Pinnacle pull out of Saints deal
The Pinnacle group fronted by Matthew Le Tissier have pulled out of the race to buy Southampton Football Club.
Things were looking up for the cash-strapped Saints when the Pinnacle group had a three week exclusivity deal with administrator Mark Fry.
However, the group did not reach an agreement for the sale of the Hampshire club.
A meeting was then scheduled with the Football League regarding a hopeful appeal to the ten point deduction, given to the Saints following entering administration.
The Football League did not grant Pinnacle the opportunity to appeal the points and today the group have withdrawn their bid to buy Southampton.
Le Tissier explained the situation to Sky Sports: '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 have 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.'