Saints legend Le Tissier is backing the Pinnacle Consortium
Southampton's administrators have announced the club is entering into a period of exclusivity with the Pinnacle Consortium over a possible takeover.
The group, backed by club legend Matt Le Tissier, will have exclusive rights for 21 days to try to complete a deal.
The deal ensures the club can now pay its staff wages in full for May.
Southampton were recently relegated to League One and will start next season on -10 points next season after their parent company went into adminstration.
Administrator Mark Fry, who has helped manage the club's finances since Southampton Leisure Holdings plc went into administration on April 23, describe the announcement as a "significant development in the sale process."
Prior to the announcement about the Pinnacle Group, Fry had said he was in "deep talks" with four groups about the possible purchase of the club.
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