Championship - Le Tissier closes on Saints takeover

Eurosport - Sat, 30 May 12:28:00 2009

A consortium backed by Southampton legend Matt Le Tissier agreed a 21-day exclusivity agreement with the club's holding company ahead of a possible takeover that would ease the serious financial worries at St Mary's.

FOOTBALL Southampton fans protest - 0

The Pinnacle consortium paid to secure the arrangement and now have three weeks to work with administrators Begbies Traynor with a view to taking over from Southampton Leisure Holdings, who currently own the South Coast club.

A statement issued by the administrators read: "Mark Fry and David Hudson of Begbies Traynor, the Joint Administrators of Southampton Leisure Holdings Plc, are pleased to announce that they have entered into an exclusivity agreement with the Pinnacle Consortium for the sale of all of the assets of the company, including Southampton Football Club.

"The exclusivity agreement will last for 21 days, during which time we will be working hard with the consortium on the technical aspects required to complete the sale, and we will make a further announcement when it is appropriate to do so."

Southampton fell into financial dire straits after their holding company were heavily hit by the credit crunch and administrators were called in.

This led to staff members working without pay this month, something the current deal will rectify in the short-term at least.

"In order to enter into the exclusivity agreement, the consortium has paid a non-refundable, undisclosed fee, and as a result the club is now in a position to pay its staff wages in full for the month of May," the statement continued.

Fry, who has helped manage the club's finances since their parent company went into administration on April 23, added: "I am extremely pleased to be able to announce this significant development in the sale process of Southampton Leisure Holdings Plc."

PA Sport

Comment 1 - 14 of 14

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  1. The supporters stayed away for a reason, and that was­ to force arrogant lowe out, lets hope he dont come­ back.
    St marys was always near full to capacity until­ it was necessary to do something to get lowe out.
    Lets­ hope we now have a new start and things can only get­ better.

    From barsan.becheley, on Mon 1 Jun 1:10PM

  2. Good Luck Matt - Get rid of all the dead wood that has­ been at Southampton for years slowly eating away at the­ profits and last, but not least, GET RID, ONCE AND FOR­ ALL, of Rupert Lowe and CO. I am willing you on and­ hoping a satifactory conclusion can be reached soon. GO­ FOR IT - ALL TRUE SAINTS FANS ARE BEHIND YOU!! OR­ ANYONE YOU RECOMMEND. You have been a credit to the­ club and a wonderful supporter for as long as you have­ been associated with them.

    From Marion L, on Mon 1 Jun 12:06PM

  3. As a non-portsmouth non-southampton fan, i find it very­ amusing that a saints fan can even begin to think­ pompey have poor fans. Its widely known and accepted­ fact that fratton park is one of the best atmospheres­ in the land. It may not be as big as saint marys, but­ atleast they can fill it. Rain or shine pompey fans­ sing the chimes, but apparently the saints only go­ marching in when the goings good. Have non of your fans­ wondered if you'd ever have been in the situation­ you are in if you actually filled your stadium? Good­ luck to Le tiss and co, he is your brightest star and­ im sure he will do the his best to get you back in the­ championship.

    From Rob, on Mon 1 Jun 11:52AM

  4. watch out pompey the kings of the south are on the way­ back!!! rubbish ground poor fan numberspompey are on­ the fall. the saints will allways have bigger support­ we will be in the premier league passing you onthe way­ down.here we come run run pompey

    From phil.hayward1, on Sun 31 May 3:28PM

  5. When are they going to pay the workers wages for May­ ?

    Wright-Phillips has no handbags to dip into.

    From hugochavezftw, on Sat 30 May 4:41PM

  6. Firstly, to those of you up the road trying to run us­ down! I believe Gaydamek was also the saviour of your­ little club at one point, so don't get too carried­ away with this ARAB!

    As to us losing a­ "mere" 10 points. That is the deduction for­ administration. LUTON, BOURNEMOUTH AND LEEDS were­ REPEAT offenders! Plus Luton were done for tranfer­ irregularities!

    To all the saints fans out there (a­ lot more than the cretins up the road),­ "Ace," excluded. Lets cheer the boys on, 10­ points is a doable job for the play offs! We'll­ have the best keeper by a country mile! So cheers us on­ and soon we'll be back where we belong!

    From d.papas, on Sat 30 May 1:47PM

  7. good luck mat ;) its a breath of fresh air that­ someone has shown such loyalty to a club &­ supporters though out, not just his career, but also­ now! best of luck.

    From naps, on Sat 30 May 12:56PM

  8. sound like the hero shearers return to newcastle and­ they still went down,,,, consortiums might help now but­ it wont help the future the undisclose money is not a­ great amount so i wont bulid my hopes up,,,,saints owe­ a massive dept so if matt and his friends come up with­ the 30million its still a dept with the club then they­ our in div one u will need a full house every home game­ for the next 5 seasons to make the money a big ask ,,,u­ need a buyer like pompey ,,,,,

    From tasdeon, on Sat 30 May 12:31PM
  9. Comment hidden due to its low rating. Show

    If you think Quasi Modo is gonna save you, think again.­ It's scandalous that the scummers have only been­ deducted 10 points next season, when clubs such as­ Bournemouth, Leeds and Luton were hammered. ­ There's only one team in Hampshire. PLAY UP POMPEY

    From steve, on Sat 30 May 9:01AM

  10. I think of all the "greats" that came and­ went,and the truly "greats" that STAYED;­ Terry Paine, Mick Channon and of course Matt! Loyalty­ begats Loyalty - Matt you will get it from us! Greg

    From , on Sat 30 May 4:11AM

  11. well done matt now lets get going and get back to were­ we should be in the premiership

    From R H, on Fri 29 May 10:48PM

  12. Matt will get all the support anybody could ever want,­ he gave his heart and soul when playing for the club­ and will bring back passion, no more fighting, well­ only to get back to the premiership. Good luck

    From Katie, on Fri 29 May 8:39PM

  13. Good Luck Matt. Without you lot down the road football­ wouldn't be half as interesting. PUP.

    From Ace, on Fri 29 May 7:57PM

  14. At last, something positive, I might not have to buy a­ season ticket for Reading after all.

    From Braveheart, on Fri 29 May 6:23PM
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