Lowe had given the Saints board until Monday to resign or face an EGM
Two former Southampton chairmen have called an extraordinary general meeting of the club's parent company Southampton Leisure Holdings (SLH) plc.
The club has confirmed that an EGM requisition has been received.
Rupert Lowe and Michael Wilde, who control nearly half the SLH shares, had given the current board of directors until Monday to resign or face an EGM.
But club chairman Leon Crouch insists Saints are "focused completely" on their battle against relegation.
Lowe launched an attack on the board in a statement released to the BBC, citing "a catastrophic decline in income, the effects of which have been compounded by poor leadership and weak management.
All our energy is concentrated on getting behind (manager) Nigel Pearson and the players to ensure we stay in this division
Southampton chairman Leon Crouch
"It is time for long-term planning to replace short-termism, which, if left unchecked, will lead to financial disaster," he added.
Crouch acknowledged that the official notice asking for an EGM had been received, but refused to be drawn into a war of words with his predecessors.
Saints were left just one point above the Championship relegation zone after Saturday's defeat at Cardiff, and host leaders Bristol City in an all-ticket game on Saturday.
Crouch added: "All our energy is concentrated on getting behind (manager) Nigel Pearson and the players to ensure we stay in this division.
"It is a time for showing character and strength and we need all the fans behind the team in these five remaining fixtures to help us to safety."
The club has 21 days to announce a date for the EGM, which then must be held within 28 days.
At the EGM, Lowe and Wilde will call for the removal of four of the five plc directors - Crouch, operations director Lee Hoos, Patrick Trant and former Football Association chairman Keith Wiseman - although long-serving finance director David Jones is set to stay on.
The EGM resolutions proposed by Lowe, Wilde and Merlion Equities Ltd, would also see Lowe and Wilde elected to the plc board, along with Andrew Cowen who had served the club as managing director under Lowe's chairmanship.
Lowe wants to return as plc chairman, with Wilde taking over for a second spell as chairman of the football club.
However, last week Crouch said he would oppose any return of Lowe and Wilde - and would not be pressured into leaving.
In a statement, SLH also confirmed that they have received letters from shareholders holding a further 20.31% of shares, that they would also support the proposals tabled by Lowe and Wilde, who themselves together hold around a 46% stake.
Lowe chaired the club for almost a decade until his removal in 2006, when he was succeded by Wilde.
Crouch took over as chairman of the football club in December 2007 when three directors, including chairman Ken Dulieu, resigned following a failed takeover bid by hedge fund Sisu Capital, who bought Saints' Championship rivals Coventry City instead.
Lowe, Wilde and Crouch had all opposed the Sisu deal.
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