Pinnacle pull out

Tuesday, June 30, 2009

Explaining the decision, Matthew Le Tissier said in a statement: "It is with great regret and frustration due to ongoing issues with the Football League that I and in turn those behind the Pinnacle consortium decided to withdraw our interest in purchasing Southampton Football Club.

"With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the take-over.

"I would like to thank Tony Lynam for all his hard work and the others who have gone above and beyond the call of duty for Southampton Football Club.

"I hope beyond hope that Mark Fry can find a buyer for the club. We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and then coming to light so late in the day has resulted in our backer's decision not to proceed under the terms on offer."

With Dorset based businessman Mark Jackson having also withdrawn, the Swiss based consortium remain frontrunners to pursue.