3 - 22) 5 Exclusion of the Public To agree that, under Section 100(A)(4) of the Local Government Act 1972, the public be excluded from the meeting for the items of business set out below on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A to the Act, and that the public interest in maintaining the exemption outweighs the public interest in disclosing the information. 6 Fossetts Farm. Land Transactions - Confidential Appendix 1 (Pages 23 - 26) TO: The Chair & Members of Policy & Resources Scrutiny Committee: Councillor S Wakefield (Chair), Councillors L Burton (Vice-Chair), B Beggs, M Borton, S Buckley, O Cartey, T Cowdrey, M Dent, F Evans, N Folkard, S George, J Harland, R McMullan, M Sadza, C Walker, J Warren and P Wexham Meeting: Cabinet Date: 29 April 2024 Classification: Part 1 with Part 2 (Confidential) Appendix Key Decision: Yes Title of Report: Fossetts Farm, Land Transactions Executive Director: Alan Richards, Executive Director Environment & Place Report Authors: Alan Richards, Executive Director for Environment and Place Executive Councillor: Cllr Tony Cox, Leader of the Council 1. Foreword Notes: A: PLANNING: This report deals only with the land transaction. New planning applications will be required in due course for all development proposed at Fossetts Farm. No applications have been submitted at this stage and are not anticipated until the summer of 2024 at the earliest and nothing in this report or any associated decisions will fetter the separate responsibilities of the Council in discharging its statutory planning function as Local Planning Authority, through the Development Control Committee B: TRUST MATTERS: Whilst all steps have been taken to reduce the impact on trust land, and it is no longer anticipated that the proposed development at Fossetts Farm will have any implication on the land held in trust at Jones Memorial Ground or the Youth Commemoration Ground. It is anticipated, subject to the highways design and modelling, that the requirement for a small slither of land at the northeast corner of Victory Sports Ground will stand. Decisions pre-exist to deal with this and do not need to be varied at this time therefore Councillors need not have direct consideration of any trust related matters for the purposes of this report. 2. Executive Summary 2.1. This report provides Cabinet with an update on the Council’s due diligence, the proposed transaction, and the next steps. The recommendations seek agreement to proceed to exchange of contracts for the updated transactional arrangements subject to the satisfactory (to the Council) completion of due diligence and a range of other conditions to secure the Council’s, and related party interests. 2.2. The proposed transactions no longer include Roots Hall which is set to be sold to a consortium of buyers trading as COSU FC Ltd and POSU FC Ltd. (hereafter referred to as The Consortium) in connection with the sale of Southend United Football Club (SUFC). 2.3. The sale of SUFC is only relevant to this transaction due to the requirement for a financial contribution of £20m to be made by the landowner (Thames Plaza Plc) and developer (Citizen Housing) (from a combination of development profits and land payment, at no cost to the Council or taxpayer) to the Consortium (in this case POSU FC Ltd, as a subsidiary of COSU FC Ltd) and the need to secure that payment to secure the future of SUFC and its investment in to Roots Hall. 3. Recommendations It is recommended that Cabinet: 3.1. NOTE the current due diligence programme which is underway and which elements remain to be completed and AGREE to proceed to exchange of contracts and completion subject to all due diligence being completed to the satisfaction of the Council, as explained in the body of this report, and subject to the simultaneous sale of Southend United Football Club to the Consortium. 3.2. DELEGATE AUTHORITY to the Executive Directors for Environment and Place and Finance and Resources (s.151), in consultation with the Leader of the Council and the Cabinet Member with responsibility for regeneration, subject to paragraph 10.3 of this report, to agree any adjustments required to the transaction and to authorise the exchange of contracts SUBJECT TO: A) the completion of all due diligence to the satisfaction of those to whom authority is delegated above. B) The simultaneous sale of Southend United Football Club to The Consortium. C) a pre-exchange condition that CBRE/Merseyside Pension Fund consent to the Agreement for Lease and any other relevant elements of the transaction. D) Suitable contractual protection for the Council and the new owners of Southend United Football Club (POSU FC Ltd and COSU FC Ltd (parent company) that the payments from the landowner (currently Thames Plaza Plc) and the developer (Citizen Housing Ltd) totalling £20m from profit and land receipts, to be secured and invested into Roots Hall. 3.3. NOTE that any development at Fossetts Farm will be subject to a new planning application and that the Council must remain unfettered in dealing with this through its statutory planning function as Local Planning Authority, through the Development Control Committee. This report relates only to the proposed financial and property transaction. The requirements on the applicant/related parties to enter into a planning agreement (s.106) to require the payment of £20m as above is also expected so that this is secured both in the land transaction, and through the planning agreement. 4. Background Context 4.1. Cabinet will be familiar with the proposed arrangements relating to Fossetts Farm and Roots Hall having considered numerous reports on the evolution of the transactions which, historically were designed to enable, amongst other things, the relocation of the home of Southend United Football Club from Roots Hall to Fossetts Farm. 4.2. The proposed transactions no longer include Roots Hall which is set to be sold to The Consortium of buyers in connection with the sale of Southend United Football Club (SUFC). The sale of SUFC is only relevant to this transaction due to the requirement for a financial contribution to be made by the developer (from its profits, not at any cost to the Council or taxpayer) to the The Consortium and the need to secure that payment to secure the future of SUFC. 4.3. Cabinet has already agreed the principle of facilitating development at Fossetts Farm using an income strip (annuity lease) model as a means of raising the necessary level of capital to unlock development. 4.4. The whole history across several decades and many scheme iterations is not included here however below follows a chronology (with links where applicable) of previous Cabinet reports and the associated minutes for ease of reference dating back to the point where residential development was contemplated in place of out-of-town retail. In summary: Presentation to Members 19 July 2019 - Citizen Housing initially presented a residential scheme proposed for Roots Hall to Councillors. Following this, negotiations have been underway. Cabinet 15 September 2020 – Report and Minutes - Update as part of Housing Pipeline Update paper including the principle of using an annuity lease structure to unlock development and facilitate the relocation of the stadium as part of a wider housing delivery plan across both Roots Hall and Fossetts Farm. Cabinet 24 November 2020 – Report and Minutes - Comprehensive explanation of transactions which led to the exchange of contracts on 14 May 2021 for the Agreement for Lease and Framework Agreement currently in place to facilitate the relocation of the Stadium to Fossetts Farm as part of a wider housing delivery plan across both Roots Hall and Fossetts Farm. Notes: Planning Permission was subsequently granted for this proposal. A report dealing with a range of Trust matters to enable this was presented and agreed. Cabinet 9 November 2023 – Reports and Minutes - A report updating on the proposed sale of SUFC, key changes to the principles of the transaction including the removal of Roots Hall from the proposals, not relocating the stadium and introducing additional houses into the development proposals at Fossetts Farm. This report proposed maximum numbers following this change at up to 911 apartments and up to 400 houses at Fossetts Farm. 4.5. There is some wider, important context around the urgency of this decision in that The Consortium looking to take ownership of SUFC is concerned about the debts of the club, exacerbated by the most recent petition to wind up the club which is currently going through the court process. It has been adjourned until mid-May by which time the parties to the club sale hope that the sale will have completed. 5. What is an income strip model? 5.1. Income strip transactions are so called because they effectively ‘strip’ or separate the income (rent) generated by a lease from the value of the underlying real estate asset. 5.2. This means that the income that an investor receives represents 100% of the value of the investment. 5.3. In an income strip transaction, the owner (in this case Thames Plaza Plc) sells the underlying real estate to the investor (likely to be a pension fund) and the fund then enters into a lease agreement (with the Council). The Council retains the option to buy the land, and the built assets and all associated income and liabilities back for a nominal sum (e.g. £1) when the lease ends. This effectively means income strips have an amortising repayment profile of the underlying real estate where the remaining future cashflows are secured against the property. 5.4. For tenants (in this case the Council), income strips offer the benefit of raising long-term affordable financing against their strategic real estate holdings, while retaining ownership of the freehold when the lease ends (so long as all lease payments are fulfilled). 5.5. For investors (in this case the pension fund), income strips could provide longdated, investment grade, inflation-linked cashflows with an attractive yield, secured against business-critical UK real estate. This investment profile is attractive to different types of institutional clients such as pension funds and insurers seeking to generate long term inflation-linked cashflows. 6. The Current Position: 6.1. Following the agreement of principles at Cabinet on 10 November 2020, officers worked with all associated parties to try to reach agreement on revised terms to enable the transaction whilst protecting the Council’s interests. 6.2. Headline terms for variations to the exchanged transactions were agreed in principle, subject to the completion of all necessary due diligence on 1 January 2024. These are attached at Part 2 Confidential Appendix 1.
Whats up with you ? Its not vindictive at all, you've been taking the piss for years, not paying your players, St Johns ambulance, your own youth team and you've been in and out of court multiple times. Everyone else has to pay their bills, what makes SUFC so different ?. You need a half and half scarf with SUFC/TUFC on it. I hope you draw each other in the FA Cup in the newly named '**** your creditors' classic
You are like an old record, stuck in the "you haven't paid your bills......" Is that all you can wind out. And yes it is drivel from where we are now, because we have moved on thankfully. Although not according to you! Everything you have quoted above has been paid and settled, as it is a football debt. Typical for wankers like you, that are all opinion and no fact. Totally unaware of any new information, or specifically in your case, chose to ignore it, because it disproves your diatribe, so you bring out the same old tripe that make you look holier than thou. You're probably one of those tossers that hears, but doesn't listen, 'cos you prove that time, after time. So wind you neck in, take you gonads out of your eyes and try getting up to speed with the facts or keep schtum on this subject until you have learnt something of where we are now, 'cos every Shrimper knows where we've been and how close we were to not having a club any more, which I wouldn't wish on any other club or fan, no, not even Woking or you. If not, just carry on proving the **** you really are!
