Post by QPR Report on Jun 30, 2009 14:21:12 GMT
Guardian
Matt Le Tissier and Pinnacle pull out of proposed Southampton takeover• Le Tissier-backed group pulls out of running to take control
• Mark Wotte's contract set to expire with no replacement in place
Matt Le Tissier's bid to become Southampton chairman is over with the south-coast club now days from going out of business.
Le Tissier, the hero of many a relegation battle as a player, will not be the club's saviour off the field after the Pinnacle consortium he was backing pulled out of the running to take control.
"It is with great regret and frustration due to ongoing issues with the Football League that I and in turn those behind the Pinnacle consortium decided to withdraw our interest in purchasing Southampton Football Club," said Le Tissier in a statement. "With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover.
"I hope beyond hope that Mark Fry can find a buyer for the club. We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and then coming to light so late in the day has resulted in our backer's decision not to proceed under the terms on offer."
Pinnacle's attempt to take control of the club was thought to be dependent on the Football League allowing Southampton to appeal against the 10-point penalty that will be imposed next season.
The administrator, Mark Fry, is now thought to be left with two potential buyers but he said last week he would have to consider starting to wind up the club by Friday.
The Saints' on-field problems are also increasing with the side facing the prospect of having no one to take pre-season training from tomorrow once their manager Mark Wotte's contract expires.
Wotte will officially revert to his role within the youth set-up while the first-team coaches Michael Svensson and Dean Gorré will also be out of contract.
The club remains in danger of going bust and a swift player exodus is on the cards, with out-of-contract captain and goalkeeper Kelvin Davis reportedly close to joining West Ham and midfielder Andrew Surman linked with Wolves and Sheffield United.
"I have my last day today and then probably I will stop doing this job," Wotte told the Southern Daily Echo. "But I don't know who is going to do the training sessions for the first team. Michael Svensson and Dean Gorré are also gone.
"The problem is we don't know anything that's going to happen in the next two days. Players and staff are running out of contracts.
"I think I have been very loyal and patient with this club. But it's hard reading people who are not making a bid expressing their opinion on the new manager they want to sign. I hope we have a solution within 24 hours and everybody can make decisions.
"I don't think this club has to change management because it has had too many changes of management. It is probably one of the reasons this club is in League One. But if the Pinnacle group want to change the manager, they have to buy the club and then do it."
That, clearly, is no longer on the cards.
Matt Le Tissier and Pinnacle pull out of proposed Southampton takeover• Le Tissier-backed group pulls out of running to take control
• Mark Wotte's contract set to expire with no replacement in place
Matt Le Tissier's bid to become Southampton chairman is over with the south-coast club now days from going out of business.
Le Tissier, the hero of many a relegation battle as a player, will not be the club's saviour off the field after the Pinnacle consortium he was backing pulled out of the running to take control.
"It is with great regret and frustration due to ongoing issues with the Football League that I and in turn those behind the Pinnacle consortium decided to withdraw our interest in purchasing Southampton Football Club," said Le Tissier in a statement. "With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover.
"I hope beyond hope that Mark Fry can find a buyer for the club. We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and then coming to light so late in the day has resulted in our backer's decision not to proceed under the terms on offer."
Pinnacle's attempt to take control of the club was thought to be dependent on the Football League allowing Southampton to appeal against the 10-point penalty that will be imposed next season.
The administrator, Mark Fry, is now thought to be left with two potential buyers but he said last week he would have to consider starting to wind up the club by Friday.
The Saints' on-field problems are also increasing with the side facing the prospect of having no one to take pre-season training from tomorrow once their manager Mark Wotte's contract expires.
Wotte will officially revert to his role within the youth set-up while the first-team coaches Michael Svensson and Dean Gorré will also be out of contract.
The club remains in danger of going bust and a swift player exodus is on the cards, with out-of-contract captain and goalkeeper Kelvin Davis reportedly close to joining West Ham and midfielder Andrew Surman linked with Wolves and Sheffield United.
"I have my last day today and then probably I will stop doing this job," Wotte told the Southern Daily Echo. "But I don't know who is going to do the training sessions for the first team. Michael Svensson and Dean Gorré are also gone.
"The problem is we don't know anything that's going to happen in the next two days. Players and staff are running out of contracts.
"I think I have been very loyal and patient with this club. But it's hard reading people who are not making a bid expressing their opinion on the new manager they want to sign. I hope we have a solution within 24 hours and everybody can make decisions.
"I don't think this club has to change management because it has had too many changes of management. It is probably one of the reasons this club is in League One. But if the Pinnacle group want to change the manager, they have to buy the club and then do it."
That, clearly, is no longer on the cards.
