Matt Le Tissier's bid to become Southampton chairman is over with the south-coast club now days from going out of business.
Saints legend Le Tissier, the hero of many a relegation battle as a player, will not be the club's saviour off the field after the Pinnacle consortium he was backing pulled out of the running to take control.
Administrator Mark Fry is now thought to be left with two potential buyers - but said last week he would have to consider starting to wind up the club by Friday.
Le Tissier revealed the takeover had been scuppered due to an impasse with the Football League over the 10-point penalty imposed after the club's holding company went into administration.
In a statement, the former midfielder, 40, said: "It is with great regret and frustration due to ongoing issues with the Football League that I, and in turn those behind the Pinnacle consortium, decided to withdraw our interest in purchasing Southampton Football Club.
"With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover.
"I would like to thank (Pinnacle boss) Tony Lynam for all his hard work and the others who have gone above and beyond the call of duty for Southampton Football Club.
"I hope beyond hope that Mark Fry can find a buyer for the club.
"We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and them coming to light so late in the day has resulted in our backers' decision not to proceed under the terms on offer."
Comment 1 - 5 of 5
Should of just taken the points, its a joke really...thanks for nothing Matt!
The F A couldn't give s**t for Southampton F C
surely they could have come to a compromise of sorts but
the "Old Men" who think they can run football are behind the times and it is time for youger blood at the F A. Sorry for all Saints fans you have been treated badly.
Sorry but this sounds pathetic Mr Le Tissier! Not saving a club from administration due to possibly having 10 points docked!? It's the LONG term future at steak, not just next season! If you'd just gone ahead, then recruited Keegan as reported, then 10 points would seem a somewhat minor issue.
What was the worst that could have happened, League 2? Now they could end up slipping out of the leauge altogether...
Good old FA, as usual the old farts who know F**k all about football are in the process killing off yet another long standing club. Le Tiss and the Pinnacle team were local, they cared passionately about their team and were prepared to risk their cash for the love of the club. Ah well, looks like Saints fans will be heading for Reading, Bournemouth or Brighton next season. Well done FA !!!!!
Bye bye Scummers, Scummers bye bye......
When the going got tough 'Le God' got out. Typical.
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