Southend winding-up petition adjournment confirmed
Southend United were formed in May 1906
- Published
Southend United have had their latest winding-up petition adjourned for the second and final time to allow the protracted sale of the club to be completed.
The hearing was first adjourned for four weeks in April, with a further six weeks now granted to settle with creditors or face liquidation.
Long-time owner Ron Martin exchanged contracts with a consortium headed by Australian Justin Rees for the sale of the club on 23 December 2023.
At the time, the takeover was expected to go through in early 2024 but, after 144 days, it continues to drag on.
Delays come down to the local council's due diligence over housing contracts relating to Roots Hall, where the consortium wishes Southend to remain, and Fossetts Farm, which Martin had hoped would be the location of a new stadium.
Southend, whose financial issues in recent years have seen them summoned to the High Court numerous times, were issued with their latest winding-up petition in April.