AFTER 12 months of talks with previous chairman Ron Martin, the group headed up by Justin Rees have finally completed their takeover of Southend United.
The Echo understands that although Martin still owns Roots Hall right now, the club have a lease of more than 20 years for £1 and a path to acquire the freehold well within that timeframe.
The consortium’s initial deal was delayed while the council looked to agree terms with Ron and Jack Martin for the revised property plans at Fossetts Farm.
However, the football club was eventually detached from the property side of the project to enable the takeover to happen following additional pressure from the National League.
It is also understand Martin has written off all his debt and will also provide a significant contribution for Roots Hall to be developed.
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