King Lynn Town Owner Stephen Cleeve issue update on their bid to buy Southend United

Stephen Cleeve keen on buying Southend United believe buying the club now is the only way it can be saved.

The National League revealed last night how Blues must post a bond of £1million to prove they can fulfil their fixtures next season unless there is a change of ownership.

And, in a statement issued early this morning, the custodians of Southend United (COSU) have expressed their frustration towards the League. 

The statement said: “COSU is extremely disappointed in the National League’s latest actions, especially the timing and the short lead time to comply.

“At a time when the wider football world is voicing concerns surrounding the future of Southend United Football Club, it’s remarkable that our League is only making the situation more difficult to resolve.”

The group insist the problems are not as bad as things may seem and they will now not wait for the revised Fossetts Farm plans to be agreed before taking control of the club.

The statement added: “To our fans, the situation is not as hopeless as may appear from the outside.

“We are working around the clock with Ron Martin and Southend-On-Sea City Council to find a solution.

“It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks.

“Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and due diligence at Fossetts to continue subsequently.

“This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the Council and Citizen Housing amending their current housing contract.

“To proceed on this basis, amongst other requirements, we need Citizen Housing and the Council to agree a revised heads of terms and commit towards their implementation, including working through any amendments that may be required to address future due diligence issues.

Ron and the Council know what is required and have given us assurances that they are aligned and are working towards delivering that outcome.

“We appreciate that this is a very stressful time for our fans, and no guarantees can yet be given, but we urge Shrimpers to stay united and positive.”