Aussie businessman follows in Ryan Reynolds’ footsteps by buying a struggling British football team to save them from extinction
- An Australian businessman has agreed to buy Southend United
- The struggling English football club is on the brink of liquidation
- Justin Rees hopes to emulate Ryan Reynolds’ impact at Wrexham
A consortium led by Australian businessman Justin Rees has reached an agreement to take over struggling English football club Southend United.
Rees, a former student at the University of Technology Sydney, effectively saves the club from liquidation due to unpaid debts. These amounts are owed to UK tax authorities and others and total at least £1.3 million ($2.5 million).
Tuesday’s deal comes a day before the club is due to appear in the High Court for a winding-up application. It would be their 18th liquidation request since 2009.
With an estimated completion date of early next month for the takeover, Southend may have to apply for another extension of the petition, the fourth, at Wednesday’s hearing.
The purchase of Rees follows that of fourth-tier Swindon in 2021 by Sydney businessman Clem Morfuni, the founder of the Axis plumbing chain.
Australian businessman Justin Rees has agreed a deal to take over Southend United
The Shrimpers are on the brink of liquidation, but are saved by Rees
It is believed that Rees made his fortune in IT. On his LinkedIn page he says he is co-founder of Eighty20 Solutions, in which he has now sold a majority stake. He worked in London as an equity derivatives trader from 2008 to 2011 before returning to Australia to work for Westpac and then Transport for NSW.
He met with members of the club’s staff and also spoke to the local MP.
Southend is a seaside town on the Thames Estuary, about 30 miles (48 km) east of London, known for its pier, which at 1.2 miles (2 km) is the longest in the world.
After having ten points deducted for their unpaid debts, the club currently sits 23rd in the 24-team National League, the last non-regionalized tier of the English football pyramid. Teams are promoted from there to League Two in the EFL, which Southend quit in 2021 after 101 years.
The club, known as The Shrimpers, has been owned by local businessman Ron Martin for 25 years. During that period they reached the second tier and achieved a famous cup victory in 2006 over a Manchester United team that included Wayne Rooney and Cristiano Ronaldo.
The Australian hopes to emulate Hollywood star Ryan Reynolds at Wrexham and transform the Essex club
However, years of underinvestment led to the club sliding out of the EFL and supporters had been protesting against Martin’s ownership for some time.
A club statement said: “We can confirm that an agreement for the sale of the club has been reached with a consortium led by Justin Rees.
“Everyone is working towards a completion date of November 1, 2023, when the consortium will formally take control of the Club.