Pinnacle positive of Saints deal

23 June 2009 10:34
The chief executive of the Pinnacle Group is confident that the takeover at Southampton FC will go through. Tony Lynam says everything has been done except for a couple of problems that need to be rectified. The Football League have confirmed that an appeal against the club's ten point penalty must be withdrawn. Lynam said:"We will take over the club but this is just an obstacle that needs to be taken care of and it needs to be addressed in the correct manner." The Board of the Football League met on Monday to consider representations from the Pinnacle Group with regard to their proposed takeover at St Mary's. Lynam added: "There's no animosity between us and the Football League. We have a slight difference of opinion on some things that we need to resolve." The deadline at the end of the three week exclusivity period for the Pinnacle Group expired last Friday. It means that the club's administrator is now free to talk to other groups that have already expressed an interest to buy the club. Lynam is not unduly concerned that a Swiss consortium and a group led by businessman Marc Jackson have resurfaced as potential new owners. The Irishman also denied that by contesting the point penalty, the future sustainability of Saints as a going concern will come under increased risk. "We will not run the risk of going out of business, but we will equally not be backed into a corner. If something is wrong, it needs to be put right."

Source: BBC_Sport