Southampton takeover talks stall

Administrators in control of Southampton have revealed negotiations with a potential buyer for the club have stalled and a possible takeover remains open to other interested parties.

Mark Fry of Begbies Traynor admitted yesterday that finding a buyer looked "very unlikely" after the club's parent company, Southampton Leisure Holdings plc, entered administration over six weeks ago.

The identities of those interested in buying the club, recently relegated to League One, have remained confidential although the Pinnacle consortium, which is supported by Matt Le Tissier, is understood to have recently had their deadline to launch a bid extended and they remain confident of being able to do so.

A statement released by Fry this afternoon read: "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.

"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."

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