League One crisis club Southend have confirmed that they have turned down the offer of investment from an unnamed consortium.
The Shrimpers have an outstanding tax bill of £690,000 and are facing entering administration, a move which would take them from 10th into the relegation zone.
Reports suggested a local consortium had made an offer to chairman Ron Martin and, while the club have confirmed that, they have also revealed that they have turned it down.
A statement read: "Monday morning the board received an offer through a local solicitor on behalf of a number of unnamed investors.
"The board are always prepared to consider proposals that are in the best interests of the club. After an exchange of correspondence it became clear that such a transaction could not be structured in the time available.
"In any event our information is that the proposed structure would still result in a 10-point deduction.
"The board's advice to the major shareholder was that the resources of the club continue to be focused 100% on the other alternatives already being pursued."
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