Former Saints chairmen Michael Wilde and Rupert Lowe are preparing to join forces in a dramatic bid to regain control of the club.

Though Lowe and Wilde have had very public differences in the past - Wilde led the campaign to oust Lowe in the summer of 2006 - sources close to the Daily Echo understand they are ready to put that to one side to return to the club in unison.

Both men, and in Lowe's case the former board supporters he still represents, fear a slide towards financial oblivion under the current directors.

Between them, Wilde and the Lowe camp represent around 46 per cent of the club's shareholding - if they came together, a figure large enough to basically instigate whatever changes they want.

In the first instance, that could be making changes to the board, throwing into major doubt the position of Crouch as chairman.

The theory behind the move is believed to be that in the short term Wilde and Lowe think they could halt the current slide before the club hits the rocks.

And in the longer term it would make it easier for investors to talk to the club with nearly half of the total shares being represented on the PLC board.

Currently, there is less than ten per cent of the shareholding on the PLC board - the vast majority belonging to Crouch, who bought a nine per cent stake from an investment company, which had always previously backed Lowe, in April 2006.

Wilde is Saints' biggest individual shareholder with around 17 per cent - most of which were bought from ex-Saints shareholders Paul Thompson, Keith Wiseman, Ian Gordon and Brian Hunt.

And while Lowe holds less than seven per cent himself, he is said to speak for some 29 per cent of the holding, including former board supporters Guy Askham, Andrew Cowen, Mike Richards, David Windsor-Clive and Michael Withers.

Wilde and Lowe have been the subject of fierce criticism from the fans in recent weeks who claim they are doing nothing to help the club in its hour of need.

That could be part of the motivation for a possible return.

There is also the prospect that if the club continued its current slide, the shareholdings - which Lowe has held out to sell at a premium rate - could dramatically decrease in value.

The Daily Echo has been told by financial experts that if Wilde and Lowe do act together, they could make whatever changes they wanted.

Though the ultimate weapon would be to call an EGM, with such a clear victory in their sights Saints' legal advisors Seymour Pierce would almost certainly recommend that the current board accepts whatever they request.

That would be likely to mean Wilde and Lowe returning to the board, with or without Crouch.

Crouch was the man who supported Wilde in ousting Lowe, ultimately tipping the balance Wilde's way and becoming the agent for change' he always insisted he wanted to be.

This latest twist in the Saints ownership saga, though, would be the most dramatic yet as things would have swung full circle.

When contacted by the Daily Echo yesterday, Wilde said: "I can't comment on speculation and rumour."

Lowe said: "I have nothing to report to you, old chap" before hanging up.

Saints chairman Crouch declined to comment.

This afternoon, the club released a statement concerning the speculation.

It read: "The Club are aware of the article which appeared in the Southern Daily Echo today regarding Rupert Lowe and Michael Wilde.

"There is no intention to make any comment at this time as the board have not yet been required in writing to consider any proposal.

"All that matters at this stage of the season is the concentration of everyone (board, staff, manager, players and fans) upon the match against Coventry on Saturday and the need to succeed both then and in the following weeks.

"No true fan of the club or responsible shareholder could credibly identify themselves with such a controversial proposal at so delicate a time."