Boardroom Changes
In the wake of overwhelming calls for him to stand down, Lowe eventually resigned on 30 June 2006, a few days before an Extraordinary General Meeting that was predicted to see him removed from the club's board. He was replaced as Chairman by Jersey-based businessman Michael Wilde who had become the club's major shareholder.
During the 2006–07 season, the board set about trying to secure new investment in the club. However, on 26 February 2007, it was announced that Michael Wilde would step down as chairman of the football club on 28 February, after failing to secure any inward investment into the company. On 2 March it was announced that Leon Crouch would take the role of "acting Chairman" until the end of the current season, when the Board will re-assess the situation.
On 27 April 2007, it was rumoured that Paul Allen, the American entrepreneur who formed Microsoft with Bill Gates, may launch a takeover bid for the club. An apparent close source said "he believes there is long term investment value in UK Soccer. Southampton is a sleeping giant, a family-supported club with traditional values, and we see the value in taking the brand global."
Read more about this topic: History Of Southampton F.C.