Southend Council's leader has given an update on the progress of the Fossetts Farm project today - revealing the developer is modelling a new proposal.

This comes after the consortium issued a statement today, revealing the three things that must happen for them to complete their takeover of Southend United, including reaching payment agreements with the creditors on the winding up petition which is set for a hearing on June 26.

Daniel Cowan, councillor for St Laurence and leader of the council, has said that as due diligence progressed since May 21, details have emerged that "put the proposals in a completely new context".

He added changes made including increasing the number of flats in zone A and reducing the affordable housing rate "augmented the risk to the council exponentially and created significant exposure".

Mr Cowan continued: “The deal agreed in 2020 that included a new stadium was already on the brink of viability and the specifications revised by the last administration made this a non-starter, as due diligence has shown and it was unlikely to achieve planning permission owing to the green belt element of the site.

“When it became abundantly clear that this was unlikely to be resolved or that market conditions would improve sufficiently to reduce our risk to a tolerable level, I immediately moved to a new proposal that the developer is modelling and we hope to review soon.

“I have been clear from the start that my number one priority as leader of the council is to protect public finances and safeguard the council from judicial review. This is also the best way to support the club as financial viability and the ability to secure planning permission is vital to the deal and for the club's future.

“This administration remains committed to meeting the requirements COSU has set out. We are committed to agreeing new terms on a proposal that can actually be delivered and I will ensure that we have a realistic and deliverable timeline for the next stages.

“COSU's third requirement is a matter for the Martins and COSU but I am in full support of this demand.

“We will be working hard to revise the proposals and to put something forward that: is financially viable; does not put public money at undue risk; can make it through planning; gives COSU and the club the confidence they need to start preparing for next season.

“I will provide another update as soon as I can.”