SOUTHEND United will have revenue stream its competitors “can only dream of” as chairman Ron Martin plans to wipe out all debt before the club moves.

Parent companies, Martin Dawn PLC and South Eastern Leisure Ltd, have loaned the club £17 million in the past.

This week as part of the club’s audit, Martin Dawn PLC agreed to forgive the club of its £6.87 million debt. The day Southend United moves, the £10million due to South Eastern Leisure will be written off.

Mr Martin said: “I announced at the AGM in May and reiterated at a fans forum in November the importance of the club being debt free when it moves to the new stadium.

“Apart from the unquestionable need for a new home this move also provides an opportunity for the club to become sustainable and more financially independent. The club will have revenue streams that its competitors can only dream of and making it well placed to compete, and maintain a position, in the upper echelons of the Football League. The new stadium will also be debt free, together providing a new era for us to survive and thrive.”