The owners of Southend United Football Club say they expect to write off funds owed to them by the side’s former owner.
Ron Martin, who owned the club between 1998 and 2024, was made bankrupt following a hearing at the Chief Insolvency and Companies Court on Tuesday.
A consortium, Custodians of Southend United (Cosu), completed a lengthy takeover of the National League side in May 2024, after it came close to extinction.
Cosu said the outcome of Martin’s insolvency hearing was “expected to result in a significant balance-sheet write-off” concerning money paid to keep the club running before the takeover.