Confirmation of the exchange of contracts was made moments before Southend's 2-1 victory at Kidderminster Harriers.
It was news that had been in the pipeline for many months with Shrimpers fans urging Ron Martin to sell the club. Led by Justin Rees, the Australian is reported to be joined by a number of other businessmen who are linked to the Essex-based club.
The Shrimpers were given a ten-point deduction in September after failing to clear HMRC debt which puts them in 15th place in the Vanarama National League.
Kevin Maher has worked wonders with a squad that has been under a transfer embargo since September 2022 and often has only a few substitutes to pick from.
The National League have granted a few new additions and following the consortium's statement on Saturday, the embargo has been lifted so Maher can bring in some much-needed reinforcements.
Multiple on-field and off-field issues need addressing if Southend are to make a return to the Football League shortly but what are the key areas that need looking at?
New contracts
One of the consortium's main tasks will be trying to tie the current squad down to new deals.
Before Saturday's 2-1 defeat to Barnet, Maher, his assistant Darren Currie and first-team coach Mark Bentley all signed new long-term deals at Roots Hall.
This was compulsory with Maher being considered for roles at Football League sides, such as Gillingham earlier on in the season following the departure of Neil Harris.
It isn't just the management team that needs to remain at Southend longer. A number of the players are on non-contract terms so they can be poached by other clubs as they are not on full-time deals.
One of these players is attacking wing-back Jack Bridge who has remained loyal to the Shrimpers despite interest from elsewhere. He was one of their main creative outlets last term as they narrowly missed out on the play-offs.
Also on non-contract terms is captain Nathan Ralph who has remained an ever-present in recent seasons.
Several other players have remained at Southend through thick and thin who could ply their trade higher up the football pyramid.
Ollie Kensdale, Harry Cardwell and Noor Husin are to name just three that have made influential impacts since their arrivals.
Recruitment
After 461 days, Southend's transfer embargo was lifted on Thursday meaning they can bring in new recruits.
The squad has struggled with the National League schedule at times but have battled through and they can reap the benefits as Maher looks at how he can strengthen his squad.
As Maher has said in recent interviews, he will not be rushed in to making new additions and wants to trust in players who have remained excellent servants during tricky times.
The Shrimpers have been linked with new additions recently and it is believed a move will be made for a National League South midfielder, thought to be Weston-super-Mare's James Morton.
The 24-year-old midfielder has made 20 appearances for the Seagulls and has been likened to a 'Rolls Royce'. Having previously been at Bristol City, Forest Green Rovers and Grimsby Town, Morton has also been tipped for a return to the EFL.
Rushall Olympic striker Danny Waldron is another player who could be making the move to Southend. He is shining in a struggling Pics side and has scored 14 and registered three assists in 22 National League North appearances this season.
The ex-Leamington forward netted 29 goals for Avlechurch last season which included a brace in their 2-1 victory over Cheltenham Town in the Emirates FA Cup First Round. Waldron seems like the ideal player to compete for Cardwell's starting striker spot.
Numerous other players such as King's Lynn Town's Adam Crowther, Luke Jenkins of Chelmsford City and Irishman Alfie Lewis at Dundalk have additionally been touted for a move to the Shrimpers.
Stadium
The third and final area the consortium needs to address is the stadium.
Roots Hall has been the home of Southend since 1955 and it needs some repairing. There have been plans for the construction of a new stadium on the Fossets Farm site but no notable developments have been made since the plans emerged in 1998.
However, despite a lot of discussion, the stadium at Fossets Farm hasn't come to fruition and it looks like Southend will remain at Roots Hall.
The East Stand was built in 1955 and in the 90s, hundreds of seats were bought from Manchester United that were used in the Stretford End. Chief Executive Officer Tom Lawrence confirmed the redevelopment of Roots Hall could see the East Stand demolished.
Perhaps a long-term goal, but Roots Hall needs modernising.
