AND so it came to pass, not surprisingly, that Rupert Lowe stepped down as chairman of Saints yesterday evening.

His decision came just three days before the EGM called by major shareholder Michael Wilde which would have decided his future.

Lowe, who has been at the helm of the south coast club for almost 10 years, took Saints from The Dell to their new ground at St Mary's and to the FA Cup final in 2003.

But his reign has also seen 11 managers at the club and he was blamed by many supporters for their relegation in 2005 after 27 years in the top flight.

Players such as Peter Crouch, James Beattie, Antti Niemi and, most recently, Theo Walcott have all been sold, while the decision to appoint Harry Redknapp as manager just days after his departure from arch-rivals Portsmouth did not go down well in some quarters.

Redknapp's acrimonious exit and subsequent return to Pompey fanned the flames of discontent further, while many supporters were against the appointment of former England rugby coach Sir Clive Woodward as director of football.

A statement issued to the Stock Exchange last night read: "Rupert Lowe, Andrew Cowen, Guy Askham, Michael Richards and David Windsor Clive have resigned from the board of the company with immediate effect.

"Ken Dulieu, Michael Wilde, Jim Hone, Lee Hoos, Patrick Trant and Leon Crouch have been appointed as directors of the company with immediate effect."

Property tycoon Wilde recently bought up a near 25 per cent stake in Saints' parent company Southampton Leisure Holdings and will front the new board which will replace Lowe and fellow directors Andrew Cowen, Guy Askham, Mike Richards and David Windsor-Clive.

Patrick Trant, a director at Hampshire County Cricket Club, former Celtic and Fulham chief executive Jim Hone, American Lee Hoos, Saints' second-largest shareholder Leon Crouch and local businessman Ken Dulieu, will form part of the new board alongside Wilde.

Wilde has confirmed his backing for current Saints boss George Burley.

The future of Woodward is less clear, however, after Wilde claimed he would lose his title of director of football.

Lowe has been mounting a charm offensive in recent weeks with Burley, Woodward and captain Claus Lundekvam all publicly offering their backing to the current regime.

But the decision of Crouch to side with Wilde has prompted Lowe to stand down rather than face inevitable defeat in Monday's EGM, which has now been cancelled.

In announcing his appointment as Saints' new chairman in a statement to the Stock Exchange, Wilde said: "Clearly we have a great deal to do, particularly in the pre-season period. We have set out how we mean to manage this great club in an open and accessible way.

"We will commence an immediate review of each aspect of the business and will be speaking urgently to George Burley to establish the resources he needs in both the short and medium term.

"This will be an exciting time for everyone involved with the club.

"We look forward with immense anticipation to the challenges we face and to working with our new colleagues throughout the business."

Lowe claimed his decision to step aside was in the best interests of the club.

"In view of the voting positions established since the announcement of the EGM on the June 5, we have come to the reluctant conclusion that it is in the best interests of the company to stand down," he said.

"We have had ten interesting years at the club and leave behind us the legacy of a modern stadium.

"We would like to thank everyone at the club for their hard work over this period and for those who have backed us with their votes over the last few weeks.

"The interests of the company and the club come first, hence our action today.

"We wish George Burley and the team good fortune in their hunt for promotion and (academy boss) George Prost another successful year with the Saints."