Southampton FC takeover talks still going on (From Daily Echo)

Southampton FC takeover talks still going on

6:30pm Friday 15th May 2009 in

By Adam Leitch » Chief Sports Writer

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THE leading contender to buy the club had been given an ultimatum to deliver on their deal today or face being axed from negotiations.

Administrator Mark Fry had confirmed to the Daily Echo that he Was in advanced discussions with one party who wanted to buy Saints.

And he was expecting to either name them as his preferred bidder today or discount them from the race entirely.

However talks were still continuing into the evening.

Though Fry could not say who that party was, the Daily Echo understands it is the Matt Le Tissier backed Pinnacle group.

Should Pinnacle not be able to deliver, Fry insisted there are other people waiting in the wings who he will turn to immediately.

It is understood that time being of the essence was the reason for Fry’s deadline for Pinnacle to deliver the goods or forget about it.

He told the Echo: “We’re in negotiations and trying to close a deal but there are a lot of parameters, lawyers and contracts are involved, and we are in very detailed discussions.

“It’s imminent.”

When asked if imminent meant a deal could be struck by the end of today, he added: “We will know one way or another if we’re proceeding with it.

“There is a chance they won’t be able to deliver.

“There are other options but time is running out.”

Pinnacle – who have been in discussions with Fry for almost a fortnight – were understood to be frantically attempting to finalise a deal yesterday.

Nobody was available for comment but they were believed to be optimistic over their chances of completing a deal.

Should they not become preferred bidder and enter into a period of exclusivity to further examine the books before deciding whether to proceed with a deal, the other options include the Stuart Greenled consortium which includes Marc Jackson.

A source has already revealed to the Daily Echo that their bid is for £8m up front with a further £2m deferred and another £5m on promotions, ultimately back to the Premiership.

The Echo understands there is also a mystery overseas group of businessmen whose lawyers have been in discussions with Fry since the end of last week.

Sources close to that group – who have contacted Pinnacle with a view to talking about a possible pooling of resources – are keen for a deal to be done as soon as possible, otherwise they fear star players being sold off cheaply.

If all else failed, there would be the option to sell off various individual assets such as the stadium or the training ground and then the club separately.

However, it would be much better for the long term future of Saints if the club and all its related assets went to one bidder.

That is believed to be Fry’s priority.

A statement was issued to the stock exchange around lunchtime, about a termination of talks.

However this statement made it clear that shares in Saints' parent company Southampton Leisure Holdings is not in an offer period.

The statement made it clear though that it did not affect the ongoing discussions involving the sale of the football club.

See today's paper for more on this story

Comments(104)

captain_fantastic says...
8:34am Fri 15 May 09

I would try and use some football related chant to voice my reaction, however - I don't expect much to happen...

still, its Friday and people buy football clubs on Fridays...

security word : head-rate