1 Apr 2009Southampton facing administration after suspension of shares

Football Clubs News | Football Finance News

Southampton are on the brink of administration after shares in the club's holding company were suspended, the BBC revealed today (April 1st).

Uncertainty surrounding Southampton Leisure Holdings (SLH) plc - which has debts of £27.5 million - meant that it was unable to post its half-year financial results before yesterday's three-month deadline.

Although there are plans to put the parent company into administration rather than the club itself, it is unclear whether such a move would save the Saints from a ten-point deduction.

An SLH statement quoted by the news provider read: "Unless this [extra money] is secured the company will be unable to continue as a viable business for the forthcoming 12 months."

The company is holding emergency talks today at St Mary's, but the BBC reports that even if a sizable portion of the club's debt is wiped out, the Football League could still impose the points penalty.

If that situation arises, the Saints, who are currently sitting second-bottom in the Championship, would almost certainly be relegated.

Southampton's finest hour was arguably in 1976, when they defeated Manchester United 2-1 to lift the FA Cup, despite playing in the second tier of English football.

© Copyright