Saints linked inextricably with League One

I have been on an intensive three day training session this week (broken only by the Cardiff debacle) looking into company accounts; balance sheets, income statements, cash flows etc. On Tuesday we covered the linkage between businesses; Subsidiaries, Associates and Joint Ventures etc. Our tutor confirmed my view that a wholly-owned subsidiary is dependent upon it's parent company and that the two were "inextricably linked." These were his words and I was immediately reminded of the stunt that Southampton FC have been trying to pull to avoid a ten point deduction and almost certain relegation. A brief conversation followed and he confirmed my view.

Pleasant satisfaction then this afternoon, when he told us after a tea break, that Southampton have been handed a ten-point penalty by the Football League as a result of their parent company, to whom they are "inextricably linked," going into Administration. I heard Lord Mawhinney on the radio on the way home explaining that the Football League were confident that their "forensic" examination of the Saints' books had proven the case.

What annoys me at this point is that the Saints appear to have escaped with a 10 point deduction this year because it effectively relegates them. If they had been down today anyway, then the penalty would have applied to League One next season. The timing of this announcemnet, therefore, looks very fortunate to me because Southampton would most likley have been relegated on Saturday in any event. Still, shouldn't grumble too much I guess, they have had their comeuppance.