Lowe: It's good to be back (From Daily Echo)

Lowe: It's good to be back

2:36pm Thursday 15th May 2008 in

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RUPERT Lowe said it is "good to be back" as he and Michael Wilde spoke out for the first time since returning to the St Mary's boardroom today.

The former chairmen swept into power this morning, after directors Leon Crouch, Keith Wiseman and Patrick Trant followed in the footsteps of Lee Hoos and resigned.

The EGM scheduled for tomorrow has been cancelled, as a result.

Lowe said there were serious issues that he and Wilde had to address.

He also insisted the previous board had been "bailed out" on a number of occasions by the club's academy, which he said was a legacy from his time.

"It is good to be back but there is a big job to do," he said. "People have to realise this club has got serious financial problems.

"I do not want to rake over old ground and talk about who did what and why we are in this situation but the fact is that over the last two years this club has lived a life far beyond what it can afford.

"I will say that Michael and I had overwhelming support from shareholders and would have had a resounding majority if the EGM had gone ahead.

"It was not just the people you would expect to back us but a lot of other shareholders too. The requisition was withdrawn because the previous board accepted the reality of the situation that a substantial majority supported us.

"We now have to have a close look at the books and decide how to take the club forward. We will be driven from now on by what we want to do and what the bank is happy for us to do.

"The fans have to understand that it is not a good picture and Michael and I are here to restore the club to financial health.

"I have said many times before that if you are in hock to the bank then it is the bank who decide what happens rather than the board.

"We will reinstate long-term rather than short-term planning. The club has been bailed out in the past couple of years by the academy, which was a legacy of the old board.

"But it is no good talking about blame. We are where we are and the key now is to look forward and long-term planning will be an essential part of that.

"There are no promises. It is going to be a long fight back and fans have to understand that.

"We need their support more than ever. We are all in this together and we need them to get behind us and to move forward with unity and purpose."

Wilde insisted the door is still open for anyone wanting to put money into the club.

He said: "If someone genuinely provided significant money to guarantee the long-term future of the club then we would have an obligation to the shareholders to look at any interest.

"We are a public company and we have a duty to all shareholders not just a few and we must do what is best for the club.

"We welcome any approaches which are substantive and in the interests of the company but we cannot rely on a fairy godmother.

"If one did turn up we would be more than happy to talk to them but in the mean time we cannot bury our heads in the sand and just hope it happens.

"We have to get the club back on a sound financial basis with long-term planning and a sensible approach."

Lowe and Wilde said they hope to issue a statement once they have had the chance to study the books and assess the situation.

Lowe said: "Today is all about the memory of Alan Ball and the Legends match at the stadium tonight.

"I hope fans turn out in memory of one of the club's great servants and I expect it to be an entertaining game. That should be the focus today rather than boardroom issues.

"We will make a statement once we are in a better position to do so and once we have all the facts at our fingertips."