Southend United’s winding up petition dismissed
It's after a Last-Minute Deal was struck between the club and Stewart's Law LLP
Last updated 26th Jun 2024
The winding-up petition against Southend United has finally been dismissed.
At the High Court, legal firm Stewarts Law and the petition’s supporting creditor both said they supported the dismissal.
It comes as rumours swirl that all parties involved in a takeover will be in the same room this afternoon to try and finalise a deal.
A brief hearing at the Rolls Building, concluded after Ron Martin, the club’s chairman, negotiated a settlement with the former sponsor outside the courtroom. Stewarts Law LLP.
Earlier in the week, the National League mandated Southend United to post a £1 million bond to secure participation in the upcoming season due to uncertainties about the club's financial condition.
Club owner Ron Martin has agreed to a takeover deal with the Custodians of Southend United (Cosu) consortium, led by Australian businessman Justin Rees.
Cosu has criticized the National League's bond requirement, stating it complicates their takeover efforts. They expressed their intention to finalize the acquisition and then continue housing negotiations and due diligence at Fossett's Farm.
Southend United, a National League team based at Roots Hall, has been planning a move to a new development at Fossett's Farm. And this afternoon we understand that Martin is scheduled to meet with Cosu members and local council representatives to discuss the takeover and address issues related to the housing project.
The Shrimpers Trust, a supporters' group, have urged the National League to "show compassion" and continue pressing Martin to finalize the deal.