For the third time in 18 months it will be all change in the Saints boardroom after another remarkable day at St Mary's.

Late yesterday afternoon it was announced that chairman Ken Dulieu, chief executive Jim Hone and commercial director Andy Oldknow had all left the club with immediate effect.

The Daily Echo understands that the three, who have all received pay-offs for the remainder of their contracts, struck an agreement with fellow PLC board members to leave the club before the AGM on Friday or face being booted out at a possible EGM in the New Year.

It is believed that the three decided the time was right to walk after the collapse of the SISU deal last week.

It was Hone and Dulieu that had brought the London based hedge fund to the table, while Oldknow had strongly backed the proposal for the investment into the club.

But when it failed to meet with a positive response from major shareholders Leon Crouch, Michael Wilde and Rupert Lowe, SISU turned their attentions to Coventry where they completed a takeover last week.

All three major shareholders are understood to have had major reservations about SISU's long-term commitment to the club and also over suggestions from the executives that the club was in such a desperate financial state that they needed an immediate remedy rather than trying to find better offers.

Given that their deal had been effectively rejected Hone, Dulieu and Oldknow felt their positions were untenable and agreed to leave.

Hone and Dulieu were part of Wilde's team that ousted Rupert Lowe as chairman last summer and Oldknow was later appointed by them.

Wilde, speaking exclusively to the Daily Echo, said he was satisfied with the financial results they had achieved without any investment but not with the manner in which they achieved them. He also praised Crouch who he had previously had several run-ins with.

The trio's departure leaves a void to be filled.

Operations director Lee Hoos, who came in with Hone and Dulieu, will stay on and act as chief executive for the time being.

A new chairman will be appointed in due course, and the less cumbersome five-man board may grow slightly, but the Echo understands that the chair role will probably go to an experienced City figure rather than a major shareholder.

The changes could also lead to a reinstatement of the club's football board as a major force.

They have met only twice since May and have been little more than a talking shop with Mary Corbett and Lawrie McMenemy wielding virtually no power as a result.

It now promises to be a quieter AGM on Friday but there could still be some drama. Keith Wiseman is due to chair the meeting but is up for re-election and will not take charge if he thinks he will be removed from the board which is a distinct possibility.

At the same time as the statement was made Saints officially came out of an offer period and the share price dropped.

Confidentiality clauses prevent Crouch, Hone, Dulieu and Oldknow from discussing the split.