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Takeover group eye contingency plan

25 Jun 2009 16:11:00

Takeover group eye contingency plan

The takeover has been delayed because the consortium are unhappy with Football League chiefs insisting they forego the right to challenge the club's 10-point deduction. And with Saints staff due to be paid on Thursday, the group are preparing to cover all angles. MD Tony Lynam told Sky Sports News: "I was explaining to the staff the issues at hand, I have explained that we are looking at working on a contingency arrangement and putting a contingency package in place to pay them in the interim while the takeover is being completed." He added: "We were scheduled to complete the takeover last Friday. Up until that point we were blissfully unaware until Wednesday that a condition of the takeover was an issue with the Football League. So we can't change that, all we can do is work around it. "(Football League chairman) Lord Mawhinney (previously) stated that the club have the right to appeal. This agreement doesn't state that." Elsewhere, Saints defender Michael Svensson, 33, has announced his retirement after a series of injury problems stretching back over the past few seasons.


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