£33m of loans invested in the club by the estate of former owner Markus Liebherr will not have to be paid back. The money was invested in the club over the two seasons to June 2011, but has now been converted into shares, removing it as a liability.
Chief financial officer Gareth Rogers told BBC Radio Solent: ‘Effectively the club no longer owes that money.’
So even though we showed a loss for last season of £11.5 million pounds we are still in the clear which is great news for all concerned with the club.
Though costs have risen as the club has prospered on the field of play, we are told that the costs have been less than predicted and are well within the safety margin required.
The future looks bright financially both on and off the field and as Saints fans it is another reason to be joyful.
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