1 Jul 2009Pinnacle Group pull the plug on Southampton takeover

Football Clubs News | Football Finance News | Football Leagues/ Association and Governance

The future of Southampton is looking bleak as the Pinnacle Group has decided to cancel its offer to buy the troubled League One club.

Since the club's parent company Southampton Leisure Holdings fell into administration earlier this year, Mark Wotte's team have been struggling financially.

However, it seemed as though all would be resolved when the consortium appeared to be prepared to accept the ten-point penalty that the club will face in the upcoming season.

But now the deal between the pair has collapsed, with media reports revealing that the consortium was concerned that the Football League would impose further sanctions on the club.

Member of the consortium and former Southampton forward Matt Le Tissier told Sky Sports News: "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 have decided to withdraw our interest in purchasing Southampton.

"With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover."

Meanwhile, administrator Mark Fry revealed last week that if the deal fell through then he may be forced to wind up the club.

Southampton spent 27 years in the top flight of English football between 1978 and 2005.

Written by Paul Roberts

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