"IT is beyond my wildest dreams." Those were the words last night of a major Southampton Football Club shareholder over the news that one of the world's richest men has put in a preliminary offer to buy out the club.

Paul Allen, the man widely believed to be behind the bid, is worth an estimated £10 billion, putting him alongside Chelsea Football Club owner Roman Abramovich in the rich stakes.

Mr Allen's fortune - he is the world's 19th richest person - comes in part from his connection with global software giant Microsoft, which he co-founded with Bill Gates in 1975.

As Saints' share price rocketed to its highest level this decade, the figure being bandied about for the buy-out was a reported £55m - though that would still be small change for the 54-year-old American.

In fact, ironically, the figure is almost the same as the sum Roman Abramovich paid Mr Allen four years ago for the superyacht Le Grand Bleu.

Last night no one at the club was prepared to talk to the Daily Echo about the prospect of the deal, though one shareholder admitted the news was "very exciting" - a view matched by the club's fans.

The shareholder, who did not wish to be named, summed up the mood of excitement sweeping fans ahead of today's match with Norwich City, saying: "What could be better for Southampton FC than one of the world's richest men pumping millions into the club? I'm totally surprised - I knew the club were looking for investors but I never thought it would be a person of this magnitude. I'm very excited. It is beyond my wildest dreams."

However, any potential Allen bid could be on the basis that all shareholders might have to sell to him. The club would then revert into private hands and could be delisted as a PLC.

At the close of business on the London stock market last night, news of the preliminary bid had sent share prices to their highest levels since the club was first put on the stock market ten years ago.

The market closed with shares in Southampton Leisure Holdings running at 64p each, a rise of more than 34 per cent in one day.

The increase forced Southampton Leisure Holdings to issue a statement noting the increase in share price and admitting it was considering a preliminary approach "which may or may not lead to an offer being made for the company".

The major shareholder added: "As a long-standing shareholder I would be very reluctant to sell my shares. But there is no way I could possibly stand in the way of someone like Paul Allen coming in. It would be outrageous for any shareholder to do that. We are a family club and it seems that Paul Allen is a genuine guy.

"He wouldn't be coming into Southampton to make money because he has pots of it anyway. He's never married, he's got no children, and he seems a genuine philanthropist."

So would Mr Allen's arrival prove to be the boost Saints need, and why would he be considering getting involved?

According to friends of the billionaire, he sees the club as a family-friendly sleeping giant and one that could make him a profit in the long run.

Analysts also believe investing now while the club is still in the Championship, and cheaper to buy, could prove very profitable if Saints manage to make it back into the cash-rich Premiership.

Financial analyst Deloitte, which produces an annual report into the football market from a financial investment point of view, says it believes foreign investors in particular see football as a sound investment because of the game's long history of sustained popularity in England.

That in turn means that if they want to sell the business, buyers can usually be found.

Another investor the Daily Echo spoke to, with links to the club, added that Southampton is also a prime candidate for foreign investors because of its existing infrastructure, especially St Mary's Stadium, and the club's experience in the top tier.

Saints also have a large and loyal fan base, meaning if Premiership football returns to the city, the club should have no problem filling its seats.

Any move by Mr Allen for Saints will also be a continuation of US-backed takeovers of British football clubs.

Mr Allen is known to have visited Southampton previously, in his £100m superyacht Octopus, and he is also a well-known philanthropist who sees sport and sports clubs as central to healthy communities.

For now, though, Saints fans will have to wait for an explanation, though for the moment the focus will remain on the club's promotion hopes, starting with the game against Norwich later today.