The Pinnacle Group, the consortium fronted by Matthew Le Tissier, has formally withdrawn from the race to take over Southampton. The administrator, Mark Fry, is now scrutinising two new bids from abroad as he desperately seeks new owners, but the club could be just days from collapse. One of these new bids comes from a Swiss group. The consortium fronted by businessman Marc Jackson had already withdrawn its interest. Pinnacle blamed their withdrawal on difficulties with the Football League over an appeal against the club’s ten point deduction.
The Pinnacle Group, the consortium fronted by Matthew Le Tissier, has formally withdrawn from the race to take over Southampton. The administrator, Mark Fry, is now scrutinising two new bids from abroad as he desperately seeks new owners, but the club could be just days from collapse. One of these new bids comes from a Swiss group. The consortium fronted by businessman Marc Jackson had already withdrawn its interest. Pinnacle blamed their withdrawal on difficulties with the Football League over an appeal against the club’s ten point deduction. Le Tisier said, ‘With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover.’ However, doubts had been raised about the resources available to one of the key figures in the bid.
A Bradford businessman is fronting a dramatic last-minute bid to take control of Southampton. Richard Williams is the representative of a consortium of British businessman who have tabled an offer to buy the club. Speaking from his semi-detached home (clearly not one to splash his wealth around) he said his consortium was not linked to any other bids for the club. Mr Williams is the sole director of the West Yorkshire-based company Gillco Limited which will be used to facilitate the deal. The company was registered just 15 weeks ago. Mr Williams would be appointed non-executve chairman if the deal is completed. A price of around £12.5m has been mentioned. It would appear than no due diligence has been completed and the administrator has seen no proof of funds. Let us hope that this will not be another false dawn for Saints fans.