SOUTHEND United chairman Ron Martin has revealed he will sell his entire shareholding at the Shrimpers for just £1 - but it will cost £4.5million to buy Roots Hall.

Martin remains in talks to sell the club who are facing a stern fight to survive on and off the pitch this summer.

And the Blues owner has now made public what it would take for him to walk away.

In a club statement, he confirmed: “In view of the speculation surrounding the sale, and future of the club, I agreed when talking with supporters on Saturday to set down the principal terms we could accept.

“It may not be the legacy I wished for the club, but the club’s survival is of most importance.

“The interested parties have shared the view for a simple deal.

“The parent company will sell its entire shareholding in SUFC (70.6 per cent) for £1.

“Roots Hall stadium £4.5million. This was the purchase price paid 25 years ago.

“We could agree to spread the purchase price of Roots Hall over three years with no rent payable in between.

“I am happy to sell the new training ground at cost.”

Martin also confirmed that payment to “fund the club’s debt” would not immediately be required.

But he did admit money must be made available elsewhere in the short term.

He added: “The club assesses the cash required in the short term, including settling HMRC (releasing the embargo), to be about £1million.

“The balance of debts (around £1.5million) can be spread over a period of time, as we have with many of our creditors.

“There has been much misinformation and many inaccurate rumours.

“I hope this statement clears that up.”

Angry Blues fans spent 14 hours protesting outside Ron Martin’s house on Saturday as they continue to demand he sells the club.

Staff at the Shrimpers have now gone three months without being paid while Kevin Maher currently has just 14 contracted players in his squad.