Saints march into takeover negotiations

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The news follows reports Millionaire businessman Ray Ranson is lining up a takeover bid for the Coca-Cola Championship side.

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Southampton moved into their new St Marys stadium in 2001 under the Rupert Lowe regime

Ranson is keen to take over a football club and has already failed with attempts to buy former side Manchester City and Aston Villa.

A Southampton statement to the Stock Exchange read: "The board is delighted to announce that it has agreed in principle to proceed with indicative proposals from a major UK-based investment company (the 'investor') under which, subject to shareholder approval, the investor will become the majority shareholder in Southampton Leisure Holdings Plc (the 'company') with a total shareholding of not less than 55% of the company.

"The investor proposes to become the majority shareholder by injecting a substantial sum directly into the company by means of a placing of new shares and to commit additional funds in order to acquire a tranche of pre-existing equity from current shareholders by means of a partial tender offer.

"The proposed placing of new shares would be at a discount to the current share price and conditional on the grant of a Rule 9 waiver by the Takeover Panel and approval of that waiver by independent shareholders, which would otherwise require the investor to make a takeover offer for the company's existing share capital.

"The investor has stated that the above proposals represent the beginning of a proposed long-term commitment on its part as a strong and supportive shareholder whose interests would be closely aligned with those of current shareholders and supporters of Southampton Football Club (the 'club') and other stakeholders in the company.

"In particular, the investor has indicated it will undertake a review of the club's financial structure. In addition to the significant equity investment proposed, the investor has confirmed that it has the financial capacity and intention to support the ongoing development of the Club and its youth academy and to strengthen its first team squad and prospects of promotion into the Barclays Premier League.

"The proposed investment is subject to, inter alia, financial and other due diligence and there is therefore no certainty that it will proceed in the above or indeed any other form. Further announcements will be made as necessary."