Southend placed under new transfer embargo
Southend United were formed in May 1906
- Published
Southend United have been placed under a fresh transfer embargo as the club's takeover saga drags on.
The National League website said the embargo had been imposed for "non-compliance with financial regulations".
The Shrimpers were previously under a transfer embargo for 15 months until it was lifted in December.
It meant that manager Kevin Maher was unable to recruit new players for half of the season, in which they finished ninth.
The club has been dogged by financial problems for several years but chairman Ron Martin exchanged contracts last December for a takeover by a consortium headed by Australian businessman Justin Rees.
Despite that, the buy-out has not been concluded because of an ongoing local council due-diligence exercise over housing contracts, involving Southend's Roots Hall stadium.
A winding-up petition, lodged by legal firm Stewarts Law LLP, was adjourned for six weeks on Wednesday to allow the takeover to be completed.
The judge made it clear that it would be the final adjournment before the club faces liquidation.
Stewarts Law said in a statement earlier this week: "We understand that this further adjournment will provide sufficient time to secure completion of the sale of the club, enabling it to swiftly clear its historical debts and return to solvency."
Analysis - 'Supporters will need assurances'
BBC Esssx's Glenn Speller
This development will relate to a winding-up petition issued by a firm of solicitors who represented the club which has not been settled and was adjourned this week pending the protracted takeover being completed.
There are positive noises coming from the prospective new owners but the fact is they still do not own the club and, the longer that goes on, the more obstacles could be in the way of manager Kevin Maher building a promotion-challenging squad.
However, supporters need assurances they will have a club by 10 August before even beginning to think about on-field issues.