Lowe and Wilde get bank backing....

Comment:  It seems that Lowe and Wilde's financial plans for saints have earned the backing of the Clubs Bank.....reading the detail, I'm not sure if this is good news as it would seem we are being warned to expect cut backs!

Full report:
Rupert Lowe and Michael Wilde's financial plans for Saints have earned the backing of the club's bank.

The PLC and football board chairmen faced a crucial meeting with Barclays yesterday morning in which they gave a presentation outlining their financial proposals for the club.

Their figures were based on the information they have received since returning to St Mary's and have already been described by Lowe as "long term planning."

Following the meeting Barclays gave their support to the duo's plans but, as ever, it remains dependant on the club meeting their agreed financial targets, a situation that has been the case for the last few boards at St Mary's.

Wilde said: "Discussions were held yesterday with Barclays Bank in which the company laid out its budgeting proposals for the period ending June 2009.

"It was an extremely constructive meeting and it is fair to say that the club currently enjoys both the support and goodwill of its bankers.

advertisement"However, it is very clear that the club has not, at any time, had the unconditional support of the Bank as has been suggested elsewhere.

"Indeed, the continuing support of the Bank is entirely contingent, quite rightly, upon the company meeting a range of financial targets and we have addressed these, as best as we are able at the current time, within our proposals.

"There is no doubt the financial situation of the club will have to be monitored very closely over the coming months to ensure that these critical targets do not slip, as any failure to achieve these may have serious consequences for the future of Southampton Football Club."

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