Vital Football

Latest Southampton FC News

Administrators Q&A

Administrators Q&A

The following article has been taken from www.saintsfc.co.uk

In his first interview, newly appointed Joint Administrator Mark Fry of Begbies Traynor answers the key questions about today's events.

Can you give more detail on what is happening?

On Thursday 2 April, Southampton Leisure Holdings PLC, the holding company which owns Southampton FC, was placed into Administration because it is insolvent and is no longer able to pay its debts.

Can you explain the relationship between Southampton Leisure Holdings PLC and the football team?

Southampton Leisure Holdings PLC owns 100% of the football club.

What exactly does placed into administration mean?

Administration is a process to protect the assets of the Company and the administrator is appointed to ensure the best outcome for the business and its creditors.

Why did this not happen earlier in the season?

The decision to put the business into administration was taken now because it was clear that the business was insolvent. This wasn't the case earlier in the season.

So what exactly will Begbies Traynor be doing?

The Begbies Traynor team, who have assumed control of the holding company, will be working with the directors to secure the future of the business. Our strategy will be to find a buyer for the Company.

What is the status of Southampton Football Club Limited?

The club continues to trade under the control of its directors.

Can you give a bit more background on Begbies Traynor? What is their experience with football clubs?

Begbies Traynor is the UK's leading business recovery and restructuring specialist and has worked with several football clubs in the past including Bournemouth FC most recently.

How long will this process take?

We have to find a buyer before the end of the season because there is not sufficient cash in the football club to support its ongoing trading beyond that time.

What happens if you are unable to re-finance or find a buyer for the club?

If the administrator is unsuccesful it is likely that the football club will enter an insolvency process which is likely to effectively mean that the club will cease to operate. Clearly this is an outcome that all parties will want to avoid.

Has anyone shown interest in the club yet?

We have only just been appointed so it is too early to comment. Rest assured that we will be working tirelessly to find a buyer.

What do you think the chances for success are?

As fans know, Southampton is an excellent club with a great stadium, and a promising youth academy. We will be working tirelessly to find a solution and believe that with support from the fans that a succesful outcome is possible. Fans should be aware however there that we live in very difficult economic times and there is no guarantee of success.

What has happened to the Board?

Aside from David Jones, the finance director, the rest of the Board has resigned.

How will the business be managed following the Board's resignation?

The administrator will run the business of the PLC and the Board of the football club will run the football club. It will be necessary that all companies within the group to work together to achieve a successful outcome.

What sanctions is the FA imposing on the club now that the holding company has gone into administration?

The matter is being addressed with the Football League but it is too early to say what the outcome will be. The key issue is to ensure that the club survives and this is one aspect of that process.

What will happen to season ticket sales?

Season tickets will only go on sale when the future of the club is guaranteed.

Are you worried that this will affect the team?

We understand that there will be uncertainty but we are going to do everything possible to ensure that the manager and the squad can concentrate solely on performance on the field and ensuring the club's Championship status.

What can I do to help?

Fans are urged to turn up and support the team for the last three home games, as not only will this help the short term cash flow of the business, but it will demonstrate to any potential investor the passion, level of support and the importance of the team as an asset to the community.



For the very latest Championship odds

Free £15 bet when you spend £5 on The New Football Pools




Click here to join in the debate on the club forum.

Writer:Daniel Bailey
Date:Thursday April 2 2009
Time: 6:40PM

Comments

0
It's good to hear the administrators speaking out to explain the situation. I have everything crossed that there is someone out there willing to dig deep and get the club out of this mess.
Bailey11
02/04/2009 18:49:00
0
It's good to hear the administrators speaking out to explain the situation. I have everything crossed that there is someone out there willing to dig deep and get the club out of this mess.
Bailey11
02/04/2009 18:49:00
0
The same administors that screwed Bournemouth right up!!
timcharlton
03/04/2009 13:41:00
0
The same administors that screwed Bournemouth right up!!
timcharlton
03/04/2009 13:41:00
Page 1/1
  1. 1

Login to post a comment

Recent Southampton Articles

Puel Looking To Reward Southampton Fans

Manager Claude Puel has said he's hoping to see Southampton reward the fans when we face Manchester United at Wembley in the League Cup Final on Sunday.

Forster Relishing Manchester United Final

Goalkeeper Fraser Forster knows Wembley Stadium pretty well from his England exploits but he knows this weekend's visit to face Manchester United in the League Cup...

Vital Preview - Manchester United v Southampton

The 2016-17 League Cup season concludes with the final on Sunday, which will see Manchester United and Southampton battling for the trophy.

The Saints Walking Wounded - Injury Table

Our weekly update looking at the injury table for Southampton FC and also comparing with all our competitors in the Premier League.

Archived Vital Saints Articles

Vital Saints articles from

Site Journalists

SFC Forever
no email
Profile
Vital Saint
Editor email
Profile
Matt Gardner
no email
Profile

Current Poll (see more polls)

League Cup - Manchester United v Southampton
Suggested By:
Southampton win60%
Manchester United win30%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
1 Chelsea 26 20 3 3 63 36
2 Man City 25 16 4 5 52 22
3 Spurs 25 14 8 3 50 28
4 Arsenal 25 15 5 5 50 26
5 Liverpool 25 14 7 4 49 24
6 Man Utd 25 13 9 3 48 17
7 Everton 26 12 8 6 44 15
8 WBA 26 11 7 8 40 4
9 West Ham 26 9 6 11 33 -9
10 Stoke 25 8 8 9 32 -6
11 Burnley 26 9 4 13 31 -9
12 Watford 26 8 7 11 31 -13
13 Southampton 25 8 6 11 30 -3
14 AFC Bournemouth 26 7 5 14 26 -15
15 Swansea 26 7 3 16 24 -25
16 Middlesbrough 26 4 10 12 22 -9
17 Crystal Palace 26 6 4 16 22 -13
18 Leicester City 25 5 6 14 21 -19
19 Hull City 26 5 6 15 21 -27
20 Sunderland 26 5 4 17 19 -24
Write for Vital Football
Latest F1 News
Latest Vital Boxing News
The Vital Football Members League

Recent Southampton Results (view all)

Southampton Fixtures (view all)

Feb 26 2017 4:30PM : Manchester United (a)
Capital One Cup
Mar 4 2017 3:00PM : Watford (a)
Barclays Premier League
Mar 12 2017 1:30PM : Manchester United (H)
Barclays Premier League
Mar 19 2017 2:15PM : Tottenham Hotspur (a)
Barclays Premier League
Apr 1 2017 3:00PM : AFC Bournemouth (H)
Barclays Premier League
Apr 5 2017 7:45PM : Crystal Palace (H)
Barclays Premier League
Vital Football Comment