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Pinnacle pull out of Saints deal

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The Football League did not grant Pinnacle the opportunity to appeal the points and today the group have withdrawn their bid to buy Southampton.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.'



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Writer:Abe Hawken
Date:Tuesday June 30 2009
Time: 8:06PM

Comments

0
Gutted. Things are looking the dullest for weeks...
abesaint
30/06/2009 20:08:00
0
Are sure its not some dumb ploy to get the league to rethink - don't think it will work if it is - Good luck we know all about the rollercoaster ride of a take over at Swindon.
APG_STFC
30/06/2009 20:41:00
0
Never were the league going to change their mind. They never have on any other club. Very dum & niave to think you should get special treatment. You even get a bigger penalty than just minus ten. You deserve it!!!
storagematt
30/06/2009 21:44:00
0
Turns out that the FL gave us a contract to sign but Pinnacle didn't sign it. Things could have all been sorted out but typical old Saints - it didn't. Now we're relying on some Swiss group?? Or a knight in shinning armor to save our Saints.
abesaint
01/07/2009 11:13:00
0
Jeeez fellas what bad luck... Although as a Pompey fan I revel in your plight even I must have to admit you have had some pretty *****ty luck of late.. Hope you get a buyer and survive (but still get relegated again... but Pompey without Scummers is like Fish without Chips .. Chins up, hope for the best and hopefully somebody will come in and save the day .. so we can contnue our humour and also remain the best club in Hampshire..
Chix
01/07/2009 22:05:00
0
No special treatment for any Club that this happens to, others have gone before and taken the punishment and it made them better sides.
Tiny T
02/07/2009 21:02:00
0
True Tiny T.. Rotherham, Luton and the Cherries are all recent examples of that...
Chix
03/07/2009 01:44:00
0
As well as Leeds United Chix....The football league is a very badly run organisation!
Gromjo
05/07/2009 13:51:00
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