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Southend in trouble

Sad to see Southend in such a state at the moment.

They face a huge 24 hours as unless a £660k tax bill is not settled tomorrow, they will face a winding-up order. They are currently under a transfer embargo, are short of players and have been unable to extend the loan of George Friend from Wolves due to the outstanding tax bill. I understand their bench on Saturday was made up with a couple of 16yr olds.

All seems a bit of a mess, and a shame to see a club i’ve always looked favourably on in trouble. Hope they can get it all sorted.
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Comments

  • Yes, makes the overpaid tossers spoken about in the other thread even more unpalatable.
  • Yes, a real shame.

    So many clubs in a financial mess and close to the edge.

    Just hope the recent re-investment means that we are not one of them.


    I do fear a domino effect that once one club goes under creditors at other clubs will panic and more clubs will follow.
  • Agree with that, Henry.

    On a brighter note, perhaps we could help them out by taking Lee Barnard on loan......
  • The Prem clubs are due to get another windfall from TV soon according to last Sundays papers. Wouldnt it be a tiny gesture if all those clubs put 10% of that into an "emergency fund" for the small clubs ? hold on tho ----------------------------------------- windy here pig flying past window.
  • [cite]Posted By: Goonerhater[/cite]The Prem clubs are due to get another windfall from TV soon according to last Sundays papers. Wouldnt it be a tiny gesture if all those clubs put 10% of that into an "emergency fund" for the small clubs ? hold on tho
    windy here pig flying past window.

    Good point GH
  • [cite]Posted By: Goonerhater[/cite]The Prem clubs are due to get another windfall from TV soon according to last Sundays papers. Wouldnt it be a tiny gesture if all those clubs put 10% of that into an "emergency fund" for the small clubs ? hold on tho
    windy here pig flying past window.

    Great idea GH ... but I can see the flying pig as well.
  • edited October 2009
    Alarmed at the suggestion of a domino effect. Do you think that's a real prospect?

    And it's always the bloody tax man, isn't it? It was the Inland Revenue which got the winding up order against us in the High Court in 1984 and it's the Inland Revenue again giving Southend a 24 hour ultimatum.

    Was it Dr Johnson who said the only two things that were inevitable in life were taxes and death? Let's hope the former is not followed by the latter at Southend...
  • If your company is owed £100k by, for sake of example, Gillingham and you see Southend being wound up and a similar debt going unpaid how would you re-act?

    Shug shoulders or start chasing and maybe even issue your own winding up order in order to try and get your money?

    I imagine that many small companies are already asking for COD from football clubs.
  • Always liked Southend since the Barry Fry circus rolled up there. Got a lot out of some of our exes - Otto and Lee spring to mind.

    Town's full of slags too.
  • Sits back and awaits Southend Addick's response : - )
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  • Might mean the vultures start to circle, Barnard anyone?
  • [cite]Posted By: Goonerhater[/cite]The Prem clubs are due to get another windfall from TV soon according to last Sundays papers. Wouldnt it be a tiny gesture if all those clubs put 10% of that into an "emergency fund" for the small clubs ? hold on tho
    windy here pig flying past window.

    Would this not encourage clubs that have overstepped themselves to rely on handouts from the more successful? Football should be run like any other business. If anyone ever implemented like this who do you think would suffer? In the minds of all the idealists I imagine it's the fat-cat players and directors would take a pay cut and transfer fees would fall, but the truth is they'll cut back on the easier things, such as community tickets, spend on academies etc. Meanwhile the lower leagues would turn into a free for all with everyone desperate to spunk their cash up the wall quickest so they could get their claws into the emergency parachute pot.
  • ''If your company is owed £100k by, for sake of example, Gillingham ...''

    ...you obviously didn't check out Scally's track record properly before doing business with him !!! ;o)
  • "taxes and death"

    Several famous authors have uttered lines to this effect. The first was Daniel Defoe, in The Political History of the Devil, 1726:

    "Things as certain as death and taxes, can be more firmly believed."

    Benjamin Franklin (1706-90) used

    "'In this world nothing can be said to be certain, except death and taxes."

    Margaret Mitchell's line from her book Gone With the Wind, 1936:

    "Death, taxes and childbirth! There's never any convenient time for any of them."

    Childbirth can play havoc with match attendance but the others less so.
  • Alarmed at the suggestion of a domino effect. Do you think that's a real prospect?

    Unfortunately I believe it is, an issue that I blogged many months ago .... and I am sure that this situation is being replicated all around the country. I am willing to bet that season 2010/2011 will see us without 2 or 3 existing clubs somewhere in the League
  • [cite]Posted By: nigel w[/cite]''If your company is owed £100k by, for sake of example, Gillingham ...''

    ...you obviously didn't check out Scally's track record properly before doing business with him !!! ;o)

    I said "your" company".

    "My" company would 1. Never do business with Scally 2. Wouldn't have that level of exposure to any client (chance would be a fine thing!) : - )
  • Yes, Henry. Quiet right... I meant anyone's company, not specifically ''yours'' as in ''you'' (which surely has to be one of the most inelegant sentences I or anyone has ever written on here, but you know what I mean!!!)

    Do they still owe us over Josh Wright, btw?
  • Very sad but inevitable in the current climate.

    It is amazing though that its always the Tax being the last to be paid!

    Off topic (a little) my brother did a number of deals lending money to premiership/div 1 clubs this year to finance player purchases based on ST sales and TV income.

    quite frightning the scale of potential problems some clubs are storing up for themselves.
  • For the ghoulish amongst you Southend dropping out mid season would cost among others

    Huddersfield, Leeds and Millwall 1 point each

    Swindon, MK Dons and Southampton 3 points each
  • who does your brother work for?
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  • [cite]Posted By: Henry Irving[/cite]For the ghoulish amongst you Southend dropping out mid season would cost among others

    Huddersfield, Leeds and Millwall 1 point each

    Swindon, MK Dons and Southampton 3 points each

    Yehh, we are top!
  • I have said it before, and I'll say it again.

    How can a club be closed down because £664K debt when Man Utd are £560 million in debt? Its not because of the ground, etc. as Southend could sell the ground and raise the money.

    Its unfair and totally bias towards bigger clubs.

    Surely if the tax man wants to make a point, do it against a club with bigger debt and more to lose. Who would take notice if Southend went bust? Not many. Who would take notice if a big prem club went bust?? Everybody!
  • I think the difference is Kev is that the bigger clubs are not in debt to suppliers etc - they just have incredibly massive loans leant against the revenue they can (potentially) bring in.

    Big difference.
  • We should send Gillingham a stat demand for the Josj Wright money and put them out of business at the same time!
  • Man Utd can service their debt, very comfortably. All big business has debt.
  • [cite]Posted By: WSS[/cite]I think the difference is Kev is that the bigger clubs are not in debt to suppliers etc - they just have incredibly massive loans leant against the revenue they can (potentially) bring in.

    Big difference.

    What WSS said and the big clubs pay their tax bills.

    The Man Utd debt is to the Glazers. Man Utd are effectively buying themselves.
  • It's like asking why someone can get a £80,000k flat re-posessed while someone else has a mortgage on a £2M mansion. If the people with the mansion are keeping up repayments then they'll be OK.

    If there's anyone that you're going to pay first: make it the tax man.
  • [cite]Posted By: cafckev[/cite]I have said it before, and I'll say it again.

    How can a club be closed down because £664K debt when Man Utd are £560 million in debt? Its not because of the ground, etc. as Southend could sell the ground and raise the money.

    Its unfair and totally bias towards bigger clubs.

    Surely if the tax man wants to make a point, do it against a club with bigger debt and more to lose. Who would take notice if Southend went bust? Not many. Who would take notice if a big prem club went bust?? Everybody!

    kev...where did you get the info re the amount of debt at Man Utd....is this just figure juggling for effect or factual??
    I doubt the reality is anything like that.
  • This is a shame and I feel for the Sarfend fans.

    As has been said - there could be a lot more clubs in the same situation before this recession is out - and there but for the grace of God....
  • Man Utd's debt is more like £700m.
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