Southend's latest court date, to face a loan company over a £140,000 debt, has been adjourned.
The loan company asked for the adjournment to wait for the outcome of the taxman's application to put the club into Administration, with the club due in court on August 2nd to defend itself from accusations that it is 'demonstrably insolvent'.
While Southend chairman Ron Martin has spent the last two weeks on holiday, the Guardian have published an extract from a letter supposedly written by him to HMRC, telling them "If the club goes into liquidation HMRC will get nothing, because its only value is as a football club." He adds, the paper reports, that their Roots Hall ground is now held by a seperate (his) company.
As it stands the club has just seven contracted players, and cannot sign more due to it's current transfer embargo. To lift the embargo, the club would have to clear the tax debt due in court, the outstanding payments for recent months that have been missed, the loan company's £140,000 demand, the PFA's outstanding £150,000 loan, and the other footballing debts that the PFA say are outstanding - at a minimum.
Meanwhile, it is reported that clubs will receive the first installment of the Football League TV money today. The total for League Two clubs for this season is around £450,000.