At a press conference held at Roots Hall this afternoon, Chairman Ron Martin, along with the Board of Directors, announced that Southend United Football Club Ltd (“Southend United”) is commencing a formal process to explore the sale of the Club or bringing on board new investment partners.
Southend United’s parent company has undergone a strategic review as part of a formal process designed to maximise the Club’s widely recognised potential and to enable the Club to fully capitalise upon the significant infrastructure that is being delivered at the new stadium site at Fossetts.
The introduction of a new custodian or investment partners will not be fast-tracked and will follow due diligence with the assistance of the Club’s appointed advisors, American-based sports agency General Sports Worldwide LLC, who have overseen the successful sale and purchase of sporting clubs both in the UK and the USA. Mr Martin and the Board trust their expertise to deliver the Club’s objectives.
Chairman Ron Martin said: “The strength of Southend United lies in the passion of its fanbase, its historical and cultural importance to the city and the value in its relocation to a new state-of-the-art stadium at Fossetts – a project that has never been closer. The £2million new training facility is almost complete and shall be ready for use when the players return from the close season. Completion of the Club’s new training ground represents the first phase of infrastructure, enabling the stadium and residential phases to commence. Tenders for those works, both stadium and residential, have now been received with works programmed to commence later this year.
I, together with our contracted development partners, institutional funders and our partners at the City Council remain committed to delivering, at pace, an outstanding scheme at Fossetts from which Southend United and the wider City will benefit for generations. The new stadium and its commercial income-generating opportunities will provide the infrastructure for the Club to maintain a stable financial footing, enabling the Blues’ to fulfil its long-held potential on the pitch and transform the Club into a profitable enterprise.
I would like to take this opportunity to thank the team here at Southend United for the last 25 years, lead most recently by CEO Tom Lawrence, from the match day staff, welcoming fans at Roots Hall, to the departments you rarely see. Their dedication, support and commitment has been invaluable in contributing to our future. Thank you.”
General Sports Worldwide LLC is acting as the Club’s exclusive agent, led by Andy Appleby in the USA and Jez Moxey across EMEA. DLA Piper International LLP is the appointed legal counsel.
Southend United do not intend to make further announcements regarding the strategic review, unless and until the Board of the Football Club has approved a specific transaction or another course of action requiring a formal announcement.
