Rupert Lowe exits as football club goes into administration
Rupert Lowe has stood down as chairman of Southampton Football Club’s parent company, which was placed into administration yesterday.
Lowe, a director at m&e contractor Lowe and Oliver, quit Southampton Leisure Holdings when insolvency specialist Begbies Traynor was put in charge. Lowe blamed a cut in the firm’s overdraft facility from £5m to £4m for the inability to avoid administration.
Southampton Leisure Holdings is said to stricken with debts of more than £24m. Southampton is the first club from the top two football divisions to go into administration since Leeds United in 2007.
Source
Electrical and Mechanical Contractor
