A buyer is being sought to guarantee the future of Southampton Football Club (SFC) after administrators were called in to take control of Southampton Leisure Holdings (SLH), the company which owns the club.

Mark Fry and David Hudson of Begbies Traynor have been appointed as joint administrators after shares in the AIM-listed company were suspended on 1 April due to a failure to find additional finances for it to continue trading. It has been revealed that unless a buyer can be found for the Hampshire club by the end of the current season, it is thought that the football club will be forced to enter an insolvency process that will effectively spell the end of its 124-year history.

Fry said: "Southampton Football Club has a long history in English football, and could be an extremely attractive investment for the right buyer. We are working hard to preserve the value of the football club and produce a positive outcome for all stakeholders." Currently facing relegation from the Coca-Cola Championship, SFC could now also face a 10-point deduction from the Football League before the 2009-10 season gets underway, should the club's future be secured.