Saints takeover falls through

Le Tissier confirms Pinnacle Group has withdrawn bid

By James Dall   Last updated: 30th June 2009   Subscribe to RSS Feed

Saints takeover falls through

St Mary's Stadium

Related links

Teams

Also see

Matt Le Tissier and the Pinnacle Group have withdrawn their bid to buy Southampton.

Light appeared to be at the end of the tunnel for the troubled Saints when the Pinnacle consortium seemed prepared to accept a 10-point penalty that would allow the takeover to go ahead.

However, the move has collapsed amid suggestions there were fears among the owners that the Football League may impose further sporting sanctions as a result of wages not being paid and the club getting into more financial difficulty due to the delay with the takeover.

Le Tissier said in a statement released to Sky Sports News: "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 have decided to withdraw our interest in purchasing 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 (administrator) 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 with the terms on offer."

Fry is now thought to be left with two potential buyers - but intimated last week he would have to consider starting to wind up the club by Friday.

Meanwhile, manager Mark Wotte, whose contract expires on at the end of Tuesday, told the Southern Daily Echo: "I have my last day on Tuesday and then probably I will stop doing this job.

"But I don't know who is going to do the training sessions for the first team. Michael Svensson and Dean Gorre are also gone.

"The problem is we don't know anything that's going to happen in the next two days. Players and staff are running out of contracts."

Comments (43)

  • Page 1 of 3
  • 1
  • 2
  • 3

Andy Cooke (Southampton fan) says...

Please somebody rescue the Saints from closure. With the Acadamy and the ground surley it is a better long term accuiistion than that lot down the road. Thanks Matt for tyring but trying to get Brian Malwinney to listen to anything is impossible. Look what he did to the Railways when he was in charge of them. Ps Why cant some of the groups gett together and make any take over realy succesfull.

Posted 07:12 1st July 2009

True Blue (Portsmouth fan) says...

I know you're gonna find this hard to believe, but this is one Pompey fan that isn't in hysterics at the demise of SFC. The football league seem intent on destroying smaller clubs ( I include mine in that ) by imposing more and more ridiculous fines and penalties. 10 point deduction for going into administration is one thing, but then to hint at further sanctions due to unpaid wages is a joke. The people running the game in this country are being blinded by pound signs and forgetting who the game belongs to.......................... the fans.

Posted 04:15 1st July 2009

Adam I. (Southampton fan) says...

I'm totally against blaming Matt for this. He tried his best to save the club and I'll always thank him for that eventhough it fell through. As a big Saints fan here in Malaysia, I really hope that they can find a buyer and steady the ship as soon as possible.

Posted 03:17 1st July 2009

Ken Harvey (Southampton fan) says...

It's a disgrace to see our great club falling apart, thanks to Matt for trying BUT it appears to me that the football organisers want to see our club die. Bournemouth fought back from a similar situation, I just hope someone out there can save the club.

Posted 00:14 1st July 2009

Richard Burke (Southampton fan) says...

It just gets worse and worse!!!! everything was starting to look good with all the talk of new managers etc. dont blame matty too much as he was never the money man in this saga that as a saints fan has been drawn out for so long now it almost feels like this is almost certainly the end for us. cant believe how it has come to this but hey rupert lowe if you are reading this then thanks alot for the years of your regime you have finally killed the club.

Posted 23:32 30th June 2009

Cameron Spence (Portsmouth fan) says...

As much as I loathe Southampton FC, no football club and its supporters should have to go through what they are going through right now. English football is on the verge of losing a giant. As much fun as it has been to watch their demise, it should never have come to this. We will be robbed of our biggest rivals, I am praying for some hope for you all. Play up Saints. From a Pompey fan

Posted 23:31 30th June 2009

Jay Rob (Arsenal fan) says...

Have to say that I hope The Saints find a buyer and soon. Modern football is losing its soul. It has become all about money and tradition is nothing. Shame on the directors who bled this great club dry. Long Live The Saints

Posted 23:31 30th June 2009

Peter Smith (Ipswich Town fan) says...

The leagues hands are tied. The rules are there and if they didn't punish Southampton then they would be up to their necks in legal proceedings as the clubs that they have punished start suing. It's a sorry mess.

Posted 23:20 30th June 2009

Chris Perrin (Wycombe Wanderers fan) says...

I am really sorry to see Southampton in this mess,and I hope it can be sorted out,We at Wycombe are so looking forward to playing the likes of you this season and visiting saint marys, and welcoming you to Adams Park,I dont agree with this ten point rule,as it does not exactly help clubs get back on their feet, I hope it can be sorted,and we still look forward to playing you, I have never been to saint marys, but visited the dell several times, keep fighting and never give up

Posted 22:09 30th June 2009

Glenn Carter (Portsmouth fan) says...

Being a Portsmouth fan one could say with our history i'll be glad to see them go down the plug hole, but there is no more excitment then a local derby which will never happen again if that happened.One could blame the chairmans & the board but what about the so called fans, the ones who deserted them when they relegated from the Premiership. When they went down the saints gates total when down be half because they were no longer watching the big name players anymore and now these are the so called fans crying now that their team maybe no more.

Posted 22:04 30th June 2009

Pompey Fan (Portsmouth fan) says...

Even as a Pompey fan. I would find it a shame for Southampton to go out of business. It seems that this saga has been dragging on for far too long now and that a deal to rescue the club should have been done and dusted. There is no rivalry if there is no club. Good luck i hope you get the buyer soon.

Posted 21:58 30th June 2009

Paul Browne (Leeds United fan) says...

Its a pity the deal couldnt go thru but yet again the FL seems intent on kicking clubs when they`re down. The deduction can be positive tho, we, Bournemouth and Rotherham did well with our points deduction. We`ll see you at Elland rd in December, it`ll feel like a premiership game playing you guys. Good luck for the future.

Posted 21:13 30th June 2009

Tim Fairley (Leeds United fan) says...

Sad isn't it Saints fans? Happening to a club that voted for Leeds to receive 15 points deduction and the damming comments from Rupert Lowe directed towards Leeds on numerous occasions makes me smile.Tough luck saints.

Posted 21:12 30th June 2009

Matthew Forde (Southampton fan) says...

You can't blame MLT, he has stuck his head over the parapet. Strachan saw it coming and jumped ship. Who was running the show then? Super Roop! It went from OK to bad with a succession of muppet managers. Redknapp was the last straw. Once we dropped out of Premiership we had Leeds disease and now we might be suffering Lutonitis! I have been a fan for the best part of fifty years and I feel that Lowe and the football league have put the club at risk more than any creditor or bank. If I were Pinnacle I would steer well clear of what is increasingly resembling a basket case. Newcastle beware, you will be next on Mawhinney's hit list.

Posted 21:12 30th June 2009

Saints Fann (Southampton fan) says...

It was stupid to give them such an extended time to negotiate taking over the club. Maybe a visit too man city is in order, try and flog surman or some other useless player for 10m. But no doubt well get some other useless owners whod rather chuck money down the drain then spend it on the club.

Posted 20:45 30th June 2009

David Mackney (Southampton fan) says...

In the last six months I've lost my Mother, had a heart attack and now my football club by the sounds it!! Don't blame Matt or anyone else whose tried to save the club. At least they've tried. Would anyone really pay £15m for a League One club with -25 points, heading for League Two at best. Players will be ok, they always are these days, but the staff, fans and the City will be heartboken, as I will be again, where's my medication!

Posted 20:40 30th June 2009

Mike Whittle (Portsmouth fan) says...

As a Pompey fan I speak for all when I say I don't want Southampton to go out of business, we have a great rivalry. It's great being Hampshire's number 1 club now and I hope all Southampton supporters remember laughing at us when we were down there not so long ago. Times change and the cream always rises to the top!

Posted 20:38 30th June 2009

James Haren (Southampton fan) says...

Can't believe what is happening to this great club, the football league seem intent on seeing us go under. If they were so confident that they made the right decision to deduct us the 10 points then why not allow the appeal? And now to threaten further sanctions seems ridiculous, does anyone esle get the feeling that the football league is run by a pack of muppets?! It does'nt make any sense. Thanks to Le Tiss for trying to save the club but it's hard to get anywhere when those morons at the football league keep putting obstacles in front of them.

Posted 20:30 30th June 2009

Chris Lambert (Leeds United fan) says...

Sorry to all you loyal Saints fans, dont blame Le-Tissier he's tried to get the club bought but the football league will have been going to impose things on the buyers that's probably not worth them buying, being a Leeds fan i know how it is to be in the same position but luckily for us Ken Bates put the money up to get us out of the mess Ridsdale left us in. We got the 10 point deduction when we went down from the Championship and then the 15 point deduction for our first year in league 1 which ultimately cost us automatic promotion. You could end up like Luton with a 30 point deduction and then be in League 2 next year and thats why Pinnacle might not want to put money in only to lose it. Hope something works out for you cos it's been a great club and the Football League shouldn't let a team like Saints disappear.

Posted 20:23 30th June 2009

Gary Ellis (Manchester United fan) says...

When I was 15 I played for the saints as a schoolboy (as I am sure many others have!). So sad the troubles that this grand and friendly club are in,as I felt sure that someone would have taken them over by now. After Utd, the team I have supported for 30 years, Southampton are always the result I look for. Fingers crossed that the FA will see sense. Best wishes to all Saints supporters

Posted 20:16 30th June 2009
  • Page 1 of 3
  • 1
  • 2
  • 3

Add Comment*

Send us your views

Are you a Sky Sports subscriber?

*All fields required, your email address will be kept private