A CONTROVERSIAL Stock Market announcement was made by Saints’ executive directors in early November 2007.
It was made on the eve of a home game against Charlton and warned of potential player sales the following January if no new investment was brought in.
“The Company continues to trade in the current financial year, ending 30 June 2008, broadly in line with the directors’ expectations,”
the statement said.
“However, in the absence of significant new investment, the directors would require to trade players during the January transfer window in order to generate funds for use as working capital during the remainder of the financial year.
“Further cost reduction measures would also be taken.
“The sale of players in January would, in the opinion of the directors, be likely to have an adverse impact on the Company's ability to achieve promotion to the FA Premier League.
Whilst the Company's bankers continue to support the Company, they have indicated that they will not passively sit by and watch the liquidity position of the Company deteriorate over the coming year.”
Saints’ non-executive directors were aghast at the timing and content of the statement.
A source told the Echo this week: “I know at the time people said the executives were scaremongering, saying the club could end up in administration.
“People said they were making it up, but obviously they weren’t.
“Some of the people who spoke out against the SISU bid are now going around asking fans to put their hands in their pockets to save the club.
“The ego of some major shareholders is to blame for what’s happened.
“Jim Hone used to say ‘the money is not there’ when other directors wanted money spending to support George Burley.
“That’s why Jim used to get one of the non executives to sign all the contracts of players that were signed.
“Jim was worried the business didn’t have the money required.”
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