BUSINESS would welcome multi-billionaire investor Paul Allen's proposed buy-out of Southampton Football Club with "open arms", according to business leaders.

The arrival of the world's 19th richest man in the city could trigger a range of lucrative spin-offs and boost the city's prestige.

The 54-year-old Microsoft co-founder is worth £10 billion and is now busy putting together a bid for Saints, with ambitions to return the club to the Premiership.

The possibility had one major Saints shareholder saying "it's beyond my wildest dreams" and city business is of the same opinion.

Denise Barlow of the Southampton Chamber of Commerce said: "I haven't spoken to anyone who doesn't think it's good news.

"I don't see the down side. I think business would welcome him with open arms."

Business leaders hope some of his multi-billion fortune will flow into many areas of city. Companies across the region also yearn for Saints' return to the Premiership and the prestige top-flight status bestows on the region.

Denise said: "A successful Premier-ship team would boost the visitor economy because football isn't just about local supporters but the visiting fans as well, especially with the emergence of European football. Visitors contribute greatly to the economy.

"It would increase our status and prestige. We are already on the world map as a liner destination. This would add to the attractiveness of the whole city.

"There is also a possibility that some of his wealth could trickle down through the city to all levels.

"A powerful rich owner of one of your main sporting institutions means there is the potential for funding of a youth academy and other community benefits.

"An ideal investor is someone with money to spend and prepared to contribute fully to the lifeblood of the city he invests in. We would welcome an investor like that."

Gavin Elliott, chairman of Southampton Hoteliers' Association and manager of Chilworth Manor Hotel, agreed, forecasting widespread benefits if Allen bought the club.

"I can't imagine anyone not welcoming a guy with that sort of clout coming into Southampton and putting it on the map," he said. "Let's face it, the town is a worse place for Southampton being in the Championship and not the Premiership. It needs to be back there, it gives the city a buzz."

Business development group Business Southampton also backed a takeover wholeheartedly.

Chairman Malcolm Le Bas said: "Whilst, ultimately, the decision rests with the Board and the shareholders, Business Southampton - at its Board meeting - positively welcomed the possibility of the Microsoft co-founder, Paul Allen, making an offer for the Saints.

"A man of his background and interests can do nothing but good for the club, hopefully restored to its rightful place in the Premier League, and the City region and such an event will be excellent for the business community and the community at large.

"Already, since its launch, Business Southampton is seeing just how much unsung business success there is in the Southampton City region and an astonishing amount of world-class innovation and research to go along with the better known successes such as the Cruise and Ocean liners, the Port, the Airport, the two Universities, the Mayflower Theatre, the Rose Bowl and many, many more. In summary, a perfect place for Mr Allen to involve himself in."

When news of Allen's interest first broke, Saints' share price rocketed to more than 64p, the highest level in the club's ten years on the stock exchange. The flurry provoked Saints' parent company Southampton Leisure Holdings to issue a statement admitting it was considering a preliminary approach "which may or may not lead to an offer being made for the company".

The Daily Echo understands Allen sees the club as a sleeping giant that could make him a profit in the long term. Although no offer has been made, estimates say it would have to be in the region of £55m - small change for the billionaire.