Southend City Council has finalized new terms with Citizen Housing for the updated property plans at Fossetts Farm.
Council leader Daniel Cowan confirmed the development this evening, shortly after a winding-up petition filed against the Shrimpers by PG Site Services was dismissed in the High Court.
Cowan expressed his satisfaction, stating, “I am pleased to confirm that we have reached new terms with Citizen Housing.”
He added, “Last night, I had a candid and respectful discussion with Ron Martin, where I emphasized that my patience had reached its limit.”
“We reached an understanding that the council has demonstrated flexibility in pursuing a deal that safeguards our interests and the future of the club.
“We acknowledged that the previous proposal did not withstand thorough due diligence, and the council’s shift towards a low-rise residential scheme is now seen as a more viable option all around.
“We collectively agreed that enough time has passed, and today, upon receiving a feasible, best and final offer, we can finalize negotiations on heads of terms and proceed to due diligence.”
The development follows the consortium’s announcement that acquiring the club immediately is crucial to its survival, despite significant financial risks.
Cllr Cowan expressed his support for this initiative, stating, “Since assuming leadership of Southend-on-Sea City Council, I have believed that separating the land transaction from the football club sale is the best approach. This allows us to negotiate a fair and reasonable property deal for the city without the imminent existential threat to the club looming over us.”
“The consortium has proposed decoupling the transactions to the current owners, and I fully endorse this proposal,” Cowan continued. “It represents the optimal solution to secure the club and fend off pressures from the National League, necessitating urgent agreement between COSU and Ron Martin.”
Cllr Cowan also noted that the £1 million bond demanded by the National League remains a pressing issue for the club, stating, “Eyes will now turn to the completion of the decoupling, and I hope that the consortium’s reasonable demands can be met.”
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