Writer: Daniel Bailey
Date:Thursday April 2 2009
Administrators have warned that there is a real danger that there will be no Southampton FC by the end of the season, unless a buyer can be found before then.
Southampton Leisure Holdings PLC, parent company of the Championship strugglers, have been placed into administration with debts rumoured to be in the region of £30million.
Restructuring specialists Begbies Traynor have been placed in charge after chairman Rupert Lowe, club chairman Michael Wilde and director Andrew Cowen resigned.
Speaking at a St Mary's press conference, joint-administrator Mark Fry admitted that the Saints are in desperate need of new investment if the club are to survive.
"If we don't find a buyer for the club there is a very, very high probability that it will not last until the end of the season. Realistically it will mean the end of the football club," said Fry.
"It's a very different economic climate from two years ago and football clubs have fallen as hard as anything. It's a difficult task, but we will search very hard for a buyer.
"And I would say that anyone looking to buy the club will find it a lot cheaper than it would have been two years ago."
Controversial former chairman Lowe is, according to Fry, unlikely to be among any potential buyers.
"We would welcome an approach from anybody, but as far as I am informed Rupert Lowe has not shown an interest," he added.
"We are urging the fans to show up and support the team for the last three home games to help the cash-flow of the business and also demonstrate to potential investors the level of the fanbase."
By placing their parent company into administration, however, Saints appear to have at least avoided a 10-point deduction from the Football League.
The League will discuss the matter at a scheduled meeting on Tuesday, but as things stand they cannot apply the standard sanction because the club are not in administration.
"We are in dialogue with the Football League and we don't think the club should be affected," said Fry.
"We don't think the rules apply to this, but we will find out in due course."
Date:Thursday April 2 2009
Stats: Southampton v Stoke (Saturday October 25 2014)
Krueger - A Special Day We Will Remember (Wednesday October 22 2014)
One Game At A Time, But We're Aiming For Better (Wednesday October 22 2014)
A Look Back to A Saintly Beginning (Monday October 20 2014)
Players Respond To Sunderland Win (Sunday October 19 2014)
Koeman - EIGHT Nil Is Not Normal (Sunday October 19 2014)
Stats: Southampton v Sunderland (Saturday October 18 2014)
Koeman & Pelle Bag The Awards (Friday October 17 2014)
Davis Extends Southampton Deal (Friday October 17 2014)
Koeman - Holland Will Have To Wait (Thursday October 16 2014)
|3. Man City||9||5||2||2||+9||17|
|4. West Ham||9||5||1||3||+5||16|
|7. Man Utd||8||3||3||2||+3||12|
|Monk: We'll Work On Our Decision Making
» Swansea : 25/10/2014 22:43:00
|Report - Swansea City 2-0 Leicester City
» Swansea : 25/10/2014 22:15:00
|Much More To Come
» Man Utd : 25/10/2014 22:00:00
|Pick Of The Bunch!
» West Ham : 25/10/2014 20:32:00
|Warnock Fumes Following Speroni Assault
» Crystal Palace : 25/10/2014 20:13:00