Le Tissier is spearheading the purchase of the troubled south-coast club by the Pinnacle consortium, who expected to complete their buy-out on Friday.
But some of the finer details of the deal have not been ironed out with the Football League, who deducted Saints 10 points after their parent company Southampton Leisure Holdings plc went into administration in April.
The League will now hold an emergency meeting on Monday to discuss the situation, even though Pinnacle's three-week exclusivity period ends today.
The delay means more frustration for Saints fans, with the club remaining in danger of extinction on a day which began with high hopes of Le Tissier taking over and continued speculation Kevin Keegan could be returning to the club he played for in the 1980s.
Joint-administrator Mark Fry told the Daily Echo: "There are a number of very small issues that remain but the principle one of which is the Football League situation.
"They have agreed to have an emergency meeting on Monday but until any bidder can be satisfied about membership of the League they won't complete a purchase of the club."