THE consortium attempting to take charge of Southend United have issued a statement after the club were placed in an unexpected transfer embargo.

Blues have been banned from making new signings following up a winding up petition issued by Stewarts Law.

And the the consortium have now sent the Echo a statement explaining their next move.

It said: "Despite well publicised delays to the takeover's formal completion, the consortium has been working hard with SUFC staff to ensure that the club operates as normally as possible in the interim period.

"The announcement to place the club under a transfer embargo was unexpected, and we are now seeking to resolve it as a priority.

"We feel it’s important to stress that the current winding up petition relates to historical debts that were incurred prior to the consortium’s involvement with the club.

"It remains the plan to resolve these debts once the takeover is complete.

"With this in mind, we reiterate the need for Southend Council to complete their diligence process as soon as possible so that all stakeholders understand where we stand well in advance of the next scheduled hearing.

"We appreciate how unsettling this is for everyone associated with the club and would like to reassure fans of our commitment to resolving it promptly and returning everyone's focus to preparing for the new season."