Football League hit out at Pinnacle

Pinnacle claimed they had agreed to accept a ten-point deduction imposed by the league, which comes into effect at the start of the season.

However, they said there were “other issues” that had arisen with them late in the day that they could not overcome.

A source has told the Daily Echo Pinnacle were fearful of further sanctions and wanted a guarantee they would not receive any.

But the Football League said there was no major issue raised with them other than the right to appeal the ten-point deduction.

They have also stressed very firmly to the Echo that further points deductions against Saints were not being considered.

A league spokesman said Pinnacle had been in receipt of a contract from them for over a week and, to proceed, only needed to provide clarification in regard to funding.

“We are very surprised by the comments that other conditions, allegedly imposed by the League, led to the Pinnacle Group withdrawing from their proposed takeover of Southampton Football Club,” said the spokesman.

“Throughout our discussions no conditions other than a waiver in regard to sporting sanctions have ever been raised with us as a major issue.

“The Pinnacle Group has been in receipt of a contract from the League for over a week now.

“To proceed, all it needed to do was to provide clarification in regard to funding and sign the contract.”