SAINTS chairman Rupert Lowe has scoffed at suggestions that Rory Delap's record-busting £4 million transfer was financed by selling off old folks homes.

Instead, the decision is seen as a piece of good housekeeping.

Saints' parent company, Southampton Leisure, could rake in around £1.4m by selling off Lifeways, the Care in Community arm of the business.

Ironically, it was Southampton Football Club's reverse takeover into Secure Retirement PLC which fast-tracked their flotation on the Stock Exchange.

Southampton Leisure shareholders will be balloted on the scheme which will sell Lifeways to its management for an initial sum of around £800,000, with add-ons taking the final sum to around £1.4m.

In return for the cash windfall, Saints will be giving up annual profits of around £200,000.

The wheels to sell Lifestyle were set in motion before the Delap deal was set up and Lowe insisted that one was not done to raise cash for the other.

"The two are entirely different transactions," he said, explaining that Saints decided to sell a subsidiary which was only bringing in small profits.

"We have reached agreement with the current Lifestyle management to sell it to them and we think it's the right thing to do.

"We have sent out leaflets to shareholders and they obviously have to agree it."