[themaclad]

The National League has this evening released the following statement regarding Southend United Football Club.
The National League continues to be concerned about Southend United Football Club’s ability to fulfil its financial obligations for the forthcoming National League Season.


The Club has for several months been the subject of a winding up petition (a further hearing of which is scheduled for this week) and, on 20 June 2024, filed its accounts for the year to 31 July 2023 which underscore and amplify the concerns expressed previously by the League.

Accordingly, the National League has today advised Southend United Football Club that as a result of the Club’s failure to provide the League with detailed, objective and independent evidence that the Club has sufficient funds to meet its financial obligations for the forthcoming National League season, and in light of previously-expressed concerns (underscored by the most recently-filed accounts), the Club will be required to post a bond of £1million, which will be held in escrow to the order of the League.

The bond shall remain in place until the sooner of (i) an ownership agreement with the consortium currently in talks with the Club being successfully concluded, to the satisfaction of the National League and the FA; or (ii) the Club demonstrating, to the satisfaction of the National League, that is has sufficient financial resources within its own means to meet its financial obligations for the forthcoming Season.

In the event that the Club fails to post the Bond in accordance with the requirements that have been communicated to the Club, the National League Board will meet again to consider further sanctions against the Club.


The decision is subject to the right of appeal to The Football Association.

[themaclad]

The prospective buyers of Southend United say the National League have complicated their bid to complete a takeover of the embattled club.

The Custodians of Southend United (COSU) consortium were responding to Tuesday's move by the non-league competition organiser ordering Southend to provide a £1m bond because of uncertainty over their financial situation.

Ongoing problems over a housing development at Fossetts Farm, where long-time owner Ron Martin had previously planned to relocate the Shrimpers, have held the sale of the club up for months.

The club also faces a winding-up hearing in court on Wednesday.

"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," COSU said in a statement.

[themaclad]

The winding-up petition hanging over Southend United has finally been dismissed.

At the High Court on Wednesday, legal firm Stewarts Law LLP, who represented the club at previous hearings, and the petition’s supporting creditor - a former club sponsor - both said they supported the dismissal.

The club’s chairman, Ron Martin, who was at the court, also said he supported the move. It is understood a deal with the former sponsor was agreed this morning.

Fans of the National League side have spoken of a "rollercoaster" of emotions during the long-running saga over the club's future.

On Tuesday, Stewarts Law said they had agreed a settlement with the Blues over unpaid debts and would ask for the case to be dismissed.

Earlier this week, Southend were ordered by the National League to post a £1m bond because of uncertainty over the club's financial situation.

The Custodians of Southend United - a consortium led by Australian businessman Justin Rees hoping to buy the club - said the bond had complicated its takeover bid.