Southend United, a football club that was deducted 10 points due to financial issues, placed ninth in the National League table last season. Prospective buyers of the club are facing challenges in their bid to complete a takeover. The Custodians of Southend United (COSU) consortium has expressed frustration at the National League’s demand for a £1m bond from the club because of uncertain finances.
Ongoing problems related to a housing development at Fossetts Farm, where the club’s owner had planned to relocate, have delayed the sale of the club. Southend also faces a winding-up hearing in court. COSU, led by Australian businessman Justin Rees, has been providing funding to keep the club operational. They believe that completing the takeover is the best way to avoid liquidation.
The group admits that uncertainties remain, especially regarding the housing contract negotiations at Fossetts Farm. Despite the risks involved, they feel that completing the takeover now is necessary to save the club. This decision is based on the belief that negotiations for the Fossetts Farm project can continue after the takeover is completed.
COSU understands that the situation is stressful for fans, especially with the High Court hearing looming. However, they urge supporters to remain united and positive during this challenging time. While they can offer no guarantees about the outcome of the takeover, they are committed to saving the club and revitalizing Roots Hall.