Source: FOOTYMAD
Chairman Ron guarantees 'every single penny of debt either myself or through my companies'
Latest club accounts released up to July 31st 2009 shed some doubt that the Shrimpers could continue, but no worries, Blues chairman Ron Martin will cough up whatever. Martin: 'The losses will be less in 2010 and even less in 2011'The latest accounts, up to July 31 2009, have been filed with Companies House and cover the twelve months where HMRC tried to bring the club down at least a couple of times due to tax debts of more than £2million. From August 2008 to July 2009 Southend United have reported a loss of £2,039,437. This is £386,227 less than the previous year. We now also know there are total debts of £7,793,690, that's an increase of £1.3million on 2007/08.Nigel Brunning, SUFC's financial controller, said in a report in April: "Despite being relegated to League Two, the club is confident it has solid building blocks in place for future success and these will improve the performance of the club in the coming years." By law, an independent audit was carried out by HLB Vantis Audit, who said: "The directors are confident the parent company South Eastern Leisure UK will continue to provide the necessary funds. However, there can be no certainty in these matters, which may cast doubt on the company's ability to continue as a going concern." Thank you Sainsbury's, who coughed up so they can eventually build a mega-market on the Roots Hall ground keeping the club out of the hands of the taxman. Individual club directors have also placed their hands in their pockets and Uncle Ron himself put in £400,000, as well as an additional near-£2million owed to sister companies run by Ron Martin and the board of the 2008/09 debt.The Shrimpers supremo insisted: "The losses will be less in 2010 and even less in 2011. I have guaranteed every single penny of debt either myself or through my companies."Let's hope that remains the case.
