A MATT Le Tissier-led consortium yesterday pulled out of the race to buy Southampton FC, leaving the future of the club in doubt.
Former Saints legend Le Tissier had assured fans as late as Monday that the Pinnacle Group was still 100% committed to going through with the deal, which had been expected to be finalised yesterday.
Pinnacle had been locked in a dispute with the Football League over whether Saints had the right to appeal the 10-point deduction imposed for the club’s holding company going into administration – something the Football League had ruled out.
Le Tissier indicated on Monday that the consortium was willing to accept the points penalty, saying: ‘We’re very confident that the issues with the Football League can be resolved, even if it means conceding on the right to appeal the 10-point deduction.’
However, in a statement yesterday, Le Tissier said: ‘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 decided to withdraw our interest in 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.
‘I hope beyond hope that Mark Fry can find a buyer for the club. We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and them coming to light so late in the day has resulted in our backers’ decision not to proceed under the terms on offer.’
The news leaves Southampton in a perilous position. Administrator Mr Fry has warned that if a buyer is not found by the end of the week, he might have to consider winding the club up. Another consortium is thought to be interested, but it remains to be seen if they can reach a deal by Friday.
Southampton have been in administration since April and this is another blow to supporters hoping to start afresh in League One.
Article posted on 1st July, 2009 - 2.29pm
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