The consortium, which calls itself Custodians of Southend United (COSU), issued a statement to say they feel the property deal has now collapsed.

“Signing the amended property contract remains the last condition for the completion of the club’s sale and COSU cannot see a path forward without it,” the consortium said.

“Last Friday, it became apparent that the council did not wish to progress with the property deal along the terms previously agreed with the Martins. As a result, there has been a round of renegotiation this week with both sides assuring us they intend to find a compromise.

“COSU is not directly involved in these negotiations though we continue to stress the urgency of the situation to all.

“Even if a compromise is reached, it seems certain that the revised property contract will not be signed prior to the 26 June winding up hearing for the club in the High Court.”

Newly-elected leader of Southend-on-Sea City Council Daniel Cowan, who has been in the position since 21 May, said he welcomed the consortium’s critical statement and thanked them “for their candour and patience”.

He was also critical of the council’s previous administration and added elements of the proposal as previously negotiated and assurances given “fell outside of normal practice and were simply not achievable”.

The consortium has now made three demands if they are to continue to fund the club, their attempt to complete the takeover and to satisfy creditors ahead of the court date.

Council leader Cowan said the “administration remains committed to meeting the requirements” set out by the prospective buyers.

With those demands, the consortium say they still want to “hit the ground running” if a the takeover can be done.

“COSU wants to assure Southend fans that we are doing as much as possible to prepare for the new season in parallel so that if the deal does complete,” they added.