Tony Lynam, Managing Director of Pinnacle Property Consultants, has issued the following statement following yesterday's Football League announcement regarding the proposed takeover of Southampton Football Club.

"As I am sure that you are all now aware, yesterday we received the news that the Football League have insisted that we agree to sign a waiver to our right of appeal over the deduction of 10 points next season. Needless to say, we hold a different view to the Football League, and maintain the belief that we should be granted the opportunity to appeal their decision.

"This is not an issue over the 10 point deduction, more the fact that in meeting every condition within the Football League's rules, we should be allowed the right to appeal, should we wish to do so.

"The overriding question that arrives from their conclusion is that if they are so adamant that they were correct in their initial decision to deduct the Club 10 points, then why refuse us the opportunity to appeal this?

"We are pleased that these views are shared by Administrator Mark Fry.

"Last night we were promised an agreement from the Football League that would outline their position and the options available to us; however, this only arrived this morning. This document is now in the hands of our lawyers, who are looking at it and will report back to us with our options.

"As I have stated before, we hold no animosity with the Football League, and appreciate that we will need to work closely with them in the future, however, we feel that we have a very strong case and would like the opportunity to present this.

"We hope to reach an agreeable conclusion to the remaining issues that we now have to overcome as soon as possible, and aim to deliver these to the Football League this evening. In the meantime I would like to thank both the dedicated staff at the Club, and also the fans for their continued support.

Tony Lynam
Managing Director
Pinnacle Property Consultants