23-12-2023, 17:28
A consortium headed by Australian Justin Rees is poised to take over Southend United "in early 2024".
The deal had been due to be completed at the beginning of November but was delayed by "legal formalities".
Long-time owner Ron Martin put the club up for sale in March, having been at the helm for 25 years.
"The club is pleased to announce that Ron and the consortium have today exchanged contracts for the sale of Southend United," a statement said.
"The sale is conditional upon Southend Council's approval of certain property transactions that are required to facilitate the club staying at Roots Hall.
"Those terms have been agreed and we expect the club ownership will formally transfer in early 2024."
The consortium, which also includes three lifelong supporters, had previously confirmed that Southend will remain at Roots Hall, their home since 1955.
Martin had favoured a move to a new 21,000-seater stadium at Fossetts Farm - but no work took place at the site, which has now been earmarked for housing.
"Ron and Justin Rees will work together on operational aspects for this interim period prior to formal completion," the statement added.
"During the sale process the club has conducted parallel discussions with the National League and HMRC, and anticipate the transfer embargo being lifted next week.
"We would like to put on record our sincere thanks to the National League for the cooperation they've shown throughout this period."
The deal had been due to be completed at the beginning of November but was delayed by "legal formalities".
Long-time owner Ron Martin put the club up for sale in March, having been at the helm for 25 years.
"The club is pleased to announce that Ron and the consortium have today exchanged contracts for the sale of Southend United," a statement said.
"The sale is conditional upon Southend Council's approval of certain property transactions that are required to facilitate the club staying at Roots Hall.
"Those terms have been agreed and we expect the club ownership will formally transfer in early 2024."
The consortium, which also includes three lifelong supporters, had previously confirmed that Southend will remain at Roots Hall, their home since 1955.
Martin had favoured a move to a new 21,000-seater stadium at Fossetts Farm - but no work took place at the site, which has now been earmarked for housing.
"Ron and Justin Rees will work together on operational aspects for this interim period prior to formal completion," the statement added.
"During the sale process the club has conducted parallel discussions with the National League and HMRC, and anticipate the transfer embargo being lifted next week.
"We would like to put on record our sincere thanks to the National League for the cooperation they've shown throughout this period."
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