Board had bank's backing (From Daily Echo)

Barclays Bank supported Saints, claims Crouch

in The Untold Stories

Board had bank's backing

BARLCAYS Bank “supported” Leon Crouch writing a cheque for £600,000 to pay off the former executive directors – even though it was money the club didn’t have.

The executives – Jim Hone, Ken Dulieu, Andy Oldknow – left St Mary’s in December 2007 after the SISU deal they had brought to the table failed to progress.

Crouch arranged a £600,000 compensation package with them, plus Lee Hoos who stayed on as acting chief executive.

“After the SISU deal didn’t go through, the executives said they wanted to leave so we drew up a compromise agreement,” Crouch recalled.

“It cost the club around £600,000 – and that was money we didn’t have.

“That money wasn’t in our cashflow and it wasn’t in our budget.

“But I started negotiating a three year plan with Barclays and as a result the bank supported me writing a cheque for the compromise agreement.”

Crouch admitted he started putting Saints first ahead of his other business commitments when he was appointed football board chairman for the second time prior to Christmas 2007.

“After the executives left and I was voted back as a football board chairman, I started working three or four days at the club,” he said.

“I called a meeting with all the departmental heads to try and discuss ways out of our difficulties.

“My aim was all about communication, it was a case of all the employees being salespeople for Southampton FC.

“Everyone was very enthusiastic, all the staff bought into what I was trying to do.

“There are some fantastic staff at the club and I don’t think they have been fully appreciated.

“I’m an entrepreneur and I encourage empowerment – I encourage people to make decisions.

“I called another meeting when I had to leave and it was very emotional, some of the staff were crying.”