Fialka: Why I dropped Southampton bid

By Exclusive by Danny Caro, July 2, 2009
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Michael Fialka

Michael Fialka

READ FIALKA'S STATEMENT IN FULL

The future of Southampton remains uncertain after a takeover bid from Michael Fialka’s Pinnacle group was withdrawn.

The property company boss was this week locked in talks with League officials in an attempt to salvage the bid after administrators set a Friday deadline.

But he insisted in a statement that the group did not lose interest in the club. He said: “We felt that it was necessary to make this decision for the good of the club, in the event that another interested party were better placed or willing to complete the takeover on the basis of the terms on offer. That decision has not changed.”

They were advised to reconsider after being told that the League would not impose further sanctions on the club, other than the statutory 10-point penalty.

The statement continued: “In the event of a successful completion, we remain of the opinion that we will have the support of the fans, which of course is crucial. It is deeply regrettable that matters have not yet been concluded.

“But as confirmed by the Administrators, this is a complex transaction, and if we do proceed, we need to be certain that everything has

Last updated: 10:02am, July 3 2009