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Administrator's statement on Saints' staff wages

4:20pm Thursday 28th May 2009 in Saints News

Update from the Joint Administrator of Southampton Leisure Holdings Plc Mark Fry, Joint Administrator of Southampton Leisure Holdings Plc (“the Company”), the holding company which wholly owns the shares of Southampton Football Club (“the Club”), today made the following statement on progress towards finding a buyer for the Club: “We are still negotiating with four seriously interested parties, but the process of disposing of the shares in a football club, particularly a distressed one in this economic climate, is an extremely complex one, and it has not yet been possible to conclude a sale.

“However, I am confident that we are very close to entering into an exclusivity arrangement with one of the interested parties.”

In addition, the directors of the Football Club today informed the Club’s employees that it is not in a position to pay their wages for the month of May at this time. The directors of the Football Club have asked employees that they remain with the Club for a further week, until next Friday, to see if the administrators are able to negotiate a sale in that timeframe and have asked for their continued goodwill whilst they are not being paid.

The directors of the Football Club proposed that a further meeting will be held with the Football Club’s staff next Friday, which the administrators will attend in order to update them on the sale process.

Begbies Traynor Mark Fry / Kirstie Provan 020 7398 3800 Smithfield John Kiely/Will Swan/Will Henderson 020 7360 4900

Comments(13)

yarcosaint says...
4:31pm Thu 28 May 09

i'm sure the staff will remain loyal as long as they can, bearing in mind how stressful paying bills for all us normal people these days is
hope and pray some of our players feel the same way afterall they owe us
big time

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LeC7 says...
4:37pm Thu 28 May 09

Things are starting to look bad I fear. Fry is now only confident of getting to a "period of exclusivity" - how far away is a sale? I really think he has some poor offers on the table that he's trying to juggle. Good luck Mark.

sw: hold-girl (no relevance but funny)

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Big Si says...
4:45pm Thu 28 May 09

Mr Fry is a busy man
Posted in IT hannel, 28th May 2009 14:28 GMT

The fate of Sage reseller BDE Group has been confirmed by the appointment of administrators.

Neil Mather and Mark Fry at Begbies Traynor were appointed joint administrators on Tuesday, CRN reports.


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LeC7 says...
4:52pm Thu 28 May 09

woah, we've made the bbc's sports bulletin on their interactive channel via the red button. We come on just after they talk about Man-Utd losing the Champions league!

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norfolksaint says...
5:07pm Thu 28 May 09

If season ticket prices were £300 and 1000 of our fantastic loyal fans bought one each, we'd have £300,000 and enough to keep us going and pay everyone. PUT THE SEASON TICKETS ON SALE NOW! I'd certainly buy one!

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dannyfloyd says...
6:58pm Thu 28 May 09

norfolksaint wrote:
If season ticket prices were £300 and 1000 of our fantastic loyal fans bought one each, we'd have £300,000 and enough to keep us going and pay everyone. PUT THE SEASON TICKETS ON SALE NOW! I'd certainly buy one!
if only it were that simple... i agree but it is probably not legal. 5000 tickets at 300 = 1.5mill... proper sorted!

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wehatepompey says...
7:54pm Thu 28 May 09

if the new owner isnt a big fat arab with excess of 20 billion quid it aint good enough!!!!!!!!

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Southampton boy says...
8:36pm Thu 28 May 09

Still do not understand ho pompy can find a buyer in 3 months and we cannot find one in 2 years???

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St.Yorkie says...
8:48pm Thu 28 May 09

Amazing yet we have a brand new official web site being launched on Monday...who payed for that?

Fantasy football?
Just feel sorry for the staff...chin up lads and lasses!

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Markcl10 says...
8:55pm Thu 28 May 09

Southampton boy wrote:
Still do not understand ho pompy can find a buyer in 3 months and we cannot find one in 2 years???
Give over! Its obvious. They have Premiership status and we don't. We have nice Stadium, they don't. A stadium you can buy, a Premiership place you can't.. A fat Arab just wants a nice plaything on his mantelpiece..

Chin up, lads. Burnley were in a worse state as us a few years back and look where they are now!?

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Southampton Heart says...
9:11pm Thu 28 May 09

Southampton boy wrote:
Still do not understand ho pompy can find a buyer in 3 months and we cannot find one in 2 years???
Probably to do with the complex mess of past & present contracts from the many players, managers and directors that have come through St Mary's doors. I hope that the new owners (If we get one) will be able to let us know what a mess things were in?. Sounds like the administators have found the many cans of worms.

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worried of e sussex says...
10:01pm Thu 28 May 09

St.Yorkie wrote:
Amazing yet we have a brand new official web site being launched on Monday...who payed for that? Fantasy football? Just feel sorry for the staff...chin up lads and lasses!
they have got in with a company that runs football web sites to save money.

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wehatepompey says...
1:15pm Fri 29 May 09

is our stadium that nice?????not really.not exactly cutting edge design and tech.just a tin pot generic stadium.

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