Michael Wilde this morning dramatically resigned as Saints chairman.

The 54-year-old property tycoon had only been at the helm of the football club for just under nine months.

An announcement was made this morning to the Stock Exchange at 7am - after the Echo had revealed the news on this website.

The brief statement read: 'The Board of Southampton Leisure Holdings Plc ("SLH") announces that it has accepted the resignation of Mr Michael Wilde as a director with effect from 28 February 2007, on which date Mr Wilde will therefore cease to be non-executive Vice Chairman of SLH and non-executive Chairman of Southampton Football Club Limited, a wholly owned subsidiary of SLH."

Wilde's positions as vice-chairman of the PLC board and chairman of the football board will both officially come to an end after 244 days on Wednesday.

Wilde offered to resign at last Friday's PLC board meeting at St Mary's.

His move came as a surprise to those present - chief executive Jim Hone, operations manager Lee Hoos, finance director Dave Jones, non-executive director and second largest individual shareholder Leon Crouch, Keith Wiseman and Brian Hunt.

Only non-executive director Patrick Trant was absent.

The Echo understands the lack of new investment strongly hinted at last summer is the only reason behind Wilde's resignation and the board's willingness to accept it.

Full story: See today's Daily Echo.