5:40pm Wednesday 1st July 2009
By Echo Reporter
TWO overseas groups were last night confident of striking a deal to take over Saints as the battle to save the club from possible extinction reaches its climax.
A worldwide financial services group were negotiating with creditors late into last night in a bid to complete a deal.
The Daily Echo revealed yesterday that the group had arrived late at the negotiating table, though they have been monitoring the St Mary’s situation for some weeks.
The group claim they have enough wealth to go through with the takeover.
The Swiss group, however, were also remaining confident of finalising a takeover just three days before administrator Mark Fry’s deadline.
The Swiss – who were close to being granted exclusivity before Fry gave it to the Pinnacle group over a month ago – were engaged in meetings all day yesterday having agreed most of the finer points of their deal.
As the last remnants of due diligence were being completed, a team of lawyers were attempting to finalise contracts.
In the background, plans were being mapped out for their first days and weeks in charge so they can hit the ground running.
Last night’s talks were the final act in a remarkable day, even by Saints’ standards.
The Matt Le Tissier-backed Pinnacle group withdrew their bid just hours after Dorset businessman Marc Jackson had done likewise.
Le Tissier said the ongoing problems with the Football League were behind Pinnacle’s decision to withdraw.
“We had actually spoken to the backers and talked them into accepting the 10 point deduction and getting on with things,” said the Saints legend.
“But there were other issues that came up and issues that we were only aware of after we had signed the exclusivity agreement.
“From that point of view the backers have taken a stance that they are not willing under the terms on offer to put the money in.
“The 10 point penalty wasn’t the sticking point, there were other issues.”
Jackson’s consortium – containing Middle Eastern businessmen – withdrew because they felt it too “risky” at the present time.
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