When news happens, text SDE and your photos or videos to 80360. Or contact us by email and phone.
3:47pm Friday 29th May 2009 in
THE Matthew Le Tissier backed Pinnacle consortium have entered an exclusivity period with the aim of completing a buy-out of Saints within three weeks.
The group have stumped up the £500,000 non-refundable deposit that will allow the staff and players at the club to be paid their wages for May.
They now have the opportunity to complete full due-diligence before deciding whether to proceed with their proposed offer for the club, which has been given the seal of approval by the major creditors.
The time frame to complete the deal is three weeks but during that period Pinnacle, who have been negotiating the talks on behalf of a wealthy investor, cannot be gazumped.
They have beaten three other groups to the exclusivity period - a duo of Irish businessman, a consortium led by businessmen Stuart Green and Marc Jackson and another group believed to be from Zurich.
In a statement, administrators Mark Fry and David Hudson of Begbies Traynor, said: "We are pleased to announce that they have entered into an exclusivity agreement with the Pinnacle Consortium for the sale of all of the assets of the Company, including Southampton Football Club.
"In order to enter into the exclusivity agreement, the Consortium has paid a non-refundable, undisclosed fee, and as a result the Club is now in a position to pay its staff wages in full for the month of May.
"The exclusivity agreement will last for 21 days, during which time we will be working hard with the Consortium on the technical aspects required to complete the sale, and we will make a further announcement when it is appropriate to do so."
Mark Fry added: "I am extremely pleased to be able to announce this significant development in the sale process of Southampton Leisure Holdings Plc."
Comments(107)
Shoong
says...
3:53pm Fri 29 May 09
wonder weasel
says...
3:53pm Fri 29 May 09
Saint Rob
says...
3:58pm Fri 29 May 09
alane61
says...
4:05pm Fri 29 May 09
montecristosaint
says...
4:07pm Fri 29 May 09
wonder weasel wrote:I who the lucky wonder investor is..
happy news at last long live the saints and all that play for her
season ticket holder
says...
4:08pm Fri 29 May 09
oldtimesaint wrote:I am ready as well,but I hope the prices reflect that we are now in League 1. Last seasons prices were as high as some Premier teams
yes.....at last...cant wait to renew my season ticket
cpnhaddock
says...
4:09pm Fri 29 May 09
Major Sir Jerry Pending
says...
4:10pm Fri 29 May 09
LeC7
says...
4:13pm Fri 29 May 09
ladysaint
says...
4:17pm Fri 29 May 09
Bitterne Park Tim
says...
4:18pm Fri 29 May 09
alane61 wrote:Have you been following this story at all?
Don't get too carried away, this is a period of exclusivity not a deal. There's now 21 days for the deal not to materialise. Its only now that Pinnacle get to see the true state that Lowe and Co left behind. Once they see this lets hope that it doesn't frighten them off. I'm glad the staff will now be paid, it is them who have kept the lights on these past weeks. Although Mark Fry is operationally in charge at the moment I presume the 'no pay' arrangement wouldn't apply to him? Being an administrator is a bit like being a politician - make your own rules and skim off of the rest of us. Look out for another Fry deadline!
richard sennatt no2
says...
4:20pm Fri 29 May 09
LeC7
says...
4:20pm Fri 29 May 09
LeC7
says...
4:21pm Fri 29 May 09
LeC7 wrote:and suggests, not and i suggests!!
Also, to pay 500k non-refundable means they must be pretty serious and I suggests they're not expecting too many surprises when they look through the books????
LeC7
says...
4:27pm Fri 29 May 09
Bitterne Park Tim wrote:Hadn't read your comment when i made mine - spot on.
alane61 wrote: Don't get too carried away, this is a period of exclusivity not a deal. There's now 21 days for the deal not to materialise. Its only now that Pinnacle get to see the true state that Lowe and Co left behind. Once they see this lets hope that it doesn't frighten them off. I'm glad the staff will now be paid, it is them who have kept the lights on these past weeks. Although Mark Fry is operationally in charge at the moment I presume the 'no pay' arrangement wouldn't apply to him? Being an administrator is a bit like being a politician - make your own rules and skim off of the rest of us. Look out for another Fry deadline!Have you been following this story at all? The books were opened up at the beginning of the week, reason being the buyers were concerned about putting a 500K deposit with out have full acess to the books... That was Monday/Tuesdays news!!! the fact that they have paid the deposit, means they are convinced by the books and they are pretty much good to go.... We do not know how much of a deposit has been put down though... it does not say in the statement, the Echo mention 500K but that is a guess. You do not put down a non refunable deposit with out knowing what you are buying.
worried of e sussex
says...
4:32pm Fri 29 May 09
worried of e sussex
says...
4:32pm Fri 29 May 09
saintsfan25
says...
4:33pm Fri 29 May 09
Pedant
says...
4:38pm Fri 29 May 09
Rossbkr C.O.Y.R
says...
4:39pm Fri 29 May 09
andoversaint
says...
4:40pm Fri 29 May 09
alane61 wrote:Nonsense.
Don't get too carried away, this is a period of exclusivity not a deal. There's now 21 days for the deal not to materialise. Its only now that Pinnacle get to see the true state that Lowe and Co left behind. Once they see this lets hope that it doesn't frighten them off. I'm glad the staff will now be paid, it is them who have kept the lights on these past weeks. Although Mark Fry is operationally in charge at the moment I presume the 'no pay' arrangement wouldn't apply to him? Being an administrator is a bit like being a politician - make your own rules and skim off of the rest of us. Look out for another Fry deadline!
brennothornhill
says...
4:41pm Fri 29 May 09
St Retford
says...
4:45pm Fri 29 May 09
Le Tissier's Nose
says...
4:51pm Fri 29 May 09
brennothornhill
says...
4:54pm Fri 29 May 09
St Retford wrote:love it.
Amazing. If I caught Matt Le Tiss is bed with my missus I'd make him a cup of tea and tuck him in. O, and have you seen this Pompey bidder is going to be the subject of the first ever FA investigation into whether he would be a fit and proper owner? If he's anything like the Man City boss it's probably not that hard to find links to human rights violations somewhere along the line. Have lovely weekends everyone.
Saint Madcap
says...
4:57pm Fri 29 May 09
bumblysaint
says...
4:59pm Fri 29 May 09
BrooksoSaints09
says...
5:00pm Fri 29 May 09
Le Tissier's Nose
says...
5:03pm Fri 29 May 09
BrooksoSaints09 wrote:I'd give you the managers job mate....you speak more sense than Wotte does already!!!
Im 16, this is my first post, i read the stories every day from the daily echo and i read the comments people say, id like to add my own :) This club has been on a horrible rollercoaster ride since the FA Cup Final in 2003, i believe that that ride is coming to an end, a financial backer, a man whos first love is southampton football club, and the passion and desire of the fans, we have all the ingredients for the premier league and for the first time in a long time, i have confidence that we're going back there, i have heard so many new potential players names been thrown around, but i believe if they kept the current squad maybe adding a natural goalscorer with expirience like James Scowcroft or Jamie Cureton for that matter, we would be the perfect team to back to bounce back from -10, compared to most fans, i find saints fans to have their feet on the ground and not everyone will share the same enthusiasm as me but im begging any unsure fans, get behind the squad, show your support and lets get back to the sacred land!!!! COYR! COYR! COYR!
LeC7
says...
5:06pm Fri 29 May 09
Saints No 1 Fan
says...
5:06pm Fri 29 May 09
Saint Madcap
says...
5:07pm Fri 29 May 09
worried of e sussex
says...
5:17pm Fri 29 May 09
brennothornhill wrote:if i caught him in bed with my missus he would have to of been drunk!
St Retford wrote: Amazing. If I caught Matt Le Tiss is bed with my missus I'd make him a cup of tea and tuck him in. O, and have you seen this Pompey bidder is going to be the subject of the first ever FA investigation into whether he would be a fit and proper owner? If he's anything like the Man City boss it's probably not that hard to find links to human rights violations somewhere along the line. Have lovely weekends everyone.love it. sw wish-deep
St.Yorkie
says...
5:20pm Fri 29 May 09
Le Tissier's Nose
says...
5:22pm Fri 29 May 09
worried of e sussex wrote:No, that'll be Claus!
brennothornhill wrote:if i caught him in bed with my missus he would have to of been drunk!St Retford wrote: Amazing. If I caught Matt Le Tiss is bed with my missus I'd make him a cup of tea and tuck him in. O, and have you seen this Pompey bidder is going to be the subject of the first ever FA investigation into whether he would be a fit and proper owner? If he's anything like the Man City boss it's probably not that hard to find links to human rights violations somewhere along the line. Have lovely weekends everyone.love it. sw wish-deep
BrooksoSaints09
says...
5:25pm Fri 29 May 09
matty07uk
says...
5:32pm Fri 29 May 09
wacky44
says...
5:34pm Fri 29 May 09
ShakeyWiffles
says...
5:38pm Fri 29 May 09
Lone Ranger
says...
5:41pm Fri 29 May 09
Pedant
says...
5:47pm Fri 29 May 09
stevethesaint
says...
5:51pm Fri 29 May 09
tauntonsaint
says...
5:54pm Fri 29 May 09
geordie saint
says...
5:54pm Fri 29 May 09
Pedant wrote:Go on son have a moan, This is the best news since my wife left me, come on SAINTS
I`ve heard a whisper that, if true, could have some people eating their words about Mr Fry. The whisper was that all those making serious enquiries were only interested in the Stadium,training ground and Jacksons Farm and didn`t want the football club which they saw as a loss making business. It has taken Mr Fry this long to persuade someone to potentially take the whole shooting match. Whether the perceived negative value of the football club affects the price paid we may (or not) discover in due course. I wouldn`t be too confident about getting a top rate manager or some half decent players.
BrooksoSaints09
says...
5:54pm Fri 29 May 09
Pedant wrote:Thats my point, i dont understand how you can call yourself a real fan if you dont have faith in the club, maybe they didnt want the club, but i dont believe for one minute that Le God only wanted the assets, thats bulls**t. The club is the only thing he wanted, who also thinks this?
I`ve heard a whisper that, if true, could have some people eating their words about Mr Fry. The whisper was that all those making serious enquiries were only interested in the Stadium,training ground and Jacksons Farm and didn`t want the football club which they saw as a loss making business. It has taken Mr Fry this long to persuade someone to potentially take the whole shooting match. Whether the perceived negative value of the football club affects the price paid we may (or not) discover in due course. I wouldn`t be too confident about getting a top rate manager or some half decent players.
Saints No 1 Fan
says...
6:02pm Fri 29 May 09
geordie saint
says...
6:05pm Fri 29 May 09
saintofatheism
says...
6:09pm Fri 29 May 09
seedhouse
says...
6:11pm Fri 29 May 09
tauntonsaint
says...
6:13pm Fri 29 May 09
geordie saint
says...
6:14pm Fri 29 May 09
worried of e sussex
says...
6:18pm Fri 29 May 09
Saints No 1 Fan
says...
6:23pm Fri 29 May 09
Pedant
says...
6:24pm Fri 29 May 09
geordie saint
says...
6:24pm Fri 29 May 09
tauntonsaint wrote:Thanks, i have managed to get a 50 min. dvd of the game found on google, thanks to you, cheers mate,
Hi Geordie, Yes,it came today. Once I've finished this enormous vat of celebratory liver & onions, I'll bung it on and see if the 84 Liverpool match is on there. More later
dannyfloyd
says...
6:29pm Fri 29 May 09
geordie saint wrote:who said liver? aarrgghh! you know i hate that. i can't see tiss backing someone who is a waste of time. yee mama lovin ha!
hello tauntonsaint, did you get the video? great news eh. I can see liver and onions tonight to celebrate
geordie saint
says...
6:32pm Fri 29 May 09
Saints No 1 Fan wrote:i agree, disgrace points thrown away, anyway new start thank GOD
On the note of penalty misses I would say there were near to 10 last season, which is an absolute disgrace, 2 in one bloddy game!
Irate Wintonian
says...
6:45pm Fri 29 May 09
St.Yorkie wrote:Ey oop lad.
I know we should all be jumping up and down with joy - but in sales the oreder isn't an order until the contract is signed! I keep thinking about Clement Atlee (was it him?)and "Peace in our time" It's great to see a consortium being fronted by MLT being given exclusivity - I did have my concerns about the Jackson bid...just a gut feeling. I think someone is having a laugh on the SW - many-blue! I settle for having a club in 2/3-weeks - but then a decent Manager with time & money to rebuild for Div.1. Even our over-payed lot aren't capable of doing what Leicester achieved without a proven goalscorer and a midfield enforcer. The sun is shining, tea is nearly on the table, the Saints are nearly safe *(sorry saved)...life is looking at lot better tonight in Yorkshire!
BrooksoSaints09
says...
6:50pm Fri 29 May 09
andy newbury
says...
6:57pm Fri 29 May 09
normsted
says...
7:42pm Fri 29 May 09
wehatepompey
says...
7:53pm Fri 29 May 09
stew5018
says...
8:04pm Fri 29 May 09
Southampton boy
says...
8:23pm Fri 29 May 09
Patrick80's
says...
8:25pm Fri 29 May 09
wehatepompey wrote:Told you all that an announcement would be made at 4pm today, close 3.47 pm to be precise. I have it on good authority the person behind MLT/Pinnacle bid is megga megga loaded and WGS is coming back to manage the club.
not exactly a big fat arab with an endless pot of cash!!!!!but hey.at least we might be able to survive in league 1 now
soton3009
says...
8:41pm Fri 29 May 09
season ticket holder
says...
9:04pm Fri 29 May 09
tauntonsaint
says...
9:25pm Fri 29 May 09
UTS
says...
9:29pm Fri 29 May 09
Pedant wrote:Total garbage.
I`ve heard a whisper that, if true, could have some people eating their words about Mr Fry. The whisper was that all those making serious enquiries were only interested in the Stadium,training ground and Jacksons Farm and didn`t want the football club which they saw as a loss making business. It has taken Mr Fry this long to persuade someone to potentially take the whole shooting match. Whether the perceived negative value of the football club affects the price paid we may (or not) discover in due course. I wouldn`t be too confident about getting a top rate manager or some half decent players.
tauntonsaint
says...
9:30pm Fri 29 May 09
soton3009 wrote:I'll buy you 2 pints and all the liver & onions you can eat
Told you all that an announcement would be made at 4pm today, close 3.47 pm to be precise. I have it on good authority the person behind MLT/Pinnacle bid is megga megga loaded and WGS is coming back to manage the club. SW: book-deal If you did,fair play.Put your rep on the line though.Give us a detailed example of what will happen next and ill buy you a pint!
championez
says...
9:38pm Fri 29 May 09
Patrick80's
says...
9:39pm Fri 29 May 09
tauntonsaint wrote:Buy a season ticket instead ! or 2
soton3009 wrote: Told you all that an announcement would be made at 4pm today, close 3.47 pm to be precise. I have it on good authority the person behind MLT/Pinnacle bid is megga megga loaded and WGS is coming back to manage the club. SW: book-deal If you did,fair play.Put your rep on the line though.Give us a detailed example of what will happen next and ill buy you a pint!I'll buy you 2 pints and all the liver & onions you can eat :-)
Patrick80's
says...
9:42pm Fri 29 May 09
worried of e sussex
says...
9:53pm Fri 29 May 09
tauntonsaint
says...
9:55pm Fri 29 May 09
foreverasaints
says...
10:02pm Fri 29 May 09
OSPREYSAINT
says...
10:12pm Fri 29 May 09
soton3009
says...
10:14pm Fri 29 May 09
aliscan66
says...
10:21pm Fri 29 May 09
BrooksoSaints09 wrote:I heard it was the other way round a couple of weeks ago...all matt & co were interested in saving was OUR CLUB, not the assets at that point and thats what the hold up was. Maybe im wrong but who cares cos i will be there wearing my saints shirt with pride!! WOOO HOOOO COYR we love you xxx
Pedant wrote: I`ve heard a whisper that, if true, could have some people eating their words about Mr Fry. The whisper was that all those making serious enquiries were only interested in the Stadium,training ground and Jacksons Farm and didn`t want the football club which they saw as a loss making business. It has taken Mr Fry this long to persuade someone to potentially take the whole shooting match. Whether the perceived negative value of the football club affects the price paid we may (or not) discover in due course. I wouldn`t be too confident about getting a top rate manager or some half decent players.Thats my point, i dont understand how you can call yourself a real fan if you dont have faith in the club, maybe they didnt want the club, but i dont believe for one minute that Le God only wanted the assets, thats bulls**t. The club is the only thing he wanted, who also thinks this? (LeTissiersNose i agree i should be managing, you up for being my assisstant?) haha
Dazzz
says...
10:27pm Fri 29 May 09
tauntonsaint
says...
10:32pm Fri 29 May 09
soton3009 wrote:I remember seeing LuLu at the Dell once in the West Stand
gary glitter? Actually i heard the rod stewart rumour last month sometime. if it comes true then patrick 80's my ol mucker,i will not only buy you a pint,i'll splash out on some pork scratchings!
SomersetSaint
says...
10:58pm Fri 29 May 09
IanRRR
says...
12:54am Sat 30 May 09
IanRRR
says...
12:57am Sat 30 May 09
Jesus_02
says...
8:24am Sat 30 May 09
Measaint
says...
8:25am Sat 30 May 09
tmk saints
says...
8:29am Sat 30 May 09
hasnain11
says...
9:37am Sat 30 May 09
season ticket holder
says...
10:00am Sat 30 May 09
hasnain11 wrote:All this positive comments and you have to spoil it with this. Go and support a London club instead of Saints.
We shouldn't get over exited because it's ONLY an exclusivity period. The club has not been bought yet. And Pinacle group are not financially sufficient, so we'll still have to sell our good players. So we don't know for sure if the club is going to be bought. They have been given 500k from a financial backer (maybe rupert lowe) so we shudn't be over confident about the exclusivity.
SAINTJANE
says...
10:05am Sat 30 May 09
Patrick80's
says...
10:31am Sat 30 May 09
hasnain11 wrote:Muppet !!!!
We shouldn't get over exited because it's ONLY an exclusivity period. The club has not been bought yet. And Pinacle group are not financially sufficient, so we'll still have to sell our good players. So we don't know for sure if the club is going to be bought. They have been given 500k from a financial backer (maybe rupert lowe) so we shudn't be over confident about the exclusivity.
Barry the Tash
says...
10:35am Sat 30 May 09
Adamw1993
says...
11:29am Sat 30 May 09
Billy 2 Baps
says...
12:18pm Sat 30 May 09
Adamw1993 wrote:Allen has a place on the IOW and one of his boats on the south coast. If truth, outside of seeing my daughter being born. The best news ever COYR
Just a rumour I've been hearing but apparently the wealthy backer is Paul Allan. The first deal was cancelled because of all the media attention, and so he's backing the Pinnacle group providing that he remains anonymous until the deal is sorted. SW - Deal-than
Saints Mike
says...
12:22pm Sat 30 May 09
Adamw1993 wrote:Hey, I heard that as well, but also heard the Rod Stewart rumour, and WGS coming back rumour, in fact I was nearly convinced by the rumour that my mum is taking over, making my sister manager, along with my brother as coach. Whoever it is, lets just hope that everything is financially in place and we don't have to wait 21 days before the deal is done.
Just a rumour I've been hearing but apparently the wealthy backer is Paul Allan. The first deal was cancelled because of all the media attention, and so he's backing the Pinnacle group providing that he remains anonymous until the deal is sorted. SW - Deal-than
normsted
says...
12:31pm Sat 30 May 09
Saints Mike
says...
12:45pm Sat 30 May 09
normsted wrote:Rumour is exactly that Rumour, as my previous post states, Ive heard so many over the last couple of months, it's done my head in. Whoever it is, he or she will be better than Lowe Wilde & Cowe.
Well Done ,thats the anonymous bit blown out of the water then.
Linesman
says...
1:31pm Sat 30 May 09
St Retford wrote:I hope it tastes better than the one you brought up for me.
Amazing. If I caught Matt Le Tiss is bed with my missus I'd make him a cup of tea and tuck him in. O, and have you seen this Pompey bidder is going to be the subject of the first ever FA investigation into whether he would be a fit and proper owner? If he's anything like the Man City boss it's probably not that hard to find links to human rights violations somewhere along the line. Have lovely weekends everyone.
geordie saint
says...
1:41pm Sat 30 May 09
hasnain11
says...
2:32pm Sat 30 May 09
season ticket holder wrote:Look i'm also absolutely delighted about the exclusivity.!! But what if the deal does not happen.. That might put the fans hopes up high! BUT IM VERY HAPPY ASWELL BOUT LE God taking over. If they take over will we have another manager?OD
hasnain11 wrote:All this positive comments and you have to spoil it with this. Go and support a London club instead of Saints.
We shouldn't get over exited because it's ONLY an exclusivity period. The club has not been bought yet. And Pinacle group are not financially sufficient, so we'll still have to sell our good players. So we don't know for sure if the club is going to be bought. They have been given 500k from a financial backer (maybe rupert lowe) so we shudn't be over confident about the exclusivity.
COYR
hasnain11
says...
2:38pm Sat 30 May 09
St Retford
says...
2:52pm Sat 30 May 09
seedhouse
says...
2:58pm Sat 30 May 09
geordie saint
says...
6:16pm Sat 30 May 09
aliscan66
says...
1:25pm Sun 31 May 09
geordie saint wrote:sorry cant think of a better one than that but a good one for pompey....da nottarf krap camel shed !!
St Mary's has not really been a lucky stadium, so how about a new name to go with the new fresh start, my choice would be Le Dell
mccoisty09
says...
10:48am Mon 1 Jun 09
The Southern Daily Echo will not tolerate comments posted on this message board which are deemed to be distasteful or offensive in any way. This includes homophobic and racist remarks. Anyone posting inappropriate comments risks having their account banned from using this site. The Echo will also fully co-operate with police by providing details, when requested, in relation to such incidents, which may lead to prosecution.
Enter your postcode, town or place name
Search for jobs with the Daily Echo
Search Now »
Find the right person for you with the Daily Echo
Search Now »
Search for homes with the Daily Echo
Search Now »
Search for cars with the Daily Echo
Search Now »
oldtimesaint says...
3:51pm Fri 29 May 09