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Page last updated at 13:53 GMT, Friday, 26 June 2009 14:53 UK

Saints await news of Swiss deal

St Mary's Stadium
Southampton's parent company entered administration in April

The administrator for Southampton said he was expecting to hear "early next week" if talks with a Swiss consortium would lead to a buy-out of the club.

Mark Fry has discussed a possible purchase with two parties after the Pinnacle group takeover stalled.

In a statement he said: "We are in the same position that we were this time last month.

"Contracts have been prepared -interested parties have to agree them, sign them and complete the purchase."

Saints had entered a period of exclusivity with the Pinnacle group, backed by Matt Le Tissier, to arrange a takeover but that passed on 19 June without an agreement.

The Board of the Football League met on Monday to consider representations from Pinnacle with regard to their proposed takeover at St Mary's.

But the deal hit a stumbling block over the League's insistence that the consortium sign a waiver to its right to appeal over the 10-point deduction imposed on the club for next season.

Fry outlined that, although the bid was not finished yet, the longer the impasse continues the more likely it will fail.

606: DEBATE
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"There is a possibility that Pinnacle will complete their proposed takeover, however, I am led to believe that this is reliant on receiving a favourable response from the Football League," the statement continued.

"The longer that it takes for this decision to be made, the less likely it is that they will be able to complete."

Fry declined to extend Pinnacle's period of exclusivity, allowing other suitors to come forward.

"There are two other parties that have expressed an interest in the purchase of the club and I have spent last week in discussions with those parties.

"On Thursday I met with the representatives of a bid that is coming from abroad and who have the funds available to complete a takeover.

"I am expecting to hear back from them early next week as to whether they would like to push ahead and complete the purchase of the club.

"There will not be any further "exclusivity period" available to potential purchasers due to the tight deadlines we are working to.

"If towards the end of next week we are in a situation where no bids are forthcoming, I will meet with the directors to discuss options," Fry concluded.

Pinnacle's chief executive Tony Lynam says everything has been done except for a couple of problems that need to be rectified.

"We will take over the club but this is just an obstacle that needs to be taken care of and it needs to be addressed in the correct manner."

"There's no animosity between us and the Football League. We have a slight difference of opinion on some things that we need to resolve."

Lynam is not unduly concerned that a Swiss consortium and a group led by businessman Marc Jackson have resurfaced as potential new owners.

The Irishman also denied that by contesting the point penalty, the future sustainability of Saints as a going concern will come under increased risk.

"We will not run the risk of going out of business, but we will equally not be backed into a corner. If something is wrong, it needs to be put right."



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