The BBC are questioning the 'no points penalty' stance I see...
http://news.bbc.co.uk/sport1/hi/football/teams/s/southampton/7976473.stm
It is possible that moves to put the club's parent company, rather than the club itself, into administration will save it from triggering the automatic 10-point deduction imposed by the Football League.
However, BBC Sport understands that if a significant proportion of the club's debt is wiped out by such a move, it could still be at the discretion of the League whether a points penalty is imposed.