Southend United ordered to post £1m bond by National League

Southend said in a statement that they were made aware of the bond earlier on Monday.

“We will consider appropriate steps over the forthcoming days to protect the club’s position pending the sale to the COSU (Custodian of Southend United),” they said.

COSU have effectively been running the National League club since the exchange of contracts with long-time owner Ron Martin, and Rees told BBC Essex in May that they had already spent £3.5m, including the provision of new training pitches.

But he also warned that he could not give a “carte blanche guarantee” that the takeover would go ahead because of the delays to completion.

Martin originally put the club up for sale in March 2023 and that summer said he was willing to sell his stake for £1, providing he was paid £4.5m for their Roots Hall stadium.

The delay was caused by Southend-on-Sea Council having to carry out due diligence on Citizen Housing’s plans for Fossetts Farm.

And in a letter published last Friday,, external council leader Daniel Cowan said new heads of terms put forward by Citizen Housing “did not satisfy the criteria” laid out to advance the deal.

“Our terms being only partially met, and at a late hour, means that we need to do further work with external advisers which if it proves to be good will enable us to move closer to developing Heads of Terms ready for new due diligence,” he continued.

“This is a trying time for all involved and we remain in regular dialogue with all interested parties including, COSU, the developers and supporters groups.”