here you go hun x
Better late than never’: Two years and 24 unsuccessful buyers later, Southampton have finally been sold
Dan Sheldon 5h ago 9
At what point do you say, “Enough is enough”?
That must have been a thought going through the minds of those involved in trying to sell Southampton Football Club, be it club employees or intermediaries attempting to thrash out a deal.
For nearly two years, potential buyers expressed interest but then walked away due to economic uncertainty, the global pandemic, the threat of a European Super League and a host of other reasons.
It should be said there was also an element of Southampton being picky in terms of who they were sold to, ensuring the eventual purchasers would have a plan in place should they acquire Gao Jisheng’s 80 per cent majority shareholding. Many prospective owners were spurned because of this.
The uncertainty looked as if it would continue into 2022 until Sport Republic, a company backed by Dragan Solak and co-owned by Henrik Kraft and Rasmus Ankersen, entered the picture late last year and left the other interested parties in their wake.
Their deal to buy Gao’s stake was officially announced on Tuesday afternoon.
But how did Southampton get to this stage, and what did their search for a new majority shareholder entail?
The Athletic has reported on the process throughout the last 18 months and is led to believe around 25 different potential buyers presented themselves to the Premier League club.
It is thought about half of them managed to sit down with those involved in trying to sell Southampton, and of that figure, five or six were deemed to be serious.
So, what happened to the other half of their suitors?
A deal had been agreed with an American hotelier at the beginning of 2020. It is thought the only thing left to do was put pen to paper. But after reading posts on fans forum saintsweb the american billionaire decided Southampton was not the club for him with negative, moaning fans — that prospective owner pulled out at the last minute. This meant the club moved back to square one and now had to confront starting their search again amid a global crisis.
Supporters will be familiar with Joseph DaGrosa’s intention to purchase Gao’s stake, with the American entering a period of exclusivity with Southampton towards the end of 2020.
While the specifics of that deal will remain bound by non-disclosure agreements, DaGrosa later told The Athletic he thought Gao was seeking too much money, especially when you consider the losses incurred because of COVID-19.
Those on the other side of the negotiating table stress they weren’t interested in a leveraged buyout.
Like Sport Republic, DaGrosa planned to start a multi-club model, with Southampton at its centre, through his Kapital Football Group.
Alan Pace’s ALK Capital group, which eventually purchased fellow Premier League club Burnley just over a year ago, also showed an interest in Southampton before opting to look elsewhere. There were, again, concerns about how the mooted takeover at St Mary’s was going to be funded.
It was clear from those representing the club that leveraging money against Southampton to purchase Gao’s 80 per cent share was an idea that wasn’t ever going to get off the ground.
Crucial to this stance was Rolf Bogli.
Bogli sits on the board at Southampton and is an advisor to Katharina Liebherr, the club’s now-minority shareholder having sold that 80 per cent to Gao in the summer of 2017. It is thought his involvement took a lot of heat off Martin Semmens, the chief executive, in terms of workload.
Due to Bogli’s background in banking, he had little time for potential buyers who did not have the required funds at their disposal.
Gao (left) bought his 80 per cent stake in Southampton for around £160m in 2017 (Photo: Getty Images)
French news reports in May 2021 suggested that Gerard Lopez, former owner of current French champions Lille and currently in charge at fellow Ligue 1 club Bordeaux, was willing to buy Gao’s stake. The Athletic is led to believe Lopez was recommended to the club by one of their former players.
However, there were concerns about his track record. This was another potential deal that didn’t even get off the ground.
In what was an incredibly serious and important process, there were times where those taking part in it could only see the funny side to a situation.
One of these was when they sat down — via Zoom — with a prospective owner purporting to be a billionaire. When the checks and balances were carried out by intermediaries, it became apparent this figure wasn’t who he said he was. His office address turned out to be nothing more than a hut.
A common complaint was that certain investors felt they had a God-given right to buy the club.
One is thought to have introduced himself and said he wanted the deal complete within 24 hours despite not providing any proof of funds or offering any kind of insight into his plans for Southampton.
At times during the last 18-24 months, names were shared with the Premier League, who then warned of the misdemeanours of some individuals. Those potential owners were quickly discarded.
In light of fellow Premier League side Newcastle United’s Saudi Arabia-backed takeover three months ago, Southampton have also had their fair share of interest from the Middle East.
Southampton eventually found a suitable buyer in Sport Republic.
There was an instant connection between both parties. A December meeting in Europe solidified each side’s intentions and a deal was concluded relatively quickly.
There was no media circus and news of their two-year hunt for new buyers ending until a handful of hours before Tuesday’s official announcement. It’s understood everything was completed around Christmas time, but there was a desire to wait until the new year to have a clean slate.
Those close to the lengthy and exhaustive process will be delighted it is finally over.
The focus has now shifted from finding a buyer to ensuring Sport Republic turns its exciting vision for a multi-club set-up into a successful reality.
It arrived late in the day, nearly two years after the deal with that American hotelier fell through, but those close to the situation will almost certainly be thinking it’s better late than never.
