As reported on Saturday morning by Vital Southampton, Chairman Michael Wilde has offered his resignation and the board have accepted.
Wilde will officially step down on Wednesday, the reason behind the resignation is an apparent failure to bring in new investment into Southampton football club.
Part of the club statement reads: Michael led the initiative to secure the new investment monies necessary to ensure the long-term financial stability of Southampton Football Club.
He has been unsuccessful in those endeavours and no new investment funds have been injected into the business during the course of his tenure as a director and Vice Chairman of SLH.
In consequence of this, the board reassigned the task of raising new funds to other directors of SLH.
Michael offered his resignation as a director of both the PLC and the football club with effect from 28 February and this was accepted by the board of SLH as being in the best interests of the football club and the company as a whole.
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