Southend United: Ron Martin willing to accept £1 for shareholding and £4.5m for ground
- Published
Southend United were relegated out of the English Football League in 2021
Southend United owner Ron Martin says he is willing to sell his stake in the National League club for £1.
Takeover talks have been ongoing since May but the club's future remains in doubt because of a winding-up petition.
Supporters carrying banners protested outside Martin's home at the weekend - they fear the club could fold.
In a statement on the club website, he set out the "principal terms" for a sale, which also include payment of £4.5m for their Roots Hall ground.
"It may not be the legacy I wished for the club, but the club's survival is of most importance," the statement said., external
The terms include that the parent company will sell its 70.6% shareholding for £1.
Payments for the ground - which Martin says was also bought for £4.5m 25 years ago - can be spread over three years, with no rent payable during that period.
The club say they need £1m "in the short term" to secure the settling of the latest HM Revenue & Customs winding-up petition and lifting of a transfer embargo.
Other debts total £1.5m but Martin is willing for these to be paid "over a period of time".
The statement added: "There has been much misinformation and many inaccurate rumours. I hope this statement clears that up."
Martin has owned the Shrimpers for 25 years but announced in March that he was putting the club up for sale.
He wanted the club to relocate from their Roots Hall home, redevelop the site for housing and move to a new stadium at Fossetts Farm - but work at the site is yet to begin.
Southend have faced a number of winding-up petitions in recent years and the latest was issued in May.
The case was adjourned for 42 days on 12 July to allow more time for a sale of the club to be completed.
The Shrimpers are due to start the new National League season at home to Oldham on 5 August.
Saturday's friendly against Billericay was, though, cancelled because of "injuries to contracted players".