The group, headed by Australian businessman Justin Rees, have kept the club afloat in recent months with funding, and admit completing the takeover while issues remain unresolved is the only way to ensure that liquidation is avoided.
“It is clear that a revised Fossetts Farm Housing contract cannot be completed for several more weeks,” COSU said.
“Therefore, in our mind, the only option available to save the club is to complete the takeover now, and allow the housing negotiations and due diligence at Fossetts to continue subsequently.
“This adds significant risk to COSU as our plans to remain at Roots Hall and regenerate the site are fully dependent on the council and Citizen Housing amending their current housing contract.”
The group, who say they can offer “no guarantees” about the takeover, acknowledge that delays and the looming High Court hearing makes for “a very stressful time” for fans.
“But we urge Shrimpers to stay united and positive,” COSU’s statement concluded.
The supporters’ group responded by saying that, like many in Southend-on-Sea, they “are tired” of the “false dawns” surrounding Martin’s sale of the club.
“As the situation around Southend United becomes more complex, it gets harder to find the clarity needed to digest, process and reiterate that this wonderful football club stretches beyond lease agreements, debt and turmoil,” the Shrimpers Trust said., external
“We have to remind ourselves of its history and the memories we cherish, because the present is traumatic.”
The Shrimpers Trust have encouraged Martin to resolve outstanding issues around property developments to complete the sale of the club, urging him to “take this deal or lose everything”.