Saints have announced a pre-tax loss of £3.65 million for the first half of the last financial year.

That is an increase of just over £2 million on the figure for the first half of the previous financial year but chairman Rupert Lowe (pictured below) says the early sums are unbalanced by unusual circumstances and do not reflect the overall picture.

He stresses the Southampton Leisure Holdings figures will pick up significantly in the second half of the financial year when Saints will have 11 home Premiership games compared with just eight in the first six months.

They will also receive their merit money from their finishing position working out at around £180,000 for each place they are from the bottom.

And they will have at least three live Sky games in the final half of the season compared to just one in the first.

In addition they are £204,000 down on transfer dealing in the first half of the year compared to a profit of £770,000 in the previous corresponding period.

Other unusual outlays include paying two managers while Dave Jones was on salaried leave of absence plus increased administration costs for the move to the new stadium.

Lowe said: "There are some small timing anomalies and exceptional items which have distorted the first-half results. This situation should improve in the second half of the financial year when we will have more home games and more televised matches.

"Administrative expenses have increased in the period mainly through increasing the overheads in preparation for the move to the new stadium.

"This includes the setting up and running costs of a visitor centre on the new site, a second ticket office selling tickets and corporate hospitality for the new stadium and improvements in information technology."

And Lowe stressed that the club will continue their policy of good housekeeping to ensure they do not pile up the kind of massive debts which have hit the likes of Everton and Coventry.

And he took another swipe at the EC bureaucrats who have caused such uncertainty in the game with their proposed overhaul of the transfer system seen by many as unnecessary.

He added: "There are currently many examples of Premier League Clubs who have tried to "overspend" their way to success who are now having to deal with the problems which always follow that process.

"The uncertainty surrounding the current transfer system continues to be a major concern. We hope a, now overdue, resolution will soon be found which respects the fact that a system that has served club, player and supporter well over many years should not be thrown aside lightly. No doubt the unelected bureaucrats in Europe will do their best to thwart common sense but we live in hope for the long term good of football!"