The joint administrators ("the Administrators") to Southampton Leisure Holdings plc ("the Company"), the AIM-listed holding company that owns Southampton Football Club ("the Club") today issued the following response to the findings of the independent forensic report commissioned by the Football League ("the League").
The Administrators and the Club were informed of the League's intention to issue a release on the findings of the independent forensic report five minutes before its publication, allowing no time for consultation and both the Administrator and the Club to inform fans, players and staff.
We are of the opinion that an incorrect conclusion has been reached. The football regulations do not apply to the circumstances surrounding Southampton Football Club. This is a view shared by the lawyers and advisers to both the Club and the Administrators.
The point surrounding non-cooperation is not accepted. A different scope of investigation was issued to the Club and to the accountants instructed by the League which resulted in questions being raised outside of the scope of the investigation. This matter had been raised by the solicitor acting for the Club and no response has been received. Both the Club and the Administrator were unaware that the investigation had been concluded.
Both the Club and the Administrators are now considering their positions and expect to launch an appeal.
