Rupert Lowe has described financially-troubled Southampton's plight as a "tragedy" with unthinkable consequences.
Lowe left his role as executive chairman of Southampton Leisure Holdings PLC - the company which owns the Coca-Cola Championship club - after it entered administration last week. The future looks bleak for Saints, who are more than Â£30million in debt, but they have so far avoided a 10-point penalty for entering administration.
"It is a very serious situation," Lowe told Sky News. "For the holding company to be placed into administration itself, it's a tragedy. Obviously, if finance isn't forthcoming, the consequences really don't bear thinking about."
Saints, who are looking for a buyer amid fears they will fold before the end of the season, believe they should avoid the deduction which has been handed to other clubs such as Leeds, Darlington, Bournemouth and Luton because the club itself is not in administration.
The Football League board met on Tuesday to discuss Southampton's situation, but will reconvene once they have the findings of an independent forensic accountancy report available.
Lowe believes the responsibility for Saints' predicament must be shared by all at the club.
He added: "Everybody who has been involved in the club, whether that's the board, everybody, has to bear a little bit of the blame."
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