Talks over Southend United takeover to continue
It follows positive talks between stakeholders in the Fossets Farm development
Last updated 21st Jun 2024
Negotiations are set to continue to try and save the future of Southend United.
Southend on Sea Council Leader, Daniel Cowan says there have been positive talks held about the future of the Fosset's Farm development.
That is a critical part of the deal to sell the club to a consortium.
Talks are now set to continue, before the Shrimpers are due before the High Court for a winding up hearing on Wednesday.
The latest update
The sale of Fosset's Farm to the council would act as 'a release trigger' for funds to re-generate Roots Hall.
Speaking to Greatest Hits Radio Essex last week, Daniel Cowan outlined the critical steps necessary for a consortium's potential takeover of Southend United Football Club.
Speaking on the council's role in negotiations, Cowan emphasized key conditions needed to advance the deal.
"We need to finalize new Heads of Terms to proceed," Cowan stated, highlighting the importance of revising the existing deal structure. He explained that clarity on timelines would follow once these terms are agreed upon, with updates for fans expected soon.
"Our priority is protecting public finances, which are integral to securing the club's future," Cowan affirmed, underscoring the financial impact of restructuring and due diligence processes.
On Monday as the situation developed further, Councillor Cowan issued a letter which detailed the prerequisites for the council to greenlight a development deal concerning the Fossett's Farm estate. Following a thorough due diligence process on a previously proposed arrangement, Cowan informed stakeholders that the proposal did not meet necessary standards. Consequently, a revised plan was submitted to Citizen Housing, with a deadline of June 21st for their response.
Cowan underscored the need for the revised proposal to demonstrate financial viability, mitigate risks to public funds, and secure approval through the planning process. He emphasized that the council's continued involvement hinges on COSU acquiring the football club, stating, "If COSU walk, so will we and we will not return for any future negotiations."
Asserting commitment to reaching a practical agreement, Cowan stated, "The terms we have set out are workable, achievable, and deliver on the aims and demands of COSU and the Council." Amidst planned protests, he urged stakeholders to maintain focus to maximize the chances of reaching an agreement.