The Southampton Takeover Failes

Subject: The Southampton Takeover - Keegan linked Sun Jun 28, 2009 11:03 am

Prospective Southampton owners Pinnacle Consortium have revealed they may be prepared to accept a 10-point deduction in order to finalise the takeover.

Takeover talks stalled with the Matt Le Tisser-backed group, who were told they cannot appeal against the deduction.

Le Tissier told BBC Solent: "We're confident the issues with the Football League can be resolved on Monday, even if that means accepting the penalty.

"The Pinnacle Group are still 100% committed to finalising this deal."

Saints had entered a period of exclusivity with the Pinnacle group to arrange a takeover but that passed on 19 June without an agreement.

The Saints legend continued: "Michael Fialka is a part of the group. A lot of time, effort and money has been committed and it would be silly for us not to see it through.

"There are still other clauses in the Football League document [denying the right of appeal] that we believed to be ambiguous, which we hope the Football League are able to be fair in this respect and we hope to come to an agreement on Monday.

"They're denying us the right of appeal, which we feel is not fair. But if it's the only way to move things forward, then we are prepared to maybe take the 10 points on the chin and move on.

"I've spoken to the [group] owner this morning and he's confirmed that once the Football League issues have been dealt with, it will only be a matter of hours after that that we can complete a deal."

BBC Sport

Former Southampton chairman Leon Crouch has refused to comment on speculation suggesting that Kevin Keegan may make a sensational return to the club.

Local newspaper reports have linked the relegated League One club with their former star player of the early 1980s.

Current boss Mark Wotte's contract runs out on 30 June, and he is due to clarify his position with the club's intended new owners on Friday.

But Crouch's Pinnacle group insist Keegan has not had a formal approach.

BBC Radio Solent sports editor Adam Blackmore told Radio 5 Live: "We've seen photos this morning taken on a mobile seemingly showing Kevin Keegan with Matt Le Tissier and former chairman Leon Crouch, although none with the three of them together.

"Le Tissier is due to become chairman of the new board at the club if the takeover is completed successfully, and Crouch has been helping the Pinnacle group with that deal.

"Mark Wotte is still under contract. The deal is due to be completed on Friday and then people will speak."

Former Fulham, England, Manchester City and Newcastle United manager Keegan has been out of the game since quitting St James' Park for a second time last September.

He first came to Southampton in July 1980 when Lawrie McMenemy lured him back to English football for £400,000 following three years with SV Hamburg.

Keegan spent two years at The Dell, hitting 37 goals in 68 league games.

During that time, Southampton finished sixth and seventh in successive seasons in the English top flight before Keegan left in August 1982 to join Newcastle.

BBC Sport

Subject: Re: The Southampton Takeover Failes Tue Jun 30, 2009 4:30 pm

outhampton have suffered a huge blow after prospective buyers Pinnacle pulled out of negotiations to buy the financially-stricken League One club.

Administrator Mark Fry is now battling to tie up a deal with another buyer.

Saints will start the season on minus 10 points after their parent company entered administration in April.

The proposed takeover had stalled after the Football League insisted that Pinnacle must waive any right to appeal against the points deduction.

Pinnacle, whose group includes legendary ex-Saints player Matthew Le Tissier, saw their period of exclusivity as bidders end on 19 June.

Despite asking the League to reconsider their right to challenge the 10-point deduction, Pinnacle's Tony Lynam had told BBC Radio Solent last week that they "remained totally committed to the takeover".

Despite asking the League to reconsider its right to challenge the deduction, Pinnacle's Tony Lynam had told BBC Radio Solent last week that it "remained totally committed to the takeover".

However, Le Tissier has confirmed that the group has now withdrawn from negotiations - amid fears that the club, relegated from the Championship last season, may now be only days away from going out of business.

Fry stated last Friday that there were two other interested parties, and that he was waiting to hear from a Swiss consortium.

However, he hinted that if no bids were forthcoming by the end of this week, he would have to consider winding the club up.

A statement issued on behalf on Mark Fry in response to Pinnacle's withdrawal read: "We remain hopeful that a sale of the club will be completed in a short period of time.

"It is a complex transaction which involves numerous stakeholders and a satisfactory solution for all parties is not simple to achieve.

"It is positive news that the football club should be in a position to pay the wages this week.

"We are working to a very short timeframe but wish to reassure everyone we are working round the clock to ensure the club's survival."

Saints' parent company Southampton Leisure Holdings plc (SLH) has been in administration since April, and Saints had hoped to avoid a points deduction as SLH was in administration - not the club.

But a League investigation by "independent forensic accountants" found that the football club and SLH were "inextricably linked as one economic entity" and applied its mandatory 10-point penalty, which will apply from the start of next season in League One.

Once a club has entered insolvency proceedings, the Football League must approve any takeover for the club's League share to be returned, allowing them to play in the League and its associated competitions.

Last summer, the League refused to allow Rotherham, Bournemouth and Luton to begin the season unless they accepted points deductions following spells in administration.

BBC Sport

Subject: Re: The Southampton Takeover Failes Mon Oct 12, 2009 2:25 am

Takeover? surely this is an SWFC thread?

Subject: Re: The Southampton Takeover Failes Mon Oct 12, 2009 1:10 pm

» My trip to southampton...