THE INSURANCE arm of Southampton Football Club has been bought by its management team in a deal thought to be worth about £250,000.

Saints Insurance Services (SIS) has been sold by bosses of football club parent Southampton Leisure Holdings, which has owned it for eight years but described it as a "non-core" asset.

It is the latest sell off by the cash-strapped club, which is grappling with extensive debts that have seen it forced to sell crowd favourites such as Gareth Bale, pictured, and Chris Baird. Both sides said the insurance arm would maintain close links with the Saints "to ensure fans can still help the club" by buying its products, which will still generate some revenue for SFC.

Policyholders will be unaffected by the change of ownership, with the address at St Mary's and telephone numbers remaining the same.

There will not be any redundancies among staff.

Managing director Phil Shephard said: "After months of uncertainty SIS is pleased to now be in a position to move forward and build on the solid foundations that have been built with the club over the past eight years. We are now looking forward to the future as the club's "Official Insurance Partner" where we will be working closely with them to provide fans exclusive deals in a number of areas."

Saints commercial director Andy Oldknow said: "It is a non-core business for the football club and the time is now right for them to stand alone.

"The relationship with SIS will continue to generate a revenue stream for the club, with the main reason for the sale being that SIS is now well established and ready to stand alone and we wish them well."