Saints owners close to administration
The future of Southampton FC was on the line this morning.Shares in the parent company of the football club, which last night told staff their jobs were under threat, were suspended today after the business failed to secure additional funds ahead of a March 31 deadline.
The future of Southampton FC was on the line this morning.
Shares in the parent company of the football club, which last night told staff their jobs were under threat, were suspended today after the business failed to secure additional funds ahead of a March 31 deadline.
Southampton Leisure Holdings warned that without the injection of additional finance it would be unable to continue as a viable business.
While talks with a number of parties are going on, the company said it was required to suspend its shares because the uncertainty had prevented it from posting half-year results before yesterday's three-month deadline.
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The Times newspaper said the club had failed to agree an extension of its overdraft with Barclays and accountancy firm Begbies Traynor was standing by to step in as administrator.
It is possible that moves to put the club's parent company, rather than the club itself, into administration will save it from having points docked by the Coca-Cola Championship.
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The team is three points from safety in 23rd position with six games to play.
