Saints poised for takeover
St Marys could be the scene of the latest boardroom takeover
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Monday, 22, Oct 2007 11:05
Southampton have revealed that they are close to agreeing to a boardroom takeover by a mystery investor.
The club announced to the Stock Exchange that the potential new majority shareholder plans to take a 55 per cent stake in the south coast side's parent company, Southampton Leisure Holdings.
"The board is delighted to announce that it has agreed in principle to proceed with indicative proposals from a major UK-based investment company," read the statement.
The club's board assured fans that should the deal go ahead, funds would be made available to strengthen the club at all levels with an eye to securing promotion from the Championship.
"In addition to the significant equity investment proposed, the investor has confirmed that it has the financial capacity and intention to support the ongoing development of the club and its youth academy and to strengthen its first team squad and prospects of promotion into the Barclays Premier League," the statement continued.
Saints were relegated in 2005 after an unbroken 27-year stint in the top flight, but George Burley guided them to a play-off spot last season and they are currently ninth in the table.
There has been frequent speculation over possible injections of new finance into the club with American billionaire and Microsoft co-founder Paul Allen denying reports of his interest earlier this year.
While the identity of the proposed investor remains under wraps, the latest name to be linked with a move for boardroom control is Ray Ranson.
The former Manchester City defender has already seen bids for his old club and Aston Villa fail in the face of wealthy overseas competitors.