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
Perth midfielder Ruben Zadkovich sent off 17 seconds after coming on against Wellington
F1 Abu Dhabi Grand Prix 2014 live: Lewis Hamilton heads towards second championship as Nico Rosberg has major engine troubles
England vs Samoa match report: England finally end losing streak as Jonny May stars in win ahead of Wallabies showdown
WWE Survivor Series 2014: What time does the event start? And full card
Arsenal vs Manchester United report: Wayne Rooney and a Kieran Gibbs own goal make Gunners rue missed chances
- 1 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 3 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
Revealed: How the world gets rich – from privatising British public services