Southend United agree timely sale of club hours before facing possibility of liquidation
Southend United may well be saved from the brink of extinction after announcing that the sale of the club has been agreed with a consortium of buyers
Southend United have announced a completion date for the sale of the club after an agreement was reached with a consortium of buyers - as they sit on the brink of liquidation.
Australian businessman Justin Rees had led the group that has now agreed to take ownership of the Essex club, who have offered their thanks to Southend City Council. The Shrimpers had been on the brink of going bust with fans leading a protest against current owner Ron Martin earlier in the week.
The National League outfit, who have won five games this season under Kevin Maher after being deducted 10 points, are due to appear in High Court on Wednesday as they face another winding up petition.
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Southend have now said in a statement: "We can confirm that an agreement for the sale of the Club has been reached with a consortium led by Justin Rees. Everyone is working towards a completion date of 1 November 2023, that is when the consortium will formally take control of the Club.
"The collaborative approach to agreeing this deal would not have been possible without the support of creditors and the assistance from the Leader of Southend City Council. We recognise that this has been a stressful time for all associated with the Club. We would like to thank our staff for their incredible loyalty and also thank all our stakeholders for their patience."
The HM Revenue & Customs winding-up petition booked in for Wednesday comes after they were warned that the threat of being put out of business was looming. Martin's 25-year tenure will come to the end to the joy of supporters, six months after he announced that he was looking to sell the club, with the announcement made hours before their clash against Oxford City on Tuesday evening.
Martin had previously stated that he would sell his shares in the club for £1 – but wanted £4.5m for the ground he owns. Their points deduction came after their failed to clear debts that total £2.5million - with an appeal against that decision rejected last week.
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Three interested parties failed in their interest before two bids were rejected by Martin from Rees' group earlier this month. Martin has been keen to move Southend to a new site at Fossett's Farm with the group favouring the idea of retaining and upgrading Roots Hall which has been the home of the club since 1955.
A former member of England's second tier, the Essex outfit were once managed by World Cup winning icon Bobby Moore. Their relegation from the Football League came back in 2021, narrowing missing out on the playoffs last season. A transfer embargo has been on the club for over a year with Maher's job at the club being hailed due to the circumstances.