Southend United’s recent struggles with financial issues and a 10-point deduction in the National League last season have not dampened the spirits of potential buyers, the Custodians of Southend United (COSU) consortium. The group is frustrated with the league for complicating their bid to take over the club by ordering Southend to provide a £1m bond due to uncertainties surrounding their financial situation.
The sale of Southend United has been delayed for months due to problems with a housing development at Fossetts Farm, where former owner Ron Martin had planned to relocate the team. The club is also facing a winding-up hearing in court on Wednesday, adding more pressure to complete the takeover. However, COSU, led by Australian businessman Justin Rees, has been providing funding to keep the club operational and believes completing the takeover is the only way to prevent liquidation.
COSU acknowledges that there are risks associated with completing the takeover while outstanding issues exist, such as housing negotiations at Fossetts Farm. However, they remain committed to saving Southend and moving forward with plans to remain at Roots Hall and regenerate the site. While they offer no guarantees about the future of Southend United, COSU encourages fans to remain united and positive during this difficult time.
The prospective buyers of Southend United face frustration from complications caused by different parties involved in keeping their bid alive. The National League ordered Southend United to provide a £1m bond due to uncertainties surrounding their financial situation.
Southend United’s recent struggles have made it challenging for them financially but Custodians of Southend United (COSU) consortium have acknowledged these risks and promised that they are committed to keeping it alive.
COSU’s main concern is completing a successful takeover while outstanding issues exist such as housing negotiations at Fossetts Farm. Despite these challenges, COSU believes that it will be beneficial for both parties involved if they continue working together towards their common goal.
While COSU cannot guarantee anything about Southend’s future prospects but encourages fans to stay positive during this trying period.
