Forensic Accountants Investigate Southampton FC

Southampton FC are heading for League One after suffering a 10 point deduction for going into administration.

Southampton had claimed that it was the club’s holding company, Southampton Leisure Holdings PLC, that had to call in the receivers, and therefore the football club should not be punished.

The Football League had commissioned independent forensic accountants to examine the circumstances surrounding the administration.  The accountants had reported that toward the end of their enquiries co-operation with them was withdrawn.

A statement from the League made it clear that the Holding Company had no income of its own; all revenue and expenditure was derived from the operation of Southampton Football Club Limited (SFC) and the associated stadium company.

The points deduction will take effect either this season if Southampton avoid relegation to League One, or next season, if the club does not avoid relegation.  The club are currently one place off the foot of the Championship, and four points from safety.

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