Administrators enter Exclusivity Agreement with Pinnacle Consortium for the sale of the assets of Southampton Leisure Holdings Plc

Mark Fry and David Hudson of Begbies Traynor, the Joint Administrators of Southampton Leisure Holdings Plc ("the Company"), are pleased to announce that they have entered into an exclusivity agreement with the Pinnacle Consortium ("the Consortium") for the sale of all of the assets of the Company, including Southampton Football Club ("the Club"),

In order to enter into the exclusivity agreement, the Consortium has paid a non-refundable, undisclosed fee, and as a result the Club is now in a position to pay its staff wages in full for the month of May.

The exclusivity agreement will last for 21 days, during which time we will be working hard with the Consortium on the technical aspects required to complete the sale, and we will make a further announcement when it is appropriate to do so.

Mark Fry, Begbies Traynor, Joint Administrator, commented:

"I am extremely pleased to be able to announce this significant development in the sale process of the assets of Southampton Leisure Holdings Plc, including Southampton Football Club."

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