Swiss tycoon saves struggling Southampton

The future of former FA Cup winners Southampton was secured on Wednesday when administrators confirmed the club had been sold to Swiss tycoon Markus Liebherr, a member of one of Europe's top business dynasties.

The amount paid for the ailing south-coast club was not disclosed.

Liebherr, 61, said in a statement on the club's website: "I believe we have a superb opportunity to rebuild this great club.

"Clearly, this will require resources, planning, hard work and patience. We will assemble a strong management team at every level. We will act rapidly, but also plan for the long term, because I am here for the long term."

Southampton's previous holding company went into administration in April, resulting in a 10-point penalty imposed under Football League rules which will kick in next season when the 1976 Cup winners play in the third tier of English football for the time since 1960.