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Last Updated: Friday, 23 November 2007, 11:28 GMT
Lowe opposes Southampton takeover
Former Southampton chairman Rupert Lowe
Former chairman Lowe remains one of the club's major shareholders
Former Southampton chairman Rupert Lowe will not support the proposed takeover of the club by hedge fund Sisu Capital.

The proposed deal, revealed in October, would see Sisu take a majority stake in the Championship club's parent company, Southampton Leisure Holdings plc.

Lowe said he had made suggestions to Sisu about the structure of the deal.

But he told BBC Radio Solent: "They are adamant that they will not change their outline, so for now they will not receive our support."

Sisu's proposed offer would be executed by means of a placing of new shares at 40p per share - 20% below its current share price - but it needs the backing of 75% of shareholders.

Lowe stood down as chairman in June 2006, but remains a major shareholder in the club.

606: DEBATE
MSS

He has met with Michael Wilde and Leon Crouch, who are also former chairmen of the football club and major shareholders in Southampton Leisure Holdings, to discuss their position.

The trio are yet to meet representatives of London-based Sisu, but Lowe said there was "no point in meeting" at this stage.

The proposal is unlikely to attract the necessary 75% backing if Lowe, Wilde and Crouch do not support it.

A club spokesman said they had procured an offer of investment, and it was up to the shareholders whether they wanted to accept that offer, while Sisu declined to comment.

Lowe, Wilde and Crouch announced in late October that they would not back the deal as it stood, and were seeking answers to 10 questions about Sisu's proposals.

At the beginning of November, the club issued a statement warning that players would have to be sold in January "in the absence of significant new investment".

SEE ALSO
Finance warning hit Saints morale
22 Nov 07 |  Southampton
Saints issue warning over finance
02 Nov 07 |  Southampton
Doubts cast over Saints takeover
27 Oct 07 |  Business
Saints in talks with hedge fund
25 Oct 07 |  Business
No Saints board seat for Ranson
24 Oct 07 |  Southampton
Saints reveal proposed takeover
22 Oct 07 |  Southampton
Burley in Saints sales admission
14 Aug 07 |  Southampton
Saints chairman Lowe stands down
30 Jun 06 |  Hampshire


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