THE Daily Echo can today reveal that just one man will make Saints debt free and invest money in the team in a five-year plan to return the club to the Premier League.
The Matt Le Tissier-backed Pinnacle group yesterday won the race to pay a £500,000 nonrefundable deposit to enter a period of exclusive negotiations, a three week window which should lead to a full take over.
The Daily Echo can reveal there’s just one man putting the cash in.
He does not wish to be named until after the deal is formally completed but the Daily Echo can disclose he has substantial wealth and has had no previous involvement with a football club.
The news is a welcome relief for players and staff who have now been paid their wages for May while fans have got a step nearer to seeing their club secure what looks like being a very bright future.
The Daily Echo understands all the club’s debts will be instantly wiped out and money will be available to be spent on the team.
Though there is a three-week window for the deal to be done, all due diligence has already been completed.
As part of the agreement, the amount being paid for the club will never be revealed.
It has been confirmed that Le Tissier will play a pivotal role in the future running of the club while it is believed he will be backed up by others who will form a restructured board with the aim of bringing real football people with the club’s best interests into St Mary’s.
The Daily Echo also understands that Pinnacle – who yesterday morning were neck-and-neck in the race for Saints with a group of investors from Zurich before beating them over the finishing line – will use the 21 days to discuss with lawyers the possibility of an appeal against the Football League’s 10-point deduction.
Tony Lynam, the Pinnacle boss who has spearheaded the successful negotiations on behalf of his wealthy client, told the Daily Echo: “We have made a significant payment and there’s a balance that will need to be paid within the 21-day period.
“All of the due diligence has actually been completed. The extra period is purely for the legal aspects and clearly there’s football matters that need to be taken care of as well.
“We need to have everything in place to get this club ready to prepare for the pre-season.”
There are clearly many issues to be sorted on both the legal and the football side but this progress is hugely encouraging.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel