Sunday, 28 June 2009

Southampton takeover, dear oh dear

I posted last week on the fiasco at Southampton as the Pinnacle group stumbled on with their proposed takeover. They were attempting to hold the Football League to ransome over the ten point deduction Southampton were correctly handed down at the end of the season for putting the holding company in Administration but not the football club. It looked like an amateurish negotiation strategy and it there can little surprise that it has back-fired. Doubts have also been raised about the credibility of those involved.

The Football league have held firm and the Administrator is now clear to continue negotiations with other interested parties. There is now a Swiss consortium on the horizon and Pinnacle will face an embarrassing climb-down and about turn tomorrow if they are to rescue their deal and save the £500,000 they had to pay upfront to the Administrator as a sign of faith to conclude negotiations.

Perhaps we should be thankful for the prolonged Valley silence after all. Following the disasters that have best our club over the last three years, the last thing we need is an embarrassing public squabble of these proportions.

1 comment:

Suze said...

Every day there seems something new about Southampton and who they're talking to.

Going back early for their pre-season seemed like a way of trying to keep the players focussed on what's coming in August, rather than letting them sweat on the beach. But since then, things have slowly fallen apart...though I'm sure it'll work for them in the end. It's just getting to that point is looking very messy.