SAINTS chairman Rupert Lowe and director Andrew Cowen have received the backing of shareholders after picking up bonuses of £100,000 each.

The payments were reward for delivering the new stadium on time and for turning a projected loss of £2.3 million into one of just £96,034.

The bonuses were ratified at yesterday's three-hour annual general meeting. But rather than facing a backlash from shareholders, the two key players were praised for their efforts in achieving the club's long-held dream of moving from The Dell.

Lowe's basic salary is £134,976 which, combined with the performance bonus, taxable benefits and pension contributions, meant he earned £257,789 in 2001 compared with £212,007 in 2000.

Cowen's basic salary is £112,476 as part of a total package worth £230,593, compared with £184,749 received in 2000.

Shareholder Dave Barter, a previously outspoken critic of Lowe, said: "Considering the time, energy and effort this has required, what you have taken is more than fair.

"I would not get out of bed for that! Good luck to you."

And another shareholder said: "Given the decades of waiting, in delivering the stadium means every single penny of the bonus has been well earned."

However, one dissenting voice said the pair had done only what they were already well paid for.

And she expressed some concern at the way any bonuses for the new financial year will be calculated - a subjective decision made by the club's remuneration committee. However, its chairman David Windsor Clive stressed there was no easy formula to determine how and when additional payments should be made.

He said: "You cannot set financial targets to be met otherwise those could be exceeded by the selling of players.

"That might trigger a bonus for trading figures but it might result in relegation and none of us want that.

"On the other hand, you cannot go on a spending frenzy on players which might see us finish fifth but we would not have the money to invest to play in Europe. It is a very difficult line to draw."

However Lowe did concede that bonuses would almost certainly not be paid if the club were relegated - and that included the players.

Lowe added: "We are not even considering the prospect of relegation. I am a great believer in positive thinking.

"But if it did happen you can safely say it is a probability rather than a possibility that we would not take a bonus.

"The players have their normal appearance payments, loyalty bonuses and signing-on fees, and extra payments for wins or draws.

"They also receive a bonus for the club's finishing position shared out according to how many times each appears on the team sheet.

"But these are calculated for 17th and above. They are not payable if we were relegated."

Lowe said such incentive schemes were sensible practice for a club of limited resources, although he again repeated his pledge to step aside if a major investor came in.

He was asked about multi-millionaire Saints supporter and season ticket holder Gavyn Davies who was recently appointed chairman of the BBC.

Lowe said: "I have spoken to him and I am on record as saying that I got into this job by default rather than design.

"If anyone wants to step up to the plate and write out a cheque for £20 million plus then I would be happy to step down. So far no-one has stepped forward.

"Gavyn Davies is aware that if he wants to become involved he would be very welcome but with his appointment as chairman of the BBC, he might find it more difficult."