10:30am Thursday 15th May 2008
LEON Crouch has this morning issued a statement, following his resignation as chairman of Saints.
Remaining directors Crouch, Keith Wiseman and Patrick Trant announced their departure from the club's PLC board to the Stock Exchange at 10am, following chief executive Lee Hoos out of the door.
Tomorrow's EGM has now been cancelled, with former chairmen Rupert Lowe and Michael Wilde returning to power.
In his statement, Crouch, who has also resigned from the football club board, said he was disappointed at having to stand down, but he hoped the club would still realise its dream of new investment.
His statement said: "It is with great regret that I have to announce my resignation as chairman of Southampton Football Club.
"I am also stepping down as a director of the parent company Southampton Leisure Holdings PLC.
"It is a decision I have taken very reluctantly but which has been forced upon me by Rupert Lowe and Michael Wilde who requisitioned an EGM.
"Even though most fans do not want them back, the harsh fact is that they and a handful of allies would have had enough shares to guarantee victory.
"In many ways I would have liked to have taken it to an EGM as there are a lot of things I would like to say to the shareholders.
"But it would be a costly exercise and with the result a foregone conclusion, I do not think it would do any good to re-open old wounds so I am not prepared to drag this proud club through a costly and potentially damaging EGM.
"When the EGM was requisitioned seven weeks ago, the priority was to focus on the football and ensure that the team remained in the Coca-Cola Championship.
Click here to read the statement announcing the directors' resignation.
"That aim was achieved under the passionate and careful guidance of new manager Nigel Pearson who has done a fantastic job during his three months in charge.
"He is a great character who has won over the fans and the staff in a very short time, he brought the best out of the players and he has all the qualities to take this club forward.
"With Nigel in charge, I do believe we have a great chance of a successful season. I sincerely hope he is allowed to stay because I know he is the right man for the job.
"We have hung on until almost the last possible moment not for personal gain or pride but because we were in serious negotiations with potential investors.
"We were still in talks yesterday morning but eventually we ran out of time because of the EGM.
"In the end Keith Wiseman, Patrick Trant and I had no choice but to resign but we will walk away with heads held high.
"I have done my very best for the club in the short time I have been chairman and I will continue to support the club in any way I can.
"It has been a turbulent couple of years since Michael Wilde forced Rupert Lowe out and I have to say I find it strange they are now teaming up together.
"I backed Michael because I felt it was right for the club to have a change of chairman but the promised investment did not materialise.
"The club was run by a team of executives and since their departure just before Christmas, I have tried to stabilise things.
"It is not a position I ever sought but I believe I have steadied the ship. We have united and motivated the staff and St Mary's is now a much happier place for them to work.
"I hope that this regime-change maintains that stability and also that it is only a short-term measure until investors come in and provide an injection of capital.
"But whatever happens, I will remain a passionate fan. I will go back to watching games as a sponsor and as a supporter and give the club my full backing.
"I do not think this is the right way forward but hopefully it will only be a short-term arrangement and the club will soon get the investment it needs.
"I am not going to snipe at those coming in. I just want to thank all those who have helped and supported me and to say it has been an honour and a privilege to be chairman of this great club. Come on you Reds!"
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