Saints director Hans Hofstetter has vowed that the club will avoid a repeat of the “difficult” financial situation he says the new board has inherited.

In what will likely be viewed as a criticism of Nicola Cortese’s recent financial stewardship, the new director painted an interesting picture of the Saints books after the release of the 2012/13 figures.

The main concern appears to be the training ground project now running to £30m, while £27m remains outstanding in transfer fees to be paid out, with £22m committed in 2014/15.

Hofstetter said: “Whilst I perceive that we have inherited a difficult situation financially, there are now clear and structured plans in place to progress the Club and avoid a similar situation from occurring again.

“The continued support of the Ultimate Shareholder cannot be underestimated, and we are grateful to be able to rely on their dedication to helping us flourish as a Club.

“In the short time I have been at Southampton it has become abundantly clear that we are blessed with a staff that has all the necessary skills with which to progress, and now that we can supplement that with a strong Board I am sure we will enjoy a successful future together.”

Gareth Rogers, Chief Executive Officer added: “The financial results reflect the first full year in the Barclays Premier League and clearly show the impact of promotion two years ago.

“The Club has risen quickly in a short period and committed itself to high levels of expenditure both on the development of Staplewood Training Ground, which is likely to exceed £30m as well as significant future transfer fees. This high level of expenditure has required strong support from the Ultimate Shareholder and once again this has been shown.

“The redevelopment of Staplewood Training Ground will provide the players and Academy staff with the best quality environment to meet the standard set by the First Team who have competed and performed on the pitch at the highest level, and will also help the Academy to continue to develop future talent.

“In other areas the Club has maintained its prudent approach to the stewardship of the underlying activities required to run the club. It has also continued to develop the off pitch business and this approach will create a strong future.

“With the first phase of the training ground due to open this summer, Academy graduates continuing to progress into the first team, a healthy operating profit position and a strong ownership combined and balanced board we are provided with an excellent foundation from which the Club as a whole can continue to grow. With the continued backing of our fantastic supporters and commercial partners we have every reason to be optimistic for the future.”