Thursday, 28 May 2009
Update from the Joint Administrator of Southampton Leisure Holdings Plc
Mark Fry, Joint Administrator of Southampton Leisure Holdings Plc ("the Company"), the holding company which wholly owns the shares of Southampton Football Club ("the Club"), today made the following statement on progress towards finding a buyer for the Club:
"We are still negotiating with four seriously interested parties, but the process of disposing of the shares in a football club, particularly a distressed one in this economic climate, is an extremely complex one, and it has not yet been possible to conclude a sale.
"However, I am confident that we are very close to entering into an exclusivity arrangement with one of the interested parties."
In addition, the directors of the Football Club today informed the Club's employees that it is not in a position to pay their wages for the month of May at this time. The directors of the Football Club have asked employees that they remain with the Club for a further week, until next Friday, to see if the administrators are able to negotiate a sale in that timeframe and have asked for their continued goodwill whilst they are not being paid.
The directors of the Football Club proposed that a further meeting will be held with the Football Club's staff next Friday, which the administrators will attend in order to update them on the sale process.
Begbies Traynor
Mark Fry / Kirstie Provan 020 7398 3800
Smithfield
John Kiely/Will Swan/Will Henderson 020 7360 4900
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