Administrator cost £500,000 (From Daily Echo)
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Begibies Traynor bill for Southampton's takeover half-a-milion pounds
1:00pm Thursday 9th July 2009 in News
Mark Fry
MARK Fry’s bill for being in charge of selling Saints could be close to half a million pounds.
Or, in other words, almost £5,000 A DAY.
The administrator had racked up a bill of £273,008 as long ago as May 27.
That was just 55 days after Fry’s company Begbies Traynor were called in after Southampton Leisure Holdings PLC had gone into voluntary administration.
At that point Fry’s daily bill to Saints was equivalent to £4,963.78 a day or around £340 an hour.
If the costs have been running at the same rate since then, his estimated bill could end up about £486,450 based on 98 days of administration.
A spokesperson for Begbies told the Daily Echo: “This has been a complex case requiring negotiations with a range of creditors and interested purchasers for the sale of the assets of Southampton Leisure Holdings which include Southampton Football Club.
“The Administrator was invited by the Board of Southampton Leisure Holdings to take on this case and has done so on a risk basis – meaning that we will only get paid on the successful conclusion of SLH’s administration or sale of its assets.
“There are strict regulatory guidelines on how much an Administrator can be paid which is ordinarily from the assets of an entity either on a time cost basis or as a percentage of the value of the assets.”
Fry, meanwhile, believes Liebherr’s purchase represents a “fantastic opportunity to rebuild the club.
“Markus Liebherr was attracted to Southampton by a number of qualities which include the club’s rich sporting heritage, loyal fan base, first class stadium and training facilities and the potential for the Saints to regain their rightful place at the higher echelons of English football.
“I would also like to take this opportunity to thank all Saints’ fans for their support and patience in what have been uncertain times for the club.
“I would also like to wish both Markus and the club well for future success.”
Comments(25)
doversaint
says...
1:07pm Thu 9 Jul 09
Rudd Gillett
says...
1:09pm Thu 9 Jul 09
The_Shotster
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1:24pm Thu 9 Jul 09
curly99
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1:37pm Thu 9 Jul 09
LWsaint
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1:38pm Thu 9 Jul 09
Well done Mark Fry
St Retford
says...
1:51pm Thu 9 Jul 09
Jesus_02
says...
1:57pm Thu 9 Jul 09
I think he did a good job.
He tried to keep fans informed (which he had no requirement to do )
sw = name-wage
I really would like to know how they make these things up
matt del torro
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1:59pm Thu 9 Jul 09
brennothornhill
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2:03pm Thu 9 Jul 09
sw ican-wish
RupertLoweIsGod
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2:11pm Thu 9 Jul 09
For that sort of money he should be playing in the premiership!
Condor Man
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2:14pm Thu 9 Jul 09
Ringwood Saint
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2:26pm Thu 9 Jul 09
SaintPaul
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2:28pm Thu 9 Jul 09
Who are 'Begibies' anyway - Nice typo again Echo!
brummysaint
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2:28pm Thu 9 Jul 09
Money well spent.
jealous Pomp*y fans eat your hearts out!
Super-Saintz
says...
2:51pm Thu 9 Jul 09
SW = meal-come
(I'd take him out for one)
Northern Saint
says...
3:16pm Thu 9 Jul 09
Wish the Echo wouldn't try and stir things up!!!
H0ckeyd
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3:22pm Thu 9 Jul 09
Rossbkr C.O.Y.R
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4:18pm Thu 9 Jul 09
oxfordsaint1973
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4:44pm Thu 9 Jul 09
Rossbkr C.O.Y.R wrote:I think you'll find the purchaser has to pay the administrators fee - at least the 500 grand will pay the petrol bill for his Bentley - nice for all the staff to see when they scrimping and saving because their wages weren't paid. I think a big thank you should be made to all the loyal staff who stuck by the club even when they weren't paid - that's loyalty - forget the players - most of them can afford to not be paid for a month or two.
Saints won't pay his bill! Norwich or aviva now will and so will barclays! He in theory worked for them not us! Why even mention this thou echo?
UTS
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5:06pm Thu 9 Jul 09
You will be hacking phones soon !
BenJovi
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8:25pm Thu 9 Jul 09
boondocksaint08
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3:13am Fri 10 Jul 09
icannotrace
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5:00am Fri 10 Jul 09
RupertLoweIsGod wrote:Mate...there are 7 days in a week make that 35k
5k a day? Thats 25k a week. For that sort of money he should be playing in the premiership!
Rich Unemployed Saint
says...
12:01pm Sat 11 Jul 09
seedhouse says...
1:06pm Thu 9 Jul 09