[cite]Posted By: LargeAddick[/cite]I thought their holding co was set up to purchase the ground and as such it is owned by them, just as our training ground will be owned by a director. I don't possess enough info on this to judge either way but it ain't gonna affect us anyway. I'm sure they would have taken substantive legal action before going down this route.
I hope it does affect us but next season when we have a ten point start on them.
Plus I want their players to be distracted on Saturday so I can see us when an away game again.
From the Saints message board The Ugly Inside
Mark Fry the appointed administrator was very clear at todays press conference.
Mr Fry of Begbies Traynor was clear at today's press conference, the situation is not good for Southampton Football Club and as it stands at present we are within a month of going out of business, unless an investor is found !
He also confirmed that there was no guarantee that the Club could even see out the season, that unless the supporters supported the club through the turnstiles for the final three home games, then it might not be able to meet its financial obligations before the end of the season, the overdraft limit has been reached, basically the club has to finance itself through the turnstiles or it will cease trading.
The fans coming back to the games he also stressed would have a dual benefit, apart from the aforementioned vital influx of cash, it would also convince any potential investors that the Club is worth investing in and saving, at the moment an outsider would see it as a failing business with declining customers, the fans now have to show that if an investor puts his faith in the club, then they are still there and will return.
The message sent a chill down my spine, here was someone saying that the football club I have supported all my life could be no more in a matter of weeks, if a buyer isnt found by the start of May, then the club cannot continue as it cannot take season ticket money and therefore has no income to see it through the summer.
So we buy Southampton...put Charlton into receivership, change their name to Charlton Athletic (2009) Ltd and move them from St Marys to the the now vacant Valley and we are safe.
I don't get any pleasure out of this. Imagine how we would be feeling now.
The main problem at Southampton, as i understand it, is that the Directors, Rupert Lowe etc, were not signficant shareholders. The key Directors continued to draw remumeration from the club uptil the end.
Those who continue to see our Directors as self-serving asset strippers should compare and contrast the situation at our two clubs. Our Directors have come up with a way to keep the club watertight by raising capital from the sale of and lease back of certain assets which, by their ovewhelming shareholding, they effectively "owned" anyway. Southampton's Directors continued to drink from the leaky bucket until all the water was gone!
[cite]Posted By: bingaddick[/cite]I don't get any pleasure out of this. Imagine how we would be feeling now.
The main problem at Southampton, as i understand it, is that the Directors, Rupert Lowe etc, were not signficant shareholders. The key Directors continued to draw remumeration from the club uptil the end.
Those who continue to see our Directors as self-serving asset strippers should compare and contrast the situation at our two clubs. Our Directors have come up with a way to keep the club watertight by raising capital from the sail of and lease back of certain assets which, by their ovewhelming shareholding, they effectively "owned" anyway. Southampton's Directors continued to drink from the leaky bucket until all the water was gone!
Thinking more about this if I was a Saints fan I'd be seriously worried. The Saints board have been trying to either sell the club or attract fresh income for some time and have failed. I can see their dilemma - put the club into receivership and lose ten points, which would guarantee relegation or keep the debt going and keep hoping that they'll find a new buyer. Chances are they are going down anyway, and that makes their financial situation worse. Who is going to want to buy a debt laden club with virtually no revenue coming in between now and the start of the next season? Other than a few home matches they've got no means to make any money until then (other than ST renewals and a fire sale of a few assets) and they can't shift any players (the high earners) off thefrom the end of the season when they are financing debt, playing a huge wage bill and not receiving much money. Their only hope is that someone comes out the woodwork to buy them on the cheap or that enough fans stump up for next year's Season Ticket - but who is going to give a company that may go out of business £300 or so and risk losing the lot?
[cite]Posted By: BlackForestReds[/cite]
Who is going to want to buy a debt laden club with virtually no revenue coming in between now and the start of the next season?
I'm sure Southampton aren't the only ones asking that very question.....
The administrators in control of Southampton have revealed that negotiations with a potential buyer have stalled.
The club's future therefore remains in the balance with no takeover looking likely in the near future.
Administrator Mark Fry of Begbies Traynor declared on Monday that finding a buyer for the club, who have recently been relegated from the Championship, was 'very unlikely'.
Those interested in buying the South Coast outfit have remained confidential although the Pinnacle consortium, which is supported by Matthew Le Tissier, is understood to have recently been given more time to raise funds.
"As you know, we have been in detailed talks with a number of parties who have expressed a serious interest in acquiring the shares in the club from the administrators," said a more upbeat Fry.
Period of exclusivity
"Last week we attempted to go into a period of exclusivity with one of the potential buyers but, unfortunately, whilst an exclusivity agreement was signed, the party has not yet been able to satisfy the conditions surrounding the agreement and, accordingly, we have currently not progressed to contract negotiations.
"In the meantime, we continue to negotiate with other potential buyers who remain interested in purchasing the shares in the club.
"As I am sure you understand, this is a time-consuming process and time is limited.
"The administrators remain committed to finding a buyer for the shares in the club and securing its long-term future."
Comments
I hope it does affect us but next season when we have a ten point start on them.
Plus I want their players to be distracted on Saturday so I can see us when an away game again.
Mark Fry the appointed administrator was very clear at todays press conference.
Mr Fry of Begbies Traynor was clear at today's press conference, the situation is not good for Southampton Football Club and as it stands at present we are within a month of going out of business, unless an investor is found !
He also confirmed that there was no guarantee that the Club could even see out the season, that unless the supporters supported the club through the turnstiles for the final three home games, then it might not be able to meet its financial obligations before the end of the season, the overdraft limit has been reached, basically the club has to finance itself through the turnstiles or it will cease trading.
The fans coming back to the games he also stressed would have a dual benefit, apart from the aforementioned vital influx of cash, it would also convince any potential investors that the Club is worth investing in and saving, at the moment an outsider would see it as a failing business with declining customers, the fans now have to show that if an investor puts his faith in the club, then they are still there and will return.
The message sent a chill down my spine, here was someone saying that the football club I have supported all my life could be no more in a matter of weeks, if a buyer isnt found by the start of May, then the club cannot continue as it cannot take season ticket money and therefore has no income to see it through the summer.
The main problem at Southampton, as i understand it, is that the Directors, Rupert Lowe etc, were not signficant shareholders. The key Directors continued to draw remumeration from the club uptil the end.
Those who continue to see our Directors as self-serving asset strippers should compare and contrast the situation at our two clubs. Our Directors have come up with a way to keep the club watertight by raising capital from the sale of and lease back of certain assets which, by their ovewhelming shareholding, they effectively "owned" anyway. Southampton's Directors continued to drink from the leaky bucket until all the water was gone!
Good analogy Bing.
........
Those who see our directors as self-serving asset strippers usually have no understanding of reality and can be ignored.
I'm sure Southampton aren't the only ones asking that very question.....
The club's future therefore remains in the balance with no takeover looking likely in the near future.
Administrator Mark Fry of Begbies Traynor declared on Monday that finding a buyer for the club, who have recently been relegated from the Championship, was 'very unlikely'.
Those interested in buying the South Coast outfit have remained confidential although the Pinnacle consortium, which is supported by Matthew Le Tissier, is understood to have recently been given more time to raise funds.
"As you know, we have been in detailed talks with a number of parties who have expressed a serious interest in acquiring the shares in the club from the administrators," said a more upbeat Fry.
Period of exclusivity
"Last week we attempted to go into a period of exclusivity with one of the potential buyers but, unfortunately, whilst an exclusivity agreement was signed, the party has not yet been able to satisfy the conditions surrounding the agreement and, accordingly, we have currently not progressed to contract negotiations.
"In the meantime, we continue to negotiate with other potential buyers who remain interested in purchasing the shares in the club.
"As I am sure you understand, this is a time-consuming process and time is limited.
"The administrators remain committed to finding a buyer for the shares in the club and securing its long-term future."