by Tippy Tappy Football » Wed Sep 30, 2020 10:19 pm
Latest Update on Southend United Winding Up Petition, Transfer Embargo, Playing Budget, Agents' Fees, New Ground etc from Chairman, Ron Martin, at meeting with fans.
HMRC debt will be paid by 28th October from monies to be released next week by Lloyds and money from his own pocket.
There are a number of clubs in the EFL who have had the same issue with Lloyds at present holding on to funds. Lloyds are doing this as they are concerned that should fans request call back of payments made on credit/debit cards, Lloyds would have to process these and could be out of pocket if they are unable to recoup the money back from the football clubs. Originally funding would be released on a game by game basis, but due to the delays on fans returning, Lloyds had wanted to delay payment until fans return and the revenue stream is up and running again. However it has been agreed that the money will be released to Southend in tranches. The first being next week, a further tranche around November time and the rest in Q1 next year.
There is also hope that an EFL rescue package will be communicated in the next few weeks to help out all lower league clubs.
Relegation from League One to League Two had impacted the wages available to players, with most having a 50 per cent pay cut. He has also streamlined the wage bill by releasing some of the higher paid players (such as Cox, Kiernan, Ridgewell, Kightly) and the total wage bill has been reduced from £2.8million at the beginning of last season and reduced to £2.2m at the end of last season and currently stands at £1.1million this season, which will greatly assist cash flow.
Not concerned about transfer embargo. The transfer embargo limit of 23 is not an issue as they are simply bring in players at the top end, and release them from the bottom end. Therefore there is no immediate gain from having embargo lifted.
Short term contracts were sometimes preferable as opposed to longer contracts for players, who usually through injury have very little game time.
Southend had turned down a £400,000 offer for Charlie Kelman from Spurs and also turned down a proposal for Elvis Bwomono on New Years Eve. Nile Ranger will NOT be returning to the club.
Southend have paid too much in agents fees. However this is seen as being a good investment. By paying the agent more, you build longstanding relationships and you are more likely to get the player you want.
Construction of new stadium will be underway in around nine months from planning approval, with approximately a six year completion time frame for the enabling residential development of the stadium. The stadium itself would take about a year to build with the initial three sides being built first and the fourth stand to be built further down the line.