The eagerly expected takeover of Southend United might be finalised by Monday, according to a council leader.
Negotiations are underway to finalise the sale between the football club’s existing owner and potential buyers, according to Southend-on-Sea City Council chairman Daniel Cowan.
Custodians of Southend United (COSU), the group bidding to purchase the Blues, has declared its intention to separate the sale from a housing development at Fossetts Farm, where longtime owner Ron Martin had originally intended to move the team.
The Australian businessman Justin Rees, who leads COSU, stated in a recent statement that it is evident the housing deal will not be finalised for a few more weeks.
According to Mr. Cowan, a revised heads of terms—a conceptual agreement between two parties—had been drafted for the development and will now be submitted to due diligence, the legal phrase for an exhaustive evaluation.
The proposals for the Fossetts Farm site are now in a “much healthier space,” he said in an interview with BBC Essex, but the due diligence will be a “long process.”
Due to the uncertainties surrounding Southend’s financial status, the National League has mandated that the club provide a £1 million bond.
It is understood that demand would be lifted should the takeover of the club be completed. On Wednesday at the High Court, a winding up petition that had been hanging over the club was finally dismissed. Fans worried about the future of the club have said the on-going takeover saga has been agonising.
