Big update released by Consortium on their bid to buy Southend United

The group who are interested in purchasing Southend United think that the only way to salvage the team is to do so right away.

The National League disclosed last night that, absent a change in ownership, Blues will need to provide a £1 million bond to demonstrate their ability to fulfil their schedule for the upcoming season.

Additionally, the custodians of Southend United (COSU) voiced their displeasure with the League in a statement released early this morning.

COSU is deeply dissatisfied in the National League’s recent measures, particularly the timing and the short lead time to comply, according to the statement.

“At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it’s remarkable that our League is only making the situation more difficult to resolve.”

The group says that the issues are not as serious as they appear to be, and they will now take over the club without waiting for the approval of the updated Fossetts Farm plans.

The statement added: “To our fans, the situation is not as hopeless as may appear from the outside.

“We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.

“It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.

“Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and due diligence at Fossetts to continue subsequently.

“This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.

“To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future due diligence issues.

Ron and the Council have assured us that they are in sync and are striving to get the desired result, and they are aware of what is needed.

“We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay unit

ed and positive.”

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