Southampton have confirmed that their parent company, Southampton Leisure Holdings plc, has gone into administration.
Shares in the company, chaired by Saints chief executive Rupert Lowe, were suspended from trading on Wednesday and accountants from recovery and restructuring specialists Begbies Traynor have been appointed administrators.
Southampton have debts estimated at Â£30million and are lying second from bottom in the Coca-Cola Championship, but they should avoid a 10-point penalty from the Football League as the club itself is not in administration.
Copyright (c) PA Sport 2009, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms