League One - Swiss tycoon buys Southampton

Eurosport - Wed, 08 Jul 17:03:00 2009

The future of former FA Cup winners Southampton was secured when administrators confirmed the club had been sold to Swiss tycoon Markus Liebherr, a member of one of Europe's top business dynasties.

FOOTBALL Southampton St Marys generic - 0

The amount paid for the ailing south-coast club was not disclosed.

Liebherr, 61, said in a statement on the club's website: "I believe we have a superb opportunity to rebuild this great club.

"Clearly, this will require resources, planning, hard work and patience. We will assemble a strong management team at every level.

"We will act rapidly, but also plan for the long term, because I am here for the long term."

Southampton's previous holding company went into administration in April, resulting in a 10-point penalty imposed under Football League rules.

The penalty comes into effect next season when the 1976 Cup winners play in the third tier of English football for the first time since 1960.

Reuters

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