5:40pm Wednesday 1st April 2009
By Adam Leitch
SOUTHAMPTON Football Club's parent company is expected to be placed into administration within the next 24 hours.
This morning, shares in Southampton Leisure Holdings PLC were suspended by the stock market.
The company has been struggling with debts and, barring any last minute reprieve, the march towards administration could begin today.
This morning is was confirmed that the club's shares have been suspended because it could not publish its half yearly accounts.
This is usually the precursor to administrators taking over the running of the club, selling assets and negotiating with creditors to try and clear the debt.
However, in a further twist, if Southampton Leisure Holdings PLC is placed into administration but Southampton Football Club is not, then the team – currently battling against relegation from the Championship – may not be docked ten points by the Football League.
When the Daily Echo contacted the club last night they said they were unable to comment.
Saints fan and Southampton Itchen MP, John Denham, voiced his concern at the developments.
Mr Denham said "I am concerned that shares in Southampton Leisure Holdings plc have been suspended this morning. I have been in close touch with the football club over the last few weeks. I hope finance can be found to give the club a chance to avoid relegation."
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