Southampton

[Iffy's Onion Bhaji]

I think the Pinnacle Group had the point of view of that as it was not the actual football club going into admin and instead the holding company, the club should not have the 10 point deduction. They didn't want to takeover with the deduction so tried to persuade the football league to axe it. Obviously that was never going to happen.

[Power to people]

They knew the situation when they started their bidding and went through due dilligence.

Ok with -10 points it would be unlikely they could have a promotion season first time round but get the club stable and then push on in season 2

Strange goings on, one day a club really will go to the wall, I think Southampton will be saved somehow probably by some dodgy consortium though

[alanmayes]

There have been severe doubts about the funding with the Pinnacle Group and their reliance
on a North London business man,who didn't seem to have the necessary funds available.

[Iffy's Onion Bhaji]

There are still 2 or 3 parties interested in them tbh. Apparently they need a buyer before the start of next week though.

[pauld]

There's more to Pinnacle pulling out than meets the eye, methinks, I don't buy that  it's just because of the 10pts issue. OK, it might be infuriating as a point of principle etc but it's hardly a deal breaker is it?

And I do wonder whether some of the "Saints to go bust on Friday if buyer not found" hype is trying to smoothe the way for an otherwise unpalatable bid that will be presented as "the only alternative to going bust". Equally I suppose it could just be the administrator doing his job and trying to put a bit of a rocket up the nether regions of the supposed interested parties. I'm just not used to administrators actually doing their job properly

[Peter Venkman]

There's more to Pinnacle pulling out than meets the eye, methinks, I don't buy that  it's just because of the 10pts issue. OK, it might be infuriating as a point of principle etc but it's hardly a deal breaker is it?

Indeed, as the points deduction is already in place, so its not like its come "out of the blue".

I have a few Saints supporting mates that did think that Le Tiss was going to become Le Saviour but I think they didn't quite have the financial backing they were banking on.

[Simon Pieman]

What's Jim Little up to these days?

[alanmayes]

Saints fans have been deeply unhappy with the role of the Adminstrator,whom they feel has been
totally out of his depth.

It certainly looks as if the Pinnacle Group were reliant upon the funding of one person,which i mentioned
in a previous post the other day.

As to the 10 pt deduction, let's remember that was for entering Admin and if and when they exit Admin,
they may face a further deduction, a la Bournemouth and Luton.

[Spencer_White]

Saints fans have been deeply unhappy with the role of the Adminstrator,whom they feel has been
totally out of his depth.

It certainly looks as if the Pinnacle Group were reliant upon the funding of one person,which i mentioned
in a previous post the other day.

As to the 10 pt deduction, let's remember that was for entering Admin and if and when they exit Admin,
they may face a further deduction, a la Bournemouth and Luton.

They will face another penalty if they have not paid off the taxman in full.

That's my understanding.

[alanmayes]

They will face another penalty if they have not paid off the taxman in full.

That's my understanding.

You may well be right.In essence 10 pts is unlikely to be the final pts deduction.

The quotes that i've seen from the FL,with regards to their meeting and correspondence
with the Pinnacle Group,were that ponts deductions are non negotiable.

[jonny72]

They will face another penalty if they have not paid off the taxman in full.

That's my understanding.

The Football League rules say you need to exit administration via a CVA and if you don't they can kick you out of the league. In practice they don't and instead give a bigger points penalty. HMRC come in to it as they now have a policy of blocking all CVA's for football clubs, as they're pissed off with so many owing them money. Even if they get a decent offer of repayment (or even full repayment) they still block it, out of spite.

So if Southampton (or any other club in administration) owe a sizeable amount to HMRC, when they exit administration they will get a bigger points penalty.

[pauld]

*BUMP* Takeover now done - sold to that Swiss bloke:

http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html

So they've got the big cheese in, but what will be the Swiss role?

[STFC_Gazza]

Is that the group who hs John Batchelor involved as well??? THough he was part of teh group chucking in 12m?

[pauld]

Is that the group who hs John Batchelor involved as well??? THough he was part of teh group chucking in 12m?

No, it's the Swiss lot. John Batchelor's never put money into anything other than his own pocket.

[nevillew]

*BUMP* Takeover now done - sold to that Swiss bloke:

http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html

So they've got the big cheese in, but what will be the Swiss role?

And what will happen to the turnover ?