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Football League delaying Pinnacle's takeover of Southampton Football Club

5:45pm Friday 19th June 2009 in Sport Photograph of the Author By Adam Leitch, Chief Sports Writer

Saints takeover hits problems Saints takeover hits problems

Pinnacle’s takeover of Saints has hit problems on the final day of their exclusivity period.

The Echo has been in contact with the Pinnacle group who were optimistic of completing their deal for the club earlier today, three weeks after entering into exclusivity by paying a non-refundable deposit.

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However, after a tense day Pinnacle’s solicitors remain unhappy with two legal aspects of negotiations with creditors, though they insist this is not about money, more about the fine detail.

And it seems the most pressing concern of all is the lack of clarification from the Football League on the position of the club related to the parent company Southampton Leisure Holdings PLC.

Pinnacle would like to appeal the ten point deduction and believe in the way they have set out their deal and agreed to buy the club and various other assets such as the training ground and stadium means that the club has never been and never was in administration, thus the points deduction should not apply.

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Comments(54)

Sholing says...
5:48pm Fri 19 Jun 09

The league stitching us up again, if you aint one of the bigger teams, you can just f u c k yourself basicly

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Bright Sparky says...
5:49pm Fri 19 Jun 09

Bugger!

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H0ckeyd says...
5:56pm Fri 19 Jun 09

does this mean that they have to pass the exclusivity term over to the other groups now?

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jedisaint says...
5:58pm Fri 19 Jun 09

that sums it up.
sw cold-rain

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AD74 says...
5:59pm Fri 19 Jun 09

I'd rather not hear any news until it is either a definate done deal or the Pinnacle bid is thrown out.

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jedisaint says...
6:01pm Fri 19 Jun 09

Bright Sparky wrote:
Bugger!
Bright Sparky wrote:
Bugger!
that sums it up.
sw cold-rain

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baume says...
6:01pm Fri 19 Jun 09

Well thanks adam , you must of watched sky sports news too.
classic sw-cash- shot

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pawnsacrifice says...
6:03pm Fri 19 Jun 09

Oh FFS..this wouldn't happen to any other team.

How come it's taking until literally the last minute for this to happen

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Sholing says...
6:06pm Fri 19 Jun 09

H0ckeyd wrote:
does this mean that they have to pass the exclusivity term over to the other groups now?
No, it would be an exstension to the 21 days, quite rare but there is a loop hole to alow it

sw poor-sale lol

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realist returns says...
6:07pm Fri 19 Jun 09

oh god, here we go again... if they can't sort it out in three weeks, they're never going to and at this rate, we'll be lucky to have a club to support next year.
And all that after yesterday's ridiculous optimism, too.....
rupert lowe, you've got an awful lot to answer for - you've made tens of thousands of people very unhappy and you can just walk away and trouser your cash.

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OSPREYSAINT says...
6:08pm Fri 19 Jun 09

Where is the game going when one player is worth £80m, while our team is worth pea-nuts and cannot be allowed to survive?

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LeC7 says...
6:08pm Fri 19 Jun 09

Disaster.

I read into this that Pinnacle's investment (or the mystery backer etc etc) is dependent upon the ability to separate the club from SLH and appeal the -10...

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Parksey says...
6:09pm Fri 19 Jun 09

Its par for the course with anything like this, it;ll always run until, if not beyond, the last minute. If the deal isn't done today then the other parties, if still interested, can step back. The motivation though is very much still on Pinnacle to get things tied up given a) the money they've spent and, b) the fact that they surely now don't want to lose out to anyone else.

Why don't they just accept the points deduction, complete the deal and get on with preparing for next season and overcoming the deduction? Its otherwise just a dead horse trying to challenge it again, the FA's decision has been made, and I'd be very surprised if they changed it now, certainly not without significant cost.

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Bashfan says...
6:10pm Fri 19 Jun 09

Rubbish - this is just a smoke screen.
Are Pinnacle saying that they don't want the club unless the 10 point penalty is rescinded? Why not buy the club and ask for a judicial review afterwards. The league are certainly not going to change their mind at the moment.

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AD74 says...
6:10pm Fri 19 Jun 09

Never straight forward with Saints!
Even if things do go through why wait to Monday and leaving the fans to stew over the weekend, just release a statement with all the details we want to hear (who's the man with the money, who the board are etc) and then have the press conference on Monday.

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pawnsacrifice says...
6:10pm Fri 19 Jun 09

realist returns wrote:
oh god, here we go again... if they can't sort it out in three weeks, they're never going to and at this rate, we'll be lucky to have a club to support next year. And all that after yesterday's ridiculous optimism, too..... rupert lowe, you've got an awful lot to answer for - you've made tens of thousands of people very unhappy and you can just walk away and trouser your cash.
Your're correct. Even though the witch is dead, we are still clearing up the bloddy mess he left behind.

Let's just bite the bullet and take the -10 points like a man.

If we have a serious financial backer we can still make a decent stab of getting out of this 5hitty league.

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Southampton Heart says...
6:11pm Fri 19 Jun 09

If we were MU it'll be a different story!.

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KCAJRETSOF says...
6:13pm Fri 19 Jun 09

No good news for 5 years - why change anything now!

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pawnsacrifice says...
6:15pm Fri 19 Jun 09

KCAJRETSOF wrote:
No good news for 5 years - why change anything now!
lol

sw trip-loss

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graeme37 says...
6:18pm Fri 19 Jun 09

lets just keep everything crossed until we hear from mr fry pinnacle or letiss that the deal is off there is still hope

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Propercynic says...
6:19pm Fri 19 Jun 09

Bloody Football League. Why have Lord Hawhaw and his lackeys waited until the last day to chuck a spanner in the works?
As for Pinnacle, forget the ten point deficit and just get on with things.

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Snooky says...
6:20pm Fri 19 Jun 09

Why is it so difficult to be a Saints fan!!! I just want to know who owns our club, who's running the club and when I can get my season ticket so I can just support our club.

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threetoonefav says...
6:22pm Fri 19 Jun 09

another last minute disaster!!!

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andyb201084 says...
6:25pm Fri 19 Jun 09

thanks football league for trying to fuc* up are club

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threetoonefav says...
6:27pm Fri 19 Jun 09

They F****D up Luton, this year its our turn.

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sfc totton says...
6:28pm Fri 19 Jun 09

To be honest, why would Pinnacle get this far, knowing that they may not get the 10 points rescinded, seems stupid to me

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SFC Ed says...
6:28pm Fri 19 Jun 09

Ok, not great news but let's all remain positive.

I'm sure the deal will go through but Pinnacle are clearly trying to get the best deal possible.

Have faith my friends Saints will, I repeat will be saved soon.

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kingskin says...
6:28pm Fri 19 Jun 09

Snooky wrote:
Why is it so difficult to be a Saints fan!!! I just want to know who owns our club, who's running the club and when I can get my season ticket so I can just support our club.
m8 i feel your pain and said da same thing since i started surpporting them. ive notised nothing ever gos right for saints every things so hard and sum times i really wish i dont support them they cause me so much pain lol

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jamescarr02 says...
6:29pm Fri 19 Jun 09

Once again the football league trying to ruin a great club. They did the same with luton. Just read on sky sports that patterson, thomson and boyle have signed contract extensions! so they can but Davis, BWP and euell cannot. they may not have a club here to play for!! Come on Matty pull something special out of the bag once again as you have done soo many times in the past im getting fed up of watching the same stuff every hour on Sky sports news!!

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Little P says...
6:33pm Fri 19 Jun 09

Can't stand this. I think we all knew that something would go wrong. Cheers Football League. Lets hope we DO have a football team to support next season. COYR

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Bitterne Park Tim says...
6:33pm Fri 19 Jun 09

This is just posturing... SSN said that the FL are meeting on Monday afternoon to Discuss this. There will be no news untill then. Pinnacle are not going to make clear thier demands, as if they do not get what they want they will look weak. The fact that the FL are meeting would indicate that there is still some hope.

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Sholing says...
6:35pm Fri 19 Jun 09

This is doing my head in, I wanted to go out tonight but cant leave my lap top or sky sports news. Hurry up boys, its nearly my bow time

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ExpatRomseySaint says...
6:35pm Fri 19 Jun 09

I don't understand why the new consortium have declared their intentions to get the 10 point deduction rescinded. They should have kept it under their hat until a deal has been completed. At the same time, I don't know why they're trying to fight it anyway. Look at Leeds. They got to the play offs with a 17 point deduction 2 seasons ago. We just need good financial backing, good fan support and a few good signings then we'll have a happy daze around the town again

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H0ckeyd says...
6:41pm Fri 19 Jun 09

Sholing wrote:
H0ckeyd wrote:
does this mean that they have to pass the exclusivity term over to the other groups now?
No, it would be an exstension to the 21 days, quite rare but there is a loop hole to alow it

sw poor-sale lol
Thanks Sholing, thats cleared that on up for me!

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wraggster says...
6:44pm Fri 19 Jun 09

I reckon we should just accept the ten and get on with it. No better way to show the FA than to do our talking on the pitch.

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Snooky says...
6:46pm Fri 19 Jun 09

Do i have it right that if they try to lose the 10 point deduction before they take charge and fail, then we can't get further penalties like Leeds did. But if they have control and are responsible for the club they risk further deductions?

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The Grinch says...
6:50pm Fri 19 Jun 09

The way I read this, the Pinnacle Group simply want the right to appeal the 10 point deduction penalty, on the basis that they think the club was not in administration. I'm guessing they've researched their case and believe there is some merit in pursuing this.

It appears to me that the Football League should not be worried about agreeing to the right of appeal if they think their own case is on solid ground.

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Northam Lady says...
6:53pm Fri 19 Jun 09

Please, have I still got a job (Steward) or not?? Have suffered unbearably as a Saints Fan and employee for months now - it's just too much :-((

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Snooky says...
6:56pm Fri 19 Jun 09

Northam Lady wrote:
Please, have I still got a job (Steward) or not?? Have suffered unbearably as a Saints Fan and employee for months now - it's just too much :-((
This is true i'm just a fan but my job isn't dependant on this decision. I feel for you.

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Saint says...
6:58pm Fri 19 Jun 09

Simply this could of been shorted earlier.

Or this could of been done by phone conference with all the league menbers. They suppose to look after the clubs, not just police the issue.

They simply flexing there power, and yet again at our expense. They simply can not bear the be pushed into action and do something quick and good for the club, who is trying so hard to save itself!

Add one more little point of having to reverse a decision they clearly have got wrong. They are clearly not man enough to just do it quickly and for the benifit of a club trying to turn it's fortunes around!

Get lost Whinney you sad little no good Irishman.

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CMFG Lover says...
7:02pm Fri 19 Jun 09

From what I can work out, the deal should still go through but the Football League seem to be bribing us in some way by saying we'll accept you as a club/new board if you don't appeal the ten points. If you do then we'll keep taking off more points until you accept our rules! The Pinnacle Group have always known about the 10 point deduction so I guess they feel that they would like to be on 0 next season in order to get to the best possible position at the end of the season. I hope i'm right. All of this is making me feel sick. They are talking about STH getting cheaper tickets for the Carling Cup but we don't actually have any at the moment! I'm sure they wouldn't do this if they didn't think everything was ok....would they?

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derek james says...
7:08pm Fri 19 Jun 09

sounds like solicitors trying to get more money for themselves with extra "work" it,s taken them until the last day in 3 weeks to discover what a 2 year old could have told them

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Northam Lady says...
7:17pm Fri 19 Jun 09

Dear Snooky, Totton
Thank you so much for your kind comments. I believe that most of us felt that today, at least, we would get a proper answer and not further prevarication.

In my local shops in St Mary's this afternoon I was asked if I was "OK?". "Job sorted?" I accept a reduction in pay is inevitable but the uncertainty and "politics" of all this is very depressing. How much longer do we have to wait? Thank you again to everyone who supports your Stewards (and we are Your Stewards looking after Safety etc.,.) even though some fans don't appreciat the Orange Jackets!! LOL :-))

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Northam Lady says...
7:20pm Fri 19 Jun 09

..but we're all on the same side in the end? SAINTS! :-))

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ShakeyWiffles says...
7:26pm Fri 19 Jun 09

AAAAAAAAAAAAAAAAAAAA
RRRRRRRRRRRRRRRRRRRR
RRRRGGGGGGGGGGGGGGGG
GGHHHHHHHHHHHHHHHHHH
HH

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Northam Lady says...
7:40pm Fri 19 Jun 09

Sorry ShakeyWiffles - don't understand that at all?Perhaps somebody could enlighten me? Many thanks

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Dazzler79 says...
7:51pm Fri 19 Jun 09

This is just typical of the football league.
They screwed us over in april,now they are gonna do it again for some stupid reason.
i hope this goes through because i cant take this anymore, its not fair on anyone.

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Jim Garrison says...
8:45pm Fri 19 Jun 09

Come on guys can you not see a smoke screen when you see one, as some have mentioned the 10 point issue cannot stack up it was known that is a classic consortium sit round to discuss a common message for the press. If it were me I'd be asking the following
1) Is all the money in place for the deadline
2) Where was the money coming from
3) Who benefits if the money does not arrive

I would say the saints are safe but expect a couple or 3 weeks of twists and turns

Then again maybe it is all about the 10 points

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Jim Garrison says...
8:45pm Fri 19 Jun 09

Come on guys can you not see a smoke screen when you see one, as some have mentioned the 10 point issue cannot stack up it was known that is a classic consortium sit round to discuss a common message for the press. If it were me I'd be asking the following
1) Is all the money in place for the deadline
2) Where was the money coming from
3) Who benefits if the money does not arrive

I would say the saints are safe but expect a couple or 3 weeks of twists and turns

Then again maybe it is all about the 10 points

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OSPREYSAINT says...
10:19pm Fri 19 Jun 09

You can e mail to register your opinion to FL@Football-League.C
o.Uk

Please keep it sensible, abuse will not get us anywhere, the more we protest the more they might listen, but don't hold your breath!

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BillWeverpresent1976 says...
10:38pm Fri 19 Jun 09

Tony. I fully appreciate that you are doing everything you can for my wonderful club. However please do not delay any further and get us back where we belong. If need be accept the 10 points and let us get on. This is doing nothing for my heart and the health of my fellow supporters!!!s. We will be promoted with or without! I have personally seen you play and P & J would agree that we must close the deal now! Please sort! Best regards, Bill W

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ken mcsaint says...
11:12pm Fri 19 Jun 09

Le tiss likes leavin it late..."sort it out monday boys - I'm off playin golf over w/end anyway" right?

ps.. "so, no KK for us BUT..the good news is I've just spotted gus hiddink checking out a 4th floor flat in millbrook towers..
:-)

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Hercules Grytpype-Thynne says...
11:15pm Fri 19 Jun 09

Oh ye of little faith. The Pinnacle group are doing exactly as they should do. The FL have stitched us up and Pinnacle are having none of it. I am glad I am not in a trench with some of you guys. Haven't you the stomach for a fight. I don't like bullies and that is how the FL are behaving. Now stop wet ting your p ants and worrying stick your chin up and say "Come on then we're ready for you." to the FL

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Captain Kirk says...
11:56pm Fri 19 Jun 09

Hercules Grytpype-Thynne wrote:
Oh ye of little faith. The Pinnacle group are doing exactly as they should do. The FL have stitched us up and Pinnacle are having none of it. I am glad I am not in a trench with some of you guys. Haven't you the stomach for a fight. I don't like bullies and that is how the FL are behaving. Now stop wet ting your p ants and worrying stick your chin up and say "Come on then we're ready for you." to the FL
Thats the spirit Hercules! Reading between the lines I think what Pinnacle's solicitors are saying goes back to what was said when we were first docked points, i.e. it is Soton Leisure in admin and not the football club and the way the acquisition has been structured shows this to be right.

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