Southampton Leisure Holdings (SLH), the AIM-listed company which owns Southampton Football Club (SFC), is on the brink of administration after shares in the company were suspended today (1 April).

The company is yet to publish its half-yearly report to 31 December, and has now missed a 31 March deadline to secure the additional finances necessary to ensure that it can continue as a viable business for the forthcoming year. Under AIM rules, companies that fail to publish half-yearly reports within three months of the period end will see their shares automatically suspended. SLH directors have said that the company will be unable to sign-off the report until the re-financing of the business has been completed.

According to The Times, Begbies Traynor is now standing by to step in as administrator at SFC after it failed to secure an extension to its £4m overdraft, while the club also reportedly owes Norwich Union £24m towards the cost of its 30,000-seat stadium. A statement from the company said: "The company is currently in discussions with a number of parties concerning the injection of additional finance into its business. Unless this funding is secured, the company will be unable to continue as a viable business for the forthcoming 12 months."