It's all go at St Marys

Tuesday, April 1, 2008

As expected Rupert Lowe has made his move to take back control of the club by demanding an extraordinary general meeting.

Together with Saints' biggest individual shareholder Michael Wilde, Mr Lowe is calling for current Saints chairman Leon Crouch to go, along with other top directors Patrick Trant, Keith Wiseman and Lee Hoos.

Wilde and Lowe are calling for a seat on the board each along with a seat for former Saints managing director Andrew Cowan, a long-time colleague of Lowe's.

No date has been given for the meeting which is unlikely to take place before the end of the season, if it takes place at all.

Wilde and Lowe together own 22 per cent of the club and speak for a further 20 per cent of the shares, giving them a decisive say at any meeting, which current directors may decide not to contest.
 

All this happened on the day that Saints announced their interim financial report for six months ending December 2007.

Whilst losses were reduced substantially year on year to £700,000. This was funded by £9.1 worth of transfers.
 

It has also been reported that Saints have cashed in the deal for Theo Walcott with Arsenal. Whilst this provides the club with short-term finances, the potential worth has dropped from £12million to £9.1million.