Rupert Lowe has resigned as chairman of Southampton Leisure Holdings and Southampton Football club, along with managing director Andrew Cowen and three other directors, following ten years at the company and club.

Property tycoon Michael Wilde, the company’s main shareholder with a near 25 per cent stake and leader of a pressure group of local businessmen aimed at knocking Lowe off the top spot, is to step in as chairman of subsidiary Southampton Football Club Ltd, following a long-running power struggle, with Ken Dulieu appointed chairman of Southampton Holdings.

Lowe reportedly decided to resign when Patrick Trant, a director at Hampshire Cricket Club and the second-largest shareholder at Southampton, decided to side
with Wilde.

Lowe commented that he has ‘had ten interesting years at the club’, citing his legacy as the modern stadium at St Mary’s, home ground of the so-called Saints.

He was much criticised after the football club’s relegation in 2005 from the Premier League after 27 years in the top division and for the appointment of former England rugby coach Sir Clive Woodward as director of football.

Wilde has promised ‘exciting times’ ahead at St Mary's, but despite his enthusiasm shares in Southampton Leisure fell around 14 per cent to 45.75p on the news.