Take-over updates.

This thread is for official updates or genuine news releases relating to the takeover proceedings.

First Echo story of the day at 8.50am.

MLT expected to be named as Chairman today. Keegan not no.1 choice for Managers role.

http://www.dailyecho.co.uk/sport/4447319.Le_Tissier_set_to_be_made_Saints_chairman_today/

Dear All

I know many of you are sitting tight eagerly expecting some news, so I'm taking 2 minutes out to make you aware of some issues that we are trying to resolve to complete our takeover.

Please respect the fact that I cannot go into the finer details of some of the legal issues - myself, colleagues and clients are bound by a non disclosure agreement in respect of the sensitive details, and this will be adhered to at all times.

You may be aware that a brief announcement was made earlier this afternoon confirming that, despite our continued efforts, there are some outstanding issues to resolve prior to us being in a position to completing our takeover. There are to my mind 2 legal issues - questions which need to be answered. These I am sure will be put to bed without delay. A further remaining issue is that of the Football Leagues position over our license. Again, it would be hoped that this can be confirmed without delay. My colleagues and I, clients and the Administrator have made our position clear to the Football League on the detail of this issue. I cannot go into it now, but it is cricitcal that this is resolved, and in a timely manner. We will continue to work hard with the Administrator to resolve this, as this is in my view the final piece of the jigsaw.

My hope is that all outstanding issues will be resolved without undue delay, as we are itching to get on with the important job of rebuilding this great Club - both for ourselves, the supports, and the wider community.

I hope the next announcement that we can make will be to introduce your new owner and Board, and our opportunity to set out our vision for the future.

Best wishes to you all

Tony Lynam

Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

Don't shoot the messenger

Hello guys

A brief message by request to clarify something which some people may be misunderstanding.

There is an outstanding matter with the Football League regarding a clause we are being asked to sign which affects our membership status to the league itself. Given the difference of opinion, no agreement was reach by the close of play yesterday, and consequently the exclusivity agreement expired (by date). That will be taken up again on Monday with the lawyers as the terms of the agreement to my mind have not been fulfilled - by the other side, so whether the agreement expired or not may make no difference. We have met our conditions, and will continue to do so.

The membership to the Football League is clearly a requirement to participate in the game. As I explained to a colleague yesterday, you would not buy a Pub without a liquor license, so in the same way, you would not buy a football stadium if you couldn't play a game in it. Its as simple as that.

I understand that the Football League will be reviewing the position on Monday in light of what we have discussed in private, so whilst it is perhaps easier to say, be patient, and don't "blame" the Football League nor Administrators, we all need to work together to achieve a successful outcome for all concerned. I clearly only care about one thing, putting the right people in charge of the Club. But we are all professionals and need to maintain our professionalism in order that this matter is resolved in a timely fashion - and it will be.

There are a couple of legal issues which came to light over the last couple of days - information which we were previously not aware of. I don't believe that these will be difficult to resolve, rather just a couple of issues that need to be put to bed the by lawyers.

Have a nice weekend - and don't worry, we'll have these issues out of the way very shortly.

Kind regards

Tony

A RIVAL consortium says it has the cash in place to buy Saints should the Pinnacle bid dramatically fail.

Dorset businessman Marc Jackson,who is fronting the bid – also revealed he had lined up a current international manager to lead the team.

http://www.dailyecho.co.uk/sport/sai...aints/?ref=rss

Solent just said they spoke with MLT last night and;

Wotte will remain manager whilst takeover talks continue.

KK remains first choice.

Their lawyers are very confident the 10 point deduction should be recinded hence the FL asking them to withdraw right to appeal.

Since I've had calls from various press (and no doubt my colleagues have too), I think it's only fair that you are all told the same thing at the same time, hence a quick time out to drop you a line.

I want to make something crystal clear. I have NOT ASKED for a decision about the 10 point deduction. I have met every condition within the Football Leagues own rules, and thus should be allowed the right to an appeal after our takeover is complete, should I wish to take that action.

As I have explained to countless people involved - detach yourself from the situation, and lose your emotional ties for a moment, and just ask yourself one question. “If I am being asked to waive my rights to an appeal against a decision, how confident are the people who made that decision that it was the correct decision in the first place?”

I appreciate that the on-going uncertainty is causing concern to both fans and staff alike, so it is in all of our interests to pull together and make sure these issues are resolved as quickly as possible. I am confident that the Football League will work with us to resolve their issue, and the Lawyers will continue their work in resolving a couple of minor legalities. When all of that is done, we will put pen to paper.

Finally, please bear in mind that Southampton Football Club will be a member of the Football League. Whilst I appreciate peoples frustration, please do not allow your heart to rule your head and make accusations against the League. As a member, we will need to work with the Board of the League and other members, so they are our colleagues. I remain confident that all of these issues will be resolved in a timely manner.

Kind regards

Tony

18:10 - 22/06/09

"There will be a piece on BBC South Today today at 18.30 explaining the position.

We will be buying the club make no mistake about this.

You are welcome to quote this on the forum"

Joint Administrator Mark Fry of Begbies Traynor has issued the following statement in response to today's Football League meeting...

We were advised by the Pinnacle Group last week that they needed confirmation from the Football League that the notice of withdrawal for membership under its insolvency policy would be withdrawn.

The Football League has insisted that in order to consent to a notice of withdrawal they require amongst other things an undertaking that the Football Club will not appeal the decision to deduct ten points next season.

The proposed purchaser considered that the appeals procedures set down, not just by the Football League, but also by the Football Association are there to be used when there is a legal question that surrounds the decision and in accordance with the principles of natural and fair justice, the football club should be left with the opportunity to appeal if it so chooses.

To remove that right to appeal in return for the notice of withdrawal is an incredible abuse of power.

This has left the Administrator trying to conclude a sale in a situation where the buyer is unable to reach an agreement with the Football League.

The Administrator understands that the buyers are currently considering this matter and hope to have further information during the course of tomorrow.

In the meantime, the exclusivity period has expired and the Administrators have reopened discussions with other parties.

Dear All forum users, and fans alike

It's now the early hours of Tuesday morning, and before we sign off for the night, I thought you might appreciate some clarity, though appreciate that most of the fans who use this medium might not read this until tomorrow (by which time, this could well have been superseded).

Clearly the Football Leagues position as announced this evening is of disappointment. However, discussions are on-going seeking to resolve this as quickly as possible. The League have a duty and responsibility for all of its members, so they have a different opinion to my own concerning certain aspects of our license (I only care about Southampton Football Club, whilst respecting other members in the right manner). The Administrators have made their position clear in their statement this evening, and it is pleasing to see that their views (which are totally independent to our own) are along the same lines as ours.

I am still awaiting information from the League concerning their position and I should hope to have this without delay. This is not something I (nor my colleagues) can influence – rather one of those things which will happen as part of a normal process.

We are not at loggerheads with the League. I have made this clear via other mediums this evening - we are working together for an acceptable solution to an issue, so please treat the League with the respect that they deserve. I spoke with 3 officials from the League today and whilst the content of those discussions will always remain confidential, I can assure you that the League are working hard to find an acceptable solution to this issue. Finger pointing and blame culture isn't going to resolve this. Rationale thinking and adult debate will, and common sense, law and the rule book will ensure a mutually agreeable outcome.

I can only imagine too well how deeply frustrating this is for all of you - none more so than myself, but we remain totally committed and confident that our takeover will be concluded shortly, thus enabling us to get on with the important challenge ahead, putting Southampton Football Club back on the map for the right reasons. Please also spare a thought for all the staff at the Club who are working in difficult circumstances – they are top of our list of priorities, and so they should be.

Thank you for your continued support, and I truly hope that these final hurdles will be out of the way without further delay.

With kind regards

Tony

Radio Solent this morning;

Tony Lynam live on radio solent sounded very ****ed off about the football league although he kept stating there was no problem between pinnacle and the football league.

he said there are still issues that need to be resolved between pinnacle and the football league and he said he will be in talks with them today to resolve these issues.

he also said he is 100% committed to buying sfc and also the figure of 500,000 is actually incorrect and pinnacle actually paid more, mainly to finance the ajax game

Tony Lynam, Managing Director of Pinnacle Property Consultants, has issued the following statement following yesterday's Football League announcement regarding the proposed takeover of Southampton Football Club.

Quote:

"As I am sure that you are all now aware, yesterday we received the news that the Football League have insisted that we agree to sign a waiver to our right of appeal over the deduction of 10 points next season. Needless to say, we hold a different view to the Football League, and maintain the belief that we should be granted the opportunity to appeal their decision.

"This is not an issue over the 10 point deduction, more the fact that in meeting every condition within the Football League's rules, we should be allowed the right to appeal, should we wish to do so.

"The overriding question that arrives from their conclusion is that if they are so adamant that they were correct in their initial decision to deduct the Club 10 points, then why refuse us the opportunity to appeal this?

"We are pleased that these views are shared by Administrator Mark Fry.

"Last night we were promised an agreement from the Football League that would outline their position and the options available to us; however, this only arrived this morning. This document is now in the hands of our lawyers, who are looking at it and will report back to us with our options.

"As I have stated before, we hold no animosity with the Football League, and appreciate that we will need to work closely with them in the future, however, we feel that we have a very strong case and would like the opportunity to present this.

"We hope to reach an agreeable conclusion to the remaining issues that we now have to overcome as soon as possible, and aim to deliver these to the Football League this evening. In the meantime I would like to thank both the dedicated staff at the Club, and also the fans for their continued support.

Tony Lynam

Managing Director

Pinnacle Property Consultants

Solent reporting that Fry was in London yesterday in talks with representatives of a middle-eastern businessman who wants to buy saints.

24th June

Guys

 

By request, a quick time out to let you know where we are at. Before I start, can I please ask in the nicest possible way that people stop bombarding us with e-mails and text messages for now....... as anyone who has previously taken the time to write to us will testify to, I have personally taken the trouble to reply to each and every one of your messages, e-mails and letters. I will be happy to continue to do so within reason after the takeover is complete in the interests of showing you guys that we are totally transparent and approachable, but for now, it would be helpful if you could press "pause".

 

On to the important business. I understand from Spencer and others that there is an understandable sense of nervousness amongst some fans. That is quite reasonable to expect under the circumstances, and we are doing everything we can to ensure that those nerves turn into celebration.

 

What I am going to say is not new, more reiterating what has already been said. We need a football license for the Club to play football, in the same way as a pub needs a liquor license to serve alcohol. The terms which were put to us (and not those originally proposed or agreed) were in their first draft form unacceptable. It became a necessity to discuss this with the Football League, and we continue to discuss some of the points. Such discussions are two way, professionally, frank, open and friendly. In my view, we are both working towards the same goal, ensuring that the right decision is arrived at concerning the contractual terms contained within the agreement. Further contact has been made with the League in the last half hour, and I anticipate more to follow during the remainder of the day.

 

In the meantime, on a personal note, I am mindful that tomorrow is looming. For this reason, I took an hour out yesterday to meet with all the staff and players at Staplewood, and as many as were at the offices in St Marys so I could explain first hand exactly what was going on, exactly the nature of what needs to happen, and confirmation that we remained totally committed to completing the takeover as originally planned. Moreover, nothing that has happened since these new conditions were placed upon has in any way put us off, if anything it has strengthened our resolve to do the best for the Club. If any other Group(s)/Individuals claim not to be interested in the clauses contained within our contract, this would to my mind raise questions as to why they would not be prepared to stand up for what is best for the Club. Knowing what we know, factually and legally, certain aspects of the agreement need alteration, without which it is our firm belief that you would be exposing the Club to risk. And with this in mind, we are working closely with the League and we will resolve the issues as quickly as possible, thus resulting in the best position for the Club.

 

On a brighter note, and to get away from the legals for a moment to try and lighten the mood, I was most amused to be e-mailed a picture of a characature chap kicking a tyre this afternoon by a friend on here. Could I politely ask you to perhaps replace the tyre with a lawyer and a rule book please! Whether the picture was supposed to be a joke or an insult, it did make me laugh, and that’s welcome at the minute to keep spirits high.

 

I know its extremely frustrating guys, but far too much time, effort and money has been spent on this – we’ve now run costs into 7 figures, and that is not done for the fun of it. We will stop at nothing to ensure every measure is taken to ensure the best interests of the Club is served. Your continued support and unity is appreciated and we hope to resolve everything very shortly.

 

Regards

Tony

Prospective owner named... Michael Fialka.

http://www.saintsweb.co.uk/forum/showthread.php?t=14121

Good morning everyone

Today is going to be a decisive day in the future of the Club in my opinion.

Much work is going on as we speak to resolve the legal issues which caused the delay with our takeover. At the same time, work is also being done to put in place a contingency arrangement so that, with the permission of the new owner, funds can be released to pay staffs wages. Whilst the legal issue is more critical, on a more personal note the wages are at the forefront of my mind.

I am aware of some very unhelpful rumours and questions about Mr Fialka and his colleagues - he choose to speak out yesterday to add not just substance, but weight to our position, with particular focus on the League issue. That continues to be worked on this morning. Quite where and why these rumours have originated is anyones guess, and I would have to seriously question anyones motives for trying to discredit the guy who approached us to try and save the Club. Needless to say, there is no foundation in any such rumours, as will be demonstrated when this deal is completed. But to speculate that our new owner in waiting lives with his parents is nothing short of ridiculous (not that living with your parents is of course ridiculous). Anyway, from the start of this, I pledged to you all one thing. Unity. And that is what is needed to overcome the obstacles in our way. I will not lower our standards and have a war of words with anyone, least of all a newspaper. That is what freedom of speech is all about - but I have reminded that newspaper this morning that they should do research of their own rather than rely upon others feeding them information before the print inaccurate stories. Clearly we are aware of other groups apparent interest so we are concentrating on the important job of resolving the issues in hand.

All the best for now, and keep the faith, its time to complete the deal.

Regards

Tony

Fry update (from Radio Solent)

Asked for 1 week unpaid work by staff

Needs to be sorted next week

Expects decision from Swiss at very start of next week

Swiss are working with Fry over weekend and likely to have exclusivity by Monday.

Then -unlike Pinnacle they have funds to complete.

Source - Radio Solent

Update from Mark Fry, Friday 26th:

http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1703627,00.html

http://www.saintsweb.co.uk/forum/showthread.php?t=14308

As if you need telling...

Overseas takeover

Todays Echo is a more positive read

Potential foreign owners (not Swiss) in late night talks (worldwide financial services group).

Last remains of DD being completed, lawyers finalising contracts.

In the background, plans were being mapped out for their first days and weeks in charge so they can hit the ground running.

The Swiss one is a one wealthy person industrialist

Football League: "There were no other issues"

http://www.dailyecho.co.uk/sport/saints/news/4467910.Football_League_hit_out_at_Pinnacle/

An interesting read!

Pinnacle back in the mix?

Apologies if there's a thread already, couldn't see one...

http://www.dailyecho.co.uk/sport/447..._Pinnacle_bid/

http://www.dailyecho.co.uk/sport/4475934.It_would_be_nice_to_tell_Saints_fans_their_club_is_safe__says_Fry/

Latest from Mr Fry...

http://www.dailyecho.co.uk/sport/saints/news/4477832.Saints_takeover_expected_today_as_Swiss_are_due_to_roll_in/

In todays Echo. Swiss deal to be wrapped up today?

Here's hoping....

Could this be it?

http://www.saintsweb.co.uk/forum/showthread.php?t=14523

Further info;

http://news.bbc.co.uk/sport1/hi/football/teams/s/southampton/8136389.stm

THE DEAL IS DONE!!

http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html

Thank God for that!