A council leader has indicated that the long-anticipated takeover of Southend United could be finalized by Monday. Daniel Cowan, leader of Southend-on-Sea City Council, stated that the football club’s current owner and the prospective buyers are in negotiations to complete the sale.
The consortium aiming to acquire the Blues, known as the Custodians of Southend United (COSU), has expressed a desire to separate the club’s sale from a housing development at Fossetts Farm. The long-time owner, Ron Martin, had previously intended to relocate the club to this site.
In a recent statement, COSU, led by Australian businessman Justin Rees, acknowledged that the housing deal could not be completed for several more weeks.
‘Healthier space’
Mr. Cowan mentioned that a new heads of terms, which is an agreement in principle between two parties, had been drafted for the development and will now undergo due diligence, a thorough legal appraisal. Speaking to BBC Essex, he stated that the plans for the Fossetts Farm site were now in a “much healthier space,” but noted that the due diligence process would be lengthy.
The National League has mandated Southend to provide a £1 million bond due to the uncertainty surrounding the club’s financial situation. It is understood that this requirement would be lifted once the takeover is completed.
On Wednesday, a winding-up petition that had been looming over the club was finally dismissed in the High Court. Fans, anxious about the club’s future, have described the ongoing takeover saga as agonizing.
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