Southampton 'may not last until end of season'
Friday 03 April 2009
Southampton Leisure Holdings plc went into administration yesterday with their chairman, Rupert Lowe, resigning. The club chairman, Michael Wilde, and director Andrew Cowen have also left both the company and the club, with specialists Begbies Traynor placed in charge. The joint-administrator Mark Fry admits the outlook is bleak for Saints, who are more than £30m in debt.
"If we don't find a buyer there is a very, very high probability that it will not last until the end of the season. Realistically, it will mean the end of the football club," Fry said. "It's a very different economic climate from two years ago and football clubs have fallen as hard as anything. We are urging the fans to show up and support the team for the last three home games to help the cash flow and also demonstrate to potential investors the level of the fan base."
By placing their parent company into administration Saints appear to have avoided a 10-point deduction from the Football League. That is unlikely to sit well with other teams in the relegation scrap, while the League's bottom club Luton, deducted 30 points relating to their fall into administration, have voiced their disapproval. "This makes a mockery of the Football League's attempts to uphold the integrity of the competition," said their managing director, Gary Sweet. "I see no reason why any club should not set up a holding company that carries the entire debt of the club which is periodically put into administration in order to cleanse debt while attracting no sanctions."
Latest in Sport
Manchester United's David Moyes may have more joy if he drops the frustrated Robin Van Persie
Tim Sherwood rules out being No 2 at Tottenham Hotspur following embarrassing Chelsea defeat
England 29 Wales 18 match report: Stuart Lancaster's men enjoy their day in the sun at expense of weary Wales
England 29 Wales 18 player ratings: Who was the star man at Twickenham?
FA Cup semi-finals: Arsenal manager Arsene Wenger confirms Lukasz Fabianski will start in goal against Wigan Athletic
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 4 Russia has made 'big miscalculation' over Ukraine warns Hague
- 5 Swarm of killer bees sting woman 1,000 times
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised