Saints’ future in doubt with Pinnacle bid collapsing
By Del Killjoy
Monday 22 Jun 2009 17:40:00
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The Pinnacle group’s plans to seal a takeover of Southampton FC have been thrown into disarray by The Football League’s decision not to allow them to appeal against the 10 point deduction for Southampton Leisure Holdings Plc going into administration in April.

 

As such, the club remains in administration and are still officially withdrawn from the Football League. The organisation, led by Lord Mawhinney, refuse to grant League status until the takeover is complete, and will not do so if an appeal is launched. Article continues

  

 

This means that Pinnacle would have to continue with their bid, despite the ten point deduction standing, but they have given no indication or guarantees to anyone that they would be willing to do this. Otherwise it is game over for the Le Tissier fronted group.

 

Pinnacle, led by Tony Lynam, are discussing their next move with lawyers. Options include going ahead with the deal regardless, or trying to challenge The Football League through the courts. This latter option would hold up any takeover bid, and allow their rivals, Marc Jackson’s consortium, to step in instead.

 

Jackson’s consortium may already be the new favourites to make the deal, if administrator Mark Fry decides to ditch Pinnacle altogether, which he is now entitled to do.

 

Is this game over for Pinnacle? Or worse still, game over for Saints?

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